风险/回报比率-资金管理系统的工具

在贸易界有一种说法，如果你没有止损和合适的风险/回报比率就去交易，你就注定了失败。以我的观点来说，这仅一定程度上适用，因为这很大程度上取决于交易者的类型：剥头皮者（意思是为了短期的利润，在市场上快速交易，在交易日有尽可能多的记录。）或者中期投资者（有交易者在更高时间框架表的基础上，从每天到每月的图表，做贸易货币）。所以上面的表述最可能解释此处提到的第二类交易者，因为剥头皮不必使用止损和风险回报策略就非常有可能成功。

另一方面，中期投资者是类似于专业交易者，意义上是说他的分析是从技术层面和基本面的角度。然而剥头皮者主要是看基本面，到经济数据或指示发布的时候，投资者看起来明白为什么一个特定的经济数据是这样的，它对货币意味着什么，怎样交易到他的优势。

识别出一个可能的新的走势并不意味着中期投资者会像那样交易，而是最可能寻找出提供最吸引人的风险回报比率的仓位。

风险回报比率应该被定义为你愿意拿多少钱去冒险和一个具体结果的比率。例如，如果一个交易者决定在1.30水平上做多欧美元，使用50个点值的止损或者1.2950，拿到100个值的利润或者1.31，风险回报比率就是1:2，意思是每拿一个点值去冒风险，就有2个点值的潜在利润。比率越高越好，交易者努力识别出合适的仓位使比率尽可能大。

好的风险回报比率（也被叫做相对风险比率）被认为是1:3，如果他们交易所根据的相对风险比率不存在，交易者就会有力的拒绝一些交易，这样的规则是每个交易者应该有的资金管理系统的一部分。

然而，有特定的相对风险比率的贸易也是有消极之处的，因为需要市场花费大部分时间来巩固，大的相对风险比率意味着当市场有趋势时才能交易。这非常取决于承担的风险，因为同样的相对风险比率能在市场不动那么多时交易，所以承担较低的风险是正确的选择。但是货币市场的特点是极度的波动和频繁的峰值，在模拟盘允许的情况下，寻找最小的风险进场位，保证一个好的相对风险比率。

总的来说，用相对风险比率交易帮助交易者更有纪律，如果一个人想要成功，交易就是一个需要纪律的地方。

Risk/Reward Ratio - a tool in the money management system
 
There is a saying in the trading world that if you are trading without a stop loss and without having a proper risk/reward ratio you are doomed to failure. From my point of view this holds true only to a certain extent as it depends very much of the type of trader one is: scalper (meaning going for short term profits, taking quick bites out of the market and having as many entries as possible during the trading day) or a medium term investor (there are traders that do trade currencies based on the higher time frames charts, from the daily up to the monthly charts). So the statement above would most likely address the second category of traders mentioned here, as scalping can be very successful without having to employ stop loss and risk reward strategies.
On the other hand, a medium term investor is the one that resembles the professional trader, in the sense that his/her analyses are based on analyzing the market from both the technical and fundamental point of view. While the scalper will mainly look at fundamentals only to the extent of the moment of time the economic data/indicator is released, the investor looks to understand why a specific economic data came in the way it did, what it means for the currency, and how to trade that into his/her advantage.
Identifying a possible new trend does not mean the medium term investor will jump and take the trade just like that, but will look most likely for the setups that provide the most attractive risk/reward ratio.
A risk/reward ratio should be defined as the ratio between how much you are willing to risk for a specific outcome. For example, if a trader decides to go long eurusd at the 1.30 level and uses a stop loss of fifty pips, or 1.2950, and a take profit of 100 pips, or 1.31, the risk/reward ratio is 1:2, meaning for every pip risked, there are two pips of potential profit. The higher the ratio, the better, and traders strive to identify the proper setup to have this ratio as big as possible.
A good risk/reward ratio (also called rr ratio) is considered to be the 1:3 ratio, and there are traders who are effectively refusing to take some trades if the rr ratio they are basing their trading is not there and such rules are part of the money management system each and every trader should have.
The medium term investor will always look for those setup that provide the rr ratio they are looking for and because of that they already have a competitive advantage in front of scalpers as one successful trade with a 1:3 rr ratio should cover for three potential bad trades. And this is why the rr ratio should be incorporated in any money management system a trader uses.
However, there are some negative points related to trading with a specific rr ratio as markets spend most of the time in consolidation and having a big rr ratio implies one should trade only when markets are trending/moving. This depends very much on the risk taking, as the same rr ratio can be traded even when markets are not moving that much, so taking a lower risk will definitely be a way to go. But currency markets are characterized by extreme volatility levels and frequent spikes and that makes it difficult, if not virtual impossible, to find entry levels that assure a nice rr ratio starting with the smallest risk possible.
All in all, trading with rr ratio helps traders be more disciplined and trading is one area where discipline is needed if one wants to be successful.

本文翻译由兄弟财经提供

文章来源：http://www.forexcycle.com/forex-trading/61660-riskreward-ratio-a-tool-in-the-money-management-system.html