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ther you made money。 Keep going like that for a year； and your mission cost will rise to 12％ of your equity。 That’s a lot of money。 Professional money managers are happy with 25％ annual returns； year after year。 They could not generate them if they had to pay 12％ annually in missions。
经纪公司对于5000股股票交易收20元的手续费。如果你账户里有20000元，你买了200股价值100元的股票，20元的手续费就相当于1‰。当你卖掉股票的时候，又要交手续费，交给经纪公司的手续费相当于你资金的2‰。如果你每周这样交易一次，月底你会发现你的经纪人已经赚了你资金的1％，不管你是否赚钱。如果这样交易1年，你的佣金会成为你资金的12％。这是相当多的钱了。专业的基金经理对25％的年收益已经非常高兴了。如果要付12％的年佣金，他们肯定做不到25％的年收益。
But wait； it gets worse。
等等，还有更糟糕的。
Look at a small trader who can afford only 100 shares of a 20 stock。 His purchase price is 2；000； but he pays the same 20 mission； which eats up a whopping 1 percent of his equity。 When he closes that trade and pays another mission； he is 2 percent behind the game。 If he trades like that once a week； by the end of the month his missions will e to 10％ of his account； more than 100％ on annualized basis。 The great George Soros averages 29％ annual gain。 He could have never acplished that if he had to jump over a 100％ mission barrier。
看看只买得起100股20元股票的小交易者。他的买价是2000元，但他同样要支付20元的手续费，把他资金的1％抽走了。当他平仓时，还要交一次手续费，2％没有了。如果他每周交易一次，月底时手续费会成为他资金的10％，一年下来手续费超过100％了。伟大的乔治·索罗斯平均一年的收益为29％。如果他的手续费是每年100％，他就别指望实现29％的年收益了。
The bigger your account； the smaller the percentage eaten by missions and the lower your barrier to winning。 Having a large account is a great advantage； but whatever your size； do not be hyperactive。 Each trade and each seemingly cheap mission raise the barrier to your success。 Design a system that doesn’t trade very often。
你的账户资金越多，你的手续费交的越少，你的胜率越高。资金多是个很大的优势，但无论你的仓位多大，不要过分交易。每笔交易和每笔看起来很便宜的手续费，都是你成功的障碍。设计一个并不需要多次交易的系统。
I’ve met futures traders who paid 80 roundtrip missions to full…service brokers。 That was the price of allegedly sage advice； but any disinterested professional will tell you that a futures trader who pays 80 roundtrip has no chance of winning。 Why do people pay such exorbitant rates？ Because the little lamb who ventures into a dark forest is so afraid of the big bad wolf； the professional trader； that he hires himself a protector to guide him； a full…service broker。 Once you do the math； it bees clear that you’re better off taking your chances on the wolf than signing up for a guaranteed skinning by your protector。
我见过一些期货交易者，他们给提供全面服务的经纪公司80元作为来回交易的手续费。他们说这是明智的建议，但是任何专业人士都会告诉你，付80元包来回交易根本没有赚钱的机会。为什么会有人付这么离谱的手续费呢？因为小羔羊进入森林以后，它害怕大灰狼，也就是专业人士，所以他请人保护他，也就是提供全面服务的经纪公司。一旦你自己算算，就很明显，你宁愿把自己交给大灰狼，也不能让别人用保护你的方式扒你的皮。
There are full…service brokers whose advice is worth the money。 They bring good tips； get good fills； and their missions are not exorbitant。 The catch is that they only accept very large accounts that generate a high volume of business。 Bring them a million…dollar account with a history of active trading； and you may get their attention。
有些提供全面服务的经纪公司的建议是值钱的。他们提供好消息，他们的手续费也不过分。关键是他们只接受大资金，因为大资金才能带来大生意。如果他们知道你有100万的账户，过去还交易活跃，他们一定喜欢。
If you have an account in five or six figures and trade only a couple of times a week； do not waste your time and money looking for false security of an expensive broker。 Get a cheap； reliable； no…frills broker that you can easily reach via the Internet or on the phone … and start looking for good trades。
如果你的账户资金有5位数或6位数，每周交易几次，还是不要浪费时间和金钱在昂贵的经纪公司那里，他们的保障是虚假的。去找一个便宜的，可靠的，不提供不必要服务的公司，你通过互联网或者电话联系就行了——开始要找到好的交易机会。
Slippage
滑点亏损
Slippage is the difference between the price at the time you placed your order and the price at which that order got filled。 You may place an order to buy when a guinea pig is trading at 4； but your bill es to 4。25。 How e？ Then the guinea pig goes up to 6 and you place an order to sell at the market； only to receive 5。75。 Why？ In our daily lives we are used to paying posted prices。 Here； at the grown…up Guinea Pig Factory； they clip you for a quarter buying and another selling。 It could get worse。 Those quarters and halves can add up to a small fortune for a moderately active trader。 Who gets that money？ Slippage is one of the key sources of ine for market professionals； which is why they tend to be very hush…hush about it。
滑点就是你下单的价格和真正成交的价格之间的价差。你可能下单以4元的价格买几内亚猪，但是你的成交记录显示是4。25元。怎么会这样呢？然后几内亚猪涨到6元，你下单卖出，结果成交价是5。75元。为什么？在日常生活中，我们都是按照标价付款。在几内亚猪工厂，你在买卖的时候都被克扣了。甚至会更糟。对于一个交易活跃的交易者来说，这些被克扣的钱加起来数字会不小的。谁拿了这些钱？对于专业人士来说，滑点是他们赚钱的秘密，他们会严守这个秘密。
No stock； future； or option has a set price； but it does have two rapidly changing prices … a bid and an ask。 A bid is what a buyer is offering to pay； whereas an ask is what a seller is asking。 A professional is happy to acmodate an eager buyer； selling to him instantly； on the spot … at a price slightly higher than the latest trade in that market。 A greedy trader who’s afraid that the bullish train is leaving the station overpays a pro who lets him have his stock right away。 That pro offers a similar service to sellers。 If you want to sell without waiting； afraid that prices may collapse； a professional will buy from you on the spot … at a price slightly lower than the latest trade in that market。 Anxious sellers accept ridiculously low prices。 Slippage depends on the emotional state of market participants。
股票、期货或者期权都没有固定的价格，但是他们有2个快速变动的价格——市场买入价和市场卖出价。市场买入价就是一个买家报价买入，市场卖出价是一个卖家报价卖出。专业人士喜欢满足焦急的买家，以比市场价高点的价格卖给他。贪婪的交易者担心市场要涨了，立刻用高价从专业人士那里买入股票。这个专业人士用同样的方法对付卖家。如果你迫不及待地要卖——以比市场要低点的价格卖出。焦急的卖家愿意接受过分低的低价。滑点就是由市场参与者的情绪造成的。
The professional who sells to buyers and buys from sellers is not a social worker。 He is running a business； not a charitable operation。 Slippage is the price he charges for rapid action。 He has paid a high price for his spot at the crossroads of buy and sell orders； buying or leasing an exchange seat or installing expensive equipment。
专业人士卖给买家，又从卖家手里买，他可不是义工。他在做生意，也不是慈善事业。在快速波动的市场中赚滑点价差。专业人士也需要很高的成本在市场的买单和卖单中找机会，他需要买或租用交易席位，还要安装昂贵的设备。
Some orders are slippage…proof； while others invite slippage。 The three most popular types of orders are limit； market； and stop。 A limit order specifies the price； that is； “Buy 100 shares of Guinea Pig Factory at 4。” If the market is quiet and you’re willing to wait； you’ll get that price。 If GPF dips below 4 by the time your order hits the market； you may get it a little cheaper； but don’t count on it。 If the market rises above 4； your limit order will not be filled。 A limit order lets you control the price at which you buy or sell； but doesn’t guarantee you a fill。
有些订单是不会滑点的，有些订单故意要滑点。3个典型的订单类型分别是限价单，市价单和止损单。限价单限制了价格，也就是，“以4元的价格买入100股几内亚猪工厂。”如果市场很平静，你要等待，你会等到那个价格的。如果你下单时，正好股价跌到4元以下，你就可以以更低的价格买入，但不要指望这样。如果市场涨到4元以上，你的限价单就不会成交。限价单的目的是控制你想买或卖的价格，但不保证一定能成交。
A market order lets you buy or sell immediately； at whatever price you can get at the moment。 The execution is guaranteed； but not the price。 If you want to buy or sell right away； this very moment； you cannot expect to get the best price … you give up control and suffer slippage。 Market orders placed by anxious traders are the bread and butter of the pros。
市价单能让你快速买或卖，也就是不管什么价，立刻成交。一定会成交，但价格是即时成交价。如果你想立刻买或卖，你很难得到最好的价格——放弃控制就意味着承受滑点亏损。焦急的交易者下的市价单成为专业人士的面包和奶酪。
A stop order bees a market order when the market touches that level。 Suppose you buy 100 shares of Guinea Pig Factory at 4。25； expect it to rise to 7； but protect your position with a stop at 3。75。 If the price slides to 3。75； your stop bees a market order； executed as soon as possible。 You’ll get out； but expect to suffer slippage in a fast…moving market。
当市场达到你的价格时，止损单就成为市价单。假如你在4。25元买了100股几内亚猪工厂，希望涨到7元，在3。75元设置止损。如果价格跌到3。75元，你的止损单生效，立刻成为市价单，就立刻成交了（张轶注：中国没有，只有期货可以，但中国的期货也没止损功能）。�