翻译Charles Schwab的文章，希望能有帮助。
Disclaimer: 翻译跟理财是我个人兴趣，我个人不在金融保险业上班。
原文网址: https://tinyurl.com/yd7pwyfx
Bouts of market volatility are an unnerving, but normal, feature of long-term
investing. They’re not fun, but you can expect to see market declines
periodically throughout your investing career.
对长期投资而言市场震荡的来临让人紧张不安，但同时也是正常的。它们不有趣，但是你
能预期在你的投资生涯中，市场会有周期性的下跌。
Yet it’s hard to sit still when the market is sliding. You can’t help but
think: “Shouldn’t I be doing something?” Every investor is different, but
here are a few steps that everyone should consider.
在市场滑落之时保持镇定是不容易的，你常不由自主地想：难道我不应该做点什么事吗?
每个投资者都不一样，但是以下是你该考虑的
During market volatility:
在市场震荡的时候
1. Resist the urge to sell based solely on recent market movements. Selling
stocks when markets drop can make temporary losses permanent. Staying the
course, while difficult emotionally, may be healthier for your portfolio.
This doesn’t mean you should hold on blindly, but we suggest taking into
account an investment’s future prospects and the role it plays in your
portfolio, rather than being guided by noise and fear.
不要单纯因为市场的变化就卖掉[资产]。在市场大跌时马上卖掉股票会让你短暂的损失变
成有恒，相反地，保持你原有的[投资]路线对你的投资组合才是有益的，即使在情绪上很
难接受这一点。当然，这不代表你就该盲目地死守，我们只是建议应该连同考虑该投资的
远景还有该投资在你的投资组合中扮演的角色，而不是被一堆噪声及担忧牵引著。
2. Adapt your trading to fast-moving markets. If you must trade during
volatile markets, take current conditions into account when entering orders.
There are defensive steps you can take to protect an unrealized gain or limit
potential losses on an existing position, such as stop orders and stop-limit
orders.[1] These can help give you more confidence when markets are volatile.
要针对快速变化的市场做出相对应的交易。如果你在市场震荡时一定要交易，下单的时候
一定要考虑当下的情况。你可以采取一些措施来保护尚未实现的收益，或者限制现有部位
的损失，比如使用stop orders或者stop-limit orders。这些可以让你在震动市场中更有
信心。
3. Take the long view. Markets typically go up and down, and you’re likely
to experience several significant declines during a long investing career.
But even bear markets—that is, periods when the market fell by more than 20%
—historically have been relatively short when compared to bull markets.
Because timing the market’s ups and downs is nearly impossible, but all
investors would do well to ignore the noise and stay focused on their plans.
采取长远投资。市场不会左左右右而是常常上上下下，在长期投资生涯中，你会经历许多
重大的[市场]衰退，但从历史角度看，跟牛市比，熊市(也就是股市跌20%)也是相对短暂
的。因为预测市场涨跌几乎是不可能的，但是所有投资者在忽略噪声且专注自己的计划上
都做得很好(这边的英文原文表达有些问题，感受一下意思就可以了)
4. Review your risk tolerance. Some investors learn the hard way that they
aren’t as willing to face a sharp drop in the value of their portfolios as
they had assumed. Similarly, risk you took on years ago may no longer make
sense given your current situation and life stage. An aggressive allocation
has historically gained more over time, but at the price of greater volatility
—which can be especially risky if you don’t have much time to recover.
Market downturns sometimes can be a wake-up call to consider adjusting your
target asset allocation of the level of risk in your portfolio doesn’t match
your situation.
检视你的风险容忍度。有些投资人在惨痛的经验中，认知到自己并不如自己所想地愿意面
对自己投资组合的大跌。同样地，你之前所能承担的风险亦不适用于当前。在历史角度上
，积极的[投资]分配会有更好的收益，但代价是高度震荡，如果你没有足够的时间来恢复
，这样是很危险的。市场衰退有时候是一个警钟，让你重新调整那些风险已不符合你当下
情况的资产分配。
5. Make sure you have a diversified portfolio. Volatile markets also can
reveal that portfolios their owners thought were appropriately diversified in
fact aren’t. If you haven’t looked at your portfolio recently to make sure
you understand what each asset class is doing and that the mix matches your
target asset allocation, now is a good time to become reacquainted with it.
Schwab’s investor profile questionnaire can help you determine your profile
and match it to an appropriate target asset allocation. If you need more
help, call 800-355-2162 to be connected to a Schwab investment professional.
确保自己有多样性的投资组合。震荡的市场能显示投资组合并不如原本所想的多样化，如
果你还没有检视自己的投资组合来确保你了解各个投资类别的表现和组合是否符合原本的
分配，现在就是好时间来熟悉他。(接下来这段有点广告，就不翻了)
6. Consider including defensive assets for more stability. Defensive assets,
such as cash and cash equivalents, Treasury securities and other U.S.
government bonds, can help stabilize a portfolio when stocks are slipping.
Also, if you expect to spend from your portfolio within the next few years, it
’s a good idea to hold those funds in assets that historically have been
relatively liquid and less volatile than stocks, such as cash and short-term
bonds. This can help you avoid having to sell in a down market.
为了稳定考虑防御性资产。在股市下跌时，防御性资产如现金、现金等价物、财政证券和
政府公债可以帮助平衡投资组合。此外，如果你预期在几年内从你的投资中变现，那这些
资产便是你该拥有的，因为历史显示跟股票相比，这些资产(如现金或者短期公债)有比较
高的流动性以及较低的市值变化。这些能让你在市场低迷时避免[为了现金]而不得不变卖
这些资产。
7. Rebalance your portfolio as needed. Market changes can skew your
allocation from its original target. Over time, assets that have gained in
value will account for more of your portfolio, while those that have declined
will account for less. Rebalancing means selling positions that have become
overweight in relation to the rest of your portfolio, and moving the proceeds
to positions that have become underweight. It’s a good idea to do this at
regular intervals.
需要时，需再平衡投资组合。市场变化会让你原本的目标配置开始走偏。随时间流逝，增
值的资产会占据你投资组合一大部分，而那些贬值的占相对小的部分。再平衡指的是卖掉
那些已经占据投资组合中太多部位的资产，同时买如那些比较小部位的资产。定期地再平
衡投资组合是一个很好的想法。
[1] There is no guarantee that execution of a stop order will be at or near
the stop price.
Stop order不保证成交时的价格一定等同或接近stop price