Paul Tudor Jones的投資紀律

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Dos
1. Always be with the predominant trend. My metric for everything is the 200- day moving average.
原來他也看均線，老美喜歡看50、100、200ma
2. The better you can make decisions ahead of time, the better your results will be.
其實就是老美所說的ahead of the curve
3. To be good trader, you have to be contrarian.
逆勢想法，說起來簡單做起來難
4. Find something where you skew reward risk so greatly that you can take small investments with minimum drawdown pain and maximum upside opportunities.
意思就是在股價跌到1元的時候去買2元的call，上漲無限
5. Decrease your trading volume when trading poorly; increase when trading well.
這倒是蠻重要的
6. Every day I assume every position I have is wrong. I know where my stop risk points are going to be so I can define my maximum drawdown.
這種先假設錯的哲學的好處是，你可以變的很有彈性
7. View anything that has happened up to the present point in time as history. Care about what going to do from the next moment on.
請記得，您在選擇權賣方的未平倉損益其實已經是過去式了。試著去理解這些未平倉損益的未來會如何發展
8. To do the job right requires such an enormous amount of concentration. It’s physically and emotionally mandatory that you find some time to relax.
早上五小時專心交易，下午三小時專心放鬆
9. Always liquidate half positions below new highs or lows and the remaining half beyond that point.
部分停損和停利
10. If I have positions going against me, I get right out; if they are going for me, I keep them. I have a mental stop. If it hits that number, I am out no matter what.
心理停損法是蠻主觀的停損法，在選擇權賣方的世界，較不建議冒然使用

Don’ts
1. If you don’t see anything, you don’t trade. You take risk only when you see an opportunity.
看不懂就先不進場
2. Never play a macho man with the market. Don’t be a hero. Don’t have an ego. Always maintain your sense of confidence, but keep it in check. Always question yourself and your ability.
他一貫的心法就是保持「錯」的哲學，就對了
3. Never over-trade.
如果你一年的交易費用佔你淨值的3%，我介紹你去一家高雄的心理治療師那裡。
4. Never trade in situations where you don’t have control.
當vix從20來到40的時候，你最好想一想你是要先控制vix，還是先控制你的淨值
5. Don’t risk significant money in front of key reports, since that is gambling not trading.
有人在2004年3月19日佈局後受傷嗎?
6. Don’t be too concerned about where you go into a position. The only relevant question is whether you are bullish or bearish on the position that day.
先前的部位都不重要。你最新的部位應該因勢利導
7. Try to avoid any emotional attachment to a market.
要避免情緒化只有一種可能，那就是任何時候都要遵守交易紀律
8. Don’t just use a price stop, also use a time stop. If I think a market should break, and it doesn’t, I will often get out even if I am not losing any money.
時間停損法也不見得很適合選擇權賣方，但非常適合用在選擇權買方
9. Don’t ever average losers.
你賣了一口60點的put，它漲到100點，不應該再賣一口，你這時要停損。
10. The most important rule of trading is to play great defense, not great offense. Don’t focus on making money; focus on protecting what you have.
成功的選擇權交易員都了解這一點的重要

ChaLi

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