Let’s start with an excerpt from a comment on last week’s article “Trading after Structure has Formed – 3“.
讓我們從上周文章“結構形成后交易-3”的評論摘錄開始
“In the winning trade from yesterday’s post I’m wondering why you take partial profits so early. Your eventual exit is maybe five times further. This is not the first time I’ve noticed this in your trades. Would you be better just taking your second exit each time?”
“在昨天的博文中，我想知道為什么你這么早就獲得了部分利潤。你最終的退出可能會比現在晚五倍。這不是我第一次在你的交易中注意到這一點。你每次都選擇第二次退出會更好嗎？”
Thanks for your concern about my performance.
謝謝你關心我的表現
No, seriously, I have been asked this several times and it’s quite a good observation. So let’s talk exits.
不，說真的，我已經被問過好幾次了，這是一個很好的觀察結果。讓我們談談退出
This is the trade referred to in the comments:
這是評論中提到的交易：
You mentioned that this is not the first time you’ve noticed this in my trades.
你提到這不是你第一次在我的交易中注意到這一點
Let’s look back to the article before this to see another winning trade. This time from “Feeling the Uncertainty at Trade Open“.
讓我們回顧一下之前的文章，看看另一個成功的交易。這一次來自“感受交易開盤的不確定性”
And if you keep going back through the blog, you’ll likely continue to observe this. When the trade does run, the first scale-out exit does underperform.
如果你繼續(xù)瀏覽博客，你可能會繼續(xù)觀察到這一點。當交易確實運行時，第一次擴大退出的表現確實不佳
So let’s get to the real part of your question – “Would you be better just taking your second exit each time?”
因此，讓我們進入你問題的真正部分——“你每次都選擇第二次退出會更好嗎?”
On these individual trades, with the benefit of hindsight, yes absolutely.
在這些單獨的交易中，事后來看，是絕對的。
Across a larger sample of trades, well it’s not so clear and obvious any more.
在更大的交易樣本中，它不再那么清晰和明顯了
Let’s look at a new example, this one being from Thursday 18th of November.
讓我們看一個新的例子，這是11月18日星期四的例子
Here is the key point:
這是關鍵點：
Sometimes market conditions will be better suited to taking early quick profits. And sometimes market conditions will be better suited to holding the position and taking larger profits.
有時，市場狀況更適合于提前快速獲利。有時，市場條件更適合持有頭寸并獲取更大利潤
If I traded all-in-all-out targeting only my first exit, I’d do so at the cost of missing ALL larger moves. Frustration!
如果我只針對我的第一次退出進行全面交易，我會以錯過所有更大的波段為代價。挫??！
If I traded all-in-all-out targeting only my second exit, I’d go through sequences of losses, where the market did not have sufficient follow-through beyond the first area of potential trouble. Frustration! And greater fluctuations in the daily P&L.
如果我只以第二次退出為目標進行全面交易，我會經歷一系列的損失，市場在第一個潛在麻煩區(qū)域之外沒有足夠的后續(xù)行動。挫敗以及每日損益的更大波動
I simply diversify across both exit styles.
我只是在兩種退出方式之間進行多樣化
Smoothing out the fluctuations in daily P&L. At the cost of underperforming to some degree when the market does offer a larger move.
當市場確實提供更大的波動時，以一定程度上表現不佳為代價，平滑每日損益的波動
There’s no right or wrong. It’s just what best suits my personality.
沒有對錯之分。這正是最適合我個性的
Your own preference may differ from mine. Perhaps you’re absolutely fine with an all-in-all-out approach, comfortably sitting through a string of losses before you get the runner.
你自己的喜好可能與我不同。也許你完全可以采用全力以赴的方法，在獲得跑步者之前，輕松地坐在一系列損失中
Or perhaps you can have the best of both worlds, adjusting trade management style more quickly to suit market conditions. Taking small profits when that is all that is available. And holding a whole position for larger runners when that is available. I’ve tried. I’m better at just diversifying across both styles and accepting potential underperformance.
或者你可以兩全其美，更快地調整貿易管理方式以適應市場條件。當這是所有可用的時候，獲取小額利潤。如果可以的話，為更大的跑步者保持一個完整的姿勢。我試過了。我更擅長在兩種風格之間進行多樣化，并接受潛在的表現不佳
Trial and error… and review of your own performance stats… it’s the only way to find the right path for you.
嘗試和錯誤….以及審查您自己的性能統(tǒng)計數據...這是為您找到正確路徑的唯一方法
On another note, looking once more at this latest trade:
另一方面，請再次關注這一最新交易
Again, trial and error… and review of your own performance stats… it’s the only way to find the right path for you.
再次重申，反復嘗試...并檢查您自己的性能統(tǒng)計數據...這是為您找到正確路徑的唯一方法
Happy trading,
交易愉快
Lance Beggs
蘭斯貝斯
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