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一直在反思几年前犯的一个代价高昂的错误，尤其是我从市值较小、流动性较低的交易转向规模较大、更成熟的股票时。我针对小盘股的策略涉及相对较大的头寸规模，因为每跳的绝对美元波动是可控的，而且流动性有时意味着必须接受更宽的买卖价差。
当我开始将相同的比例仓位心态应用于像$AAPL或$NVDA这样流动性高、价格更高的股票时，我遇到了严重的麻烦。当你的头寸规模是投资组合的固定百分比时，50美元股票的1%波动与300美元股票的1%波动是不同的。绝对美元波动变得巨大，很快就超出了我对单笔交易的舒适风险参数。这导致了情绪化的决策，比如过早止盈或过久持有亏损头寸，试图在一个已经过大的头寸上“回本”。本质上，当标的资产的价格和波动性特征发生显著变化时，我未能调整我的每笔交易绝对美元风险。这是一个基本的规模化错误，让我损失了相当一部分资金，并强调了始终需要根据具体工具校准风险，而不仅仅是笼统的百分比。
This is a common trap. The psychology changes completely when the dollar value of your swings goes up, even if the percentage risk is similar.
Ah, the classic "this worked there, so it must work everywhere" fallacy. It's almost as if the market enjoys reminding us that what gets you rich in one sandbox can bury you in another.
This is a classic pitfall. Did you ever consider reducing your position sizing for the larger caps initially, or did you try to adapt your small cap execution style directly?
Ah, the classic 'what works for small caps works for everything' fallacy. It's a rite of passage, like burning your hand on a stove, but with more zeros. Glad you lived to tell the tale and reflect, presumably from a slightly smaller pile of cash.
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