Measure your performance as the percentage of the channel width。 You must be an A trader to make day…trading worthwhile。 Even then； you have to prove to yourself that you can make more money day…trading than position trading。 Try to trade only a few times a day and aim to catch at least a third of that day’s range。 Enter cautiously； but run fast。 Do not trade during after…hours sessions when markets tend to be very thin。
用通道的宽度计算你的成绩。日内交易者必须达到A水平。即使如此，你还要提高自己，以保证日内交易比仓位较易赚的多。尽量一天只交易几次，目标是赚到一天波动的三分之一。进场要谨慎，但出场要快。不要在最后的半小时交易，因为市场交易清淡。
Taking Day…Trades Overnight
持仓过夜
If you enter a trade early in the day and the market keeps moving in your favor； should you hold that trade overnight？ How about over the weekend？ Of course； those questions only apply to profitable trades。 Taking a loss overnight is strictly for losers。
如果你白天交易了，市场对你有利，你是否要持过夜仓？周末是否可以持仓过夜？当让可以，只要是赚钱的仓位。持有亏钱的仓位绝对是输家干的事。
A beginner must close his day…trades by the end of the day； but an experienced pro has the option of holding them overnight。 When a market closes within a few ticks of its high； it usually exceeds it the next morning。 A market that closes on its lows usually flirts with lower lows the next day。 Those extensions are not guaranteed； as the market may close on its high； get hit with bad news overnight； and open sharply lower。 This is why only experienced day…traders have the option of taking their trades overnight。
新手必须在当天收盘前平仓，但是有经验的专业人士可以选择持仓过夜。当市场收盘前比最高点高几个基点，第二天通常会超过它。市场的收盘价是底部，通常第二天会到达更低的地方。这些经验不是绝对的，市场可能收盘在最高价，当晚有坏消息袭击，第二天开盘非常低。这就是为什么只有有经验的日内交易者可以持仓过夜。
Research； knowledge； and discipline put your trades on a cooler； more rational footing。 You have to research the past； calculate the odds； and make informed decisions for the future。 When you day…trade； there are plenty of hours when the market goes nowhere； leaving you free to crunch the numbers。 You may use a single puter or get two machines and dedicate one to trading and another to research。
研究，长知识，形成更冷静，更理性的纪律。你必须研究过去，计算概率，为将来做有准备的决定。当你做日内交易，市场经常会乱走，你要自己摸索出来。你可以使用1，2台电脑，一台做交易，一台做研究。
Get one year’s history for the market you’re day…trading。 Drop it into a spreadsheet and start asking questions。 Every time the market closed within 5 ticks of its high； how many times did it reach a new high the next day？ How far did it go the next day？ What about the days when that market closed within 5 ticks of the lows？ How low did it go the next day？ Once you get the answers； find out what happened when the market closed within 10 ticks of the high； and so on。
取得你交易的市场的1年历史数据。把它放进电子表格，开始问问题。每当市场收盘比最高点高5个基点以内，第二天它到达新高的次数是多少？第二天涨到了多高？每当市场收盘价比最低点低5个基点以内，又是如何？第二天最低到哪里？如果你有了答案，再研究如果市场收盘价比最高点高10个基点以内又是如何，以此类推。
Professionals tend to trade the same market month after month； even though there is a huge turnover of amateurs。 Professionals have grown used to trading in a certain way； and to trade like them you must find those patterns and express them in numbers。 You must base your trades on facts and probabilities； not on gut feel and hope。 You must do your own research。 You cannot buy the answers； because only finding them yourself will give you the confidence to trade。
专业人士喜欢长期在同一个市场交易，即使业余选手来了又去。专业人士在同样的模式中成长，如果要像他们那样交易，你必须找到这些模式，并用数字计算。你必须建立在事实和概率的基础上，而不是你的胆量和希望。你必须自己研究。你不能买答案，因为只有自己去找到答案才会有信心。
Opening Range Breakouts
开盘后交易区间的突破
People get tips at parties； from the newspapers； and on TV； that glue…box of mass culture。 Investment officers at slow…moving institutions may sit in a meeting all day before getting permission to buy or sell。 They tend to place orders before the open。 Most overnight orders e from casual investors； gamblers chasing hot tips； and brokers who want to leave work early to play golf or make marketing calls。
人们在聚会时，看报纸时，看电视时，这些大众文化都提供了消息。在动作缓慢的机构里，投资经理要整天开会，然后才得到允许去买或卖。他们通常在开盘前下单。散户投资者，追消息的赌徒，想提前下班出去打高尔夫球，或者想打市场电话的经纪人，一般会在晚上以后下单。
The two busiest times for professional traders are the beginning and the end of each session； especially the first and last half…hour periods。 The influx of overnight orders gives professionals an opportunity to perform a public service by acmodating those who are eager to get in at the opening。 They unwind those positions near the close； when one loser after another throws in the towel。 Many pros go out for lunch in the middle of the day； which is why many markets tend to bee directionless and choppy between 12 and 1：30。 The curve of intraday volume tends to be U…shaped； with peaks at the open and the close； and a low in the middle。
对于专业交易者来说，最忙的时间段是开盘后半小时，和收盘前半小时。头天晚上形成的订单在开盘时涌进来了，专业人士要为大众服务，满足大众的期望。他们在收盘前要平仓，当时会有一批又一批的输家送上门来。很多专业人士中午要出去吃饭，所以很多市场在12——13：30分之间是没有方向的，只是振荡。当天的成交量是个U型，开盘和收盘的成交量大，中间的成交量小。
Serious traders watch openings because they set the tone for the balance of the day。 If the total size of buy orders exceeds that of sell orders； the floor opens the market higher； forcing the crowd to pay up。 Pros establish short positions at such high levels that the very first drop makes them money。 If the volume of sell orders is higher； the pros open the market lower； load up on the cheap； and sell at a profit on the first bounce。
专业交易者关注开盘价，因为他们要和当天保持平衡。如果总体买单比卖单多，场内开盘就高，逼大众付高价。专业人士在比较高的位置下单做空，这样当市场第一次下跌时他们就赚钱了。如果总体卖单比买单多，专业人士就把开盘价开低，下单买入，当市场第一次反弹时就兑现利润。
During the first 15 to 30 minutes after the open many stocks and futures swing up and down on high volume。 As the bulk of overnight orders gets filled； volume starts to dry up； and the swings slow down； retreating from the high and the low of the opening range。 What happens next largely depends on the width of the opening range。
在开盘后的15——30分钟内，很多股票和期货的价格忽上忽下，伴随着大成交量。当头天晚上的很多订单被执行以后，成交量开始下跌，波动减小，回到看盘后的交易区间高低点。根据开盘后交易区间的宽度，市场决定下一步怎么走。
When the opening range is very wide； say 80％ of an average daily range for the past month； it is likely to have set both the high and the low for that day。 The floor loves wide opening ranges because their extremes provide two good levels of support and resistance。 The pros keep buying near the lows； shorting near the highs； and spending the rest of the day unwinding their positions at a profit。 A narrow opening range makes it more likely that the market will break out of it and start a new trend for the day。
当开盘后交易区间很宽，比如是过去一个月平均日波动的80％，那么很可能达到当天的最高点和最低点。场内喜欢宽广的开盘后交易区间，因为这样的幅度提供了良好的支撑和压力。专业人士在底部附近买入，在顶部附近做空，其它时间反复交易。开盘后交易区间很窄的话，似乎说明是市场要突破它，形成当天新的趋势。
Figure 6。5 Day…Trading … Opening Range Breakout
图6。5 日内交易——开盘后交易区间的突破
Elder…ray； 5…minute chart
艾尔德射线，5分钟图
Stocks for day…trading should have heavy volume； be volatile； and be expensive rather than cheap； so that they have decent intraday ranges。 At the time of this writing； Checkpoint is definitely on the list； along with NVDA； TARO； and a few other swingers。 By the time you read this； other stocks will be in the forefront of day…traders’ attention。
适合做日内交易的股票应该有大成交量，波动大，价格贵，而不是便宜，这样才会有可观的日内交易区间。在我写这个时候，检查点软件公司股票符合这些特征，NVDA，TARO和其它几个公司波动都很厉害。当你读到这里时，其它股票已经引起日内交易者的注意力了。
CHKP has been rallying； ing off the market’s recent lows and closing at 39。44。 Today it opens at 39。26 at 9：30 （point A） and within 10 minutes runs up to 40。25 （point B）； establishing the high of the opening range。 It then drifts lower； hitting the low of 38。93 at 10：10 A。M。 … the low of the opening range （point C）。 For the next hour and a half CHKP meanders within its fairly narrow opening range of only 1。32； but by 11：35 it runs up to its upper edge and penetrates it by 3 ticks （point D）。 The next bar is 7 ticks higher … this is no false breakout； this is a real opening range breakout； the trend is up； and we have to get long。 The 13…bar EMA is steadily rising。 Whenever Bear Power returns to the zero line and turns negative； it shows that bears have regained their footing … a good time to add to longs within an uptrend （points E； F； G； and H）。 At 15：25 （point I） the EMA turns down； giving a sell signal … time to take profits on long positions。
检查点软件公司反弹，离开了最近的低点，收盘在39。44。今天9：30的开盘价是39。26（A点），10分钟后涨到40。25（B点），造成开盘后交易区间的高点。然后下跌，在10：10分达到38。03——开盘后交易区间的最低点（C点）。后面一个半小时检查点软件在很窄的开盘后交易区间空间内迂回，但是到了11：35分它涨到了上边，还穿过了3个基点（D点）。后面一条竹线涨了7个基点——这不是假突破，这是真的对开盘后交易区间的突破，趋势上涨，我们要做多。参数为13的均线稳步上涨。当空头力量回到0轴以下，这表明空头再次站稳脚跟——此时最好加仓做多（E，F，G，H点）。在15：25分（I点）均线下跌，给出卖出信号——多头仓位要兑现利润。
At the right edge of the chart； the day is over； and we may count profits before going home。 If you bought on the first buy signal following the opening range breakout and sold when the EMA turned down； your profit is 42。15 … 40。40 = 1。75。 Multiply this by the number of shares you traded； and add other positions if you pyramided。
在图的右边，当天结束了，我们在回家前计算一下利润。�