标准普尔股指期货的假突破——要反向做。用振荡指标去寻找假突破的竭尽点，在回到当天波动的中间范围时交易。
The Daily Plan
日计划
A day in front of a live screen includes many dead hours when nothing seems to happen。 People grow bored and restless； and the next thing you know； a day…trader turns his screen into an entertainment center。 Professionals tend to follow a timetable to reinforce their discipline。
每天坐在屏幕前面，很多时候什么事都没有。人们感到无聊和不安，你很清楚会发生什么，日内交易者关上屏幕，换个娱乐项目。专业人士则紧跟时间表，加强纪律。
Your trading day should start before the opening。 Give yourself at least half an hour to assemble and analyze overnight data。 Watch the first half hour of trading with no interruptions； not even phone calls。 If you put on a trade； then manage it。 Otherwise dedicate two hours to research； database maintenance； reading a trading magazine or a book； or trolling the net for fresh ideas； all the while in front of the screen。 Suspend everything if the market looks close to giving a buy or sell signal。 Have lunch at your desk if you are managing a trade。 Review trading…related posts on the net and put more time into research。 Consider keeping exercise equipment in your trading room； such as a stationary bicycle or a rowing machine。 A healthy mind in a healthy body。 As the closing approaches； the market again demands your undivided attention； especially if you are exiting a trade。
你的交易日的开始时间应该比开盘早。至少给自己半小时分析头天晚上的数据。要在不受干扰的情况下观察开盘后半小时的市场，也不要打电话。如果你交易了，那么要管理好这笔交易。要么就花2个小时研究，维护数据，看交易书或杂志，学点新思想，都要在屏幕前面。当市场要出现买卖信号时，停止一切活动。如果你已经交易了，要在屏幕前吃午餐。你可以在网上看交易相关的资料，花更多时间研究。房间里要有健身器材，比如固定式自行车或运动练习器。健康的身体才有健康的思想。当快收盘时，市场同样需要你的主意，尤其是你要出场时。
There are two reasons to have a daily plan。 You need to make sure that all the necessary work gets done； trades found； placed； exited； recorded； and research conducted。 The other reason is to remind yourself that you are day…trading as a business and not for amusement and that you are serious about success。
每日做计划的原因有2个。你要确认做好了所有的工作，发现交易机会，下单，出场，记录，研究。另一个原因是提醒你自己，你是做日内交易，不是娱乐，你对成功很认真。
Remember that your feelings； desires； and anxieties are part and parcel of the game。 When feelings are unsettled； trading bees a problem。 I had a client in the late 1990s who had achieved phenomenal success day…trading just one stock； AOL。 He looked at yesterday’s closing price； checked the levels at which AOL traded in Europe； and reviewed any overnight news。 When AOL shot out of the gate after the open； he traded its first swing； and sometimes two or three more during the first 30 minutes or an hour。 He grossed 5；000 almost daily within the first hour of trading； buying and selling 1；000 shares at a clip。 Then he spent the rest of day pissing that money away and losing！
记住，你的感觉，欲望，焦急都是游戏的一部分。感觉没有处理好，交易就有问题。90年代末期，我有一个客户，他通过交易美国在线这一只股票就取得了巨大的成功。他研究昨天的收盘价，算出美国在线在欧洲的交易水平，再看看当晚的新闻。当开盘时，在开始的30分钟到1个小时，第一次波动他就交易，有时会交易2，3次。在第一个小时他的毛利润就有5000元，他一次买卖1000股。然后他在其它时间把这钱又亏掉了。
When he came to consult me； it was obvious that his system worked well only during the first hour。 It tracked an overnight buildup of pressure； and once that pressure equalized； he had no edge。 His system was fantastically effective … as long as he stopped trading an hour after the opening。 But he could not stop！
当他找我咨询时，很明显他的系统在头一个小时表现不错。它跟踪头天晚上的买卖压力，当买卖压力消失时，他就没优势了。他的系统超级有效——只要他在开盘1小时后停止交易就没事。但是他做不到！
It turned out that his self…esteem was largely based on trying to win his old father’s respect。 The father was an immigrant who built a successful business by the dint of hard work； and he only respected men who worked hard and put in long hours。 My client felt that he had to keep on “working” in the markets all day rather than turn off his puter and go outside to play golf； drive his boat； or putter in the garden。 He did not want psychotherapy。 I tried calling him at 10：30 to remind him to stop trading； but then he got caller ID to avoid my calls。 A great system is only half the game； the other is trading psychology。 The only goal of successful traders is to grow equity。 Everything else； including love； respect； and so forth； has to be gained outside the markets。
似乎他的自尊建立在赢得他父亲尊敬的方面。他父亲是移民，通过努力建立了自己成功的生意，他只尊重努力，并长时间工作的人。我的客户认为他必须在市场整天工作，不能关上电脑出去打高尔夫，开船，或者是去公园。他不需要心理治疗。我尝试在10：30打电话给他，叫他停止交易，但是他的电话系统拒绝接我的电话。优秀的系统只是游戏的一半，另外一半是心理。成功交易者的唯一目标就是资金增长。其它事，包括爱情，尊敬等等都是市场以外要追求的。
THE IMPULSE SYSTEM
动力系统
High volatility during the bull market of the 1990s made momentum trading very popular。 The idea is to jump aboard a fast…moving stock as it begins to run and hop off after it slows down。 Momentum traders do not care about pany fundamentals； they may not even know what that pany does。 All they care about is direction and speed。 They buy when a stock rallies （they rarely go short） and hope to cash out before the impulse runs out。
90年代大多头市场的高波动性造成动力交易的流行。就是在快速波动的股票开始波动前上车，快结束时下车。动力交易者不关心公司的基本面，他们甚至不知道公司是干什么的。他们唯一关心的是方向和速度。当股票上涨时买入（他们很少做空），希望在动力结束前兑现利润。
The game of momentum trading appears deceptively easy。 The owners of trading rooms make fortunes in missions； while legions of traders lose even bigger fortunes trying to grab money from fast…moving stocks。 Impulse trading tends to degenerate into impulsive trading； and the game is over。
动力交易看起来似乎简单。经纪公司的老板靠佣金赚了很多钱，交易者想在快速波动的股票中赚钱，结果却亏了很多钱。动力交易一般会变成冲动交易，那么游戏就结束了。
Momentum trading has a built…in psychological contradiction that’s deadly to most people。 On the one hand； this fast game； like infantry fighting or video game playing； is best suited for young people with strong hunting instincts； capable of abandoning themselves to the game。 On the other hand； momentum trading requires the cold detached discipline of a professional card counter in a casino。 Successful momentum trading； like professional gambling； is a boring business。 The ability to accept small steady gains … essential for momentum trading … is very rare。 Few people can walk away from the table just as the party gets going。
动力交易采用的心理学对很多人来说是矛盾的。一方面，这个快速的游戏像步兵打仗或者像玩电子游戏，适合年轻的，有猎杀本性的人，他们可以完全沉迷于游戏。另一方面，动力交易要求有赌场发派员那样冷静的纪律。成功的动力交易，就像专业的赌博，是无聊的生意。接受稳定的小收益——动力交易的核心——有这个能力的人少。当游戏开始时，很少有人能离开桌子。
One of my favorite clients is a professional trader in London who sometimes； for entertainment； goes to a casino at night。 He plays blackjack for a minimum stake of ￡5 and quits when he is either ￡200 ahead or ￡400 behind。 He has worked out a card…counting method and a money management system that have him going home with ￡200 13 times out of 14。 He has proven to himself that he can steadily win at the casino； and now he rarely goes there because he must spend 6 or 7 hours counting and betting before reaching his winning or losing limit。 It is hard work； counting all the time。 The crowd of amateurs around him is having a lot of fun losing。 My client prefers to stay home and trade stocks where the odds are much more to his liking。
我很喜欢一个客户，他是伦敦的专业交易者，他有时候为了娱乐，会去赌场。他玩21点，最小赌注5英镑的，他要么赚200英镑出场，要么亏400英镑出场。他研究出了数牌的方法和资金管理系统，这样的话，赌14次，他有13次能赢200英镑带回家。他已经证明了可以在赌场稳定赢利，但是他现在很少去了，因为他数牌和赌牌的时间要6，7个小时，这样才能决出胜负，太辛苦了，要一直计算。他周围的业余选手带着兴趣亏钱。我这个客户还是喜欢在家里交易股票，股票的概率才是他喜欢的。
Successful momentum trading requires great discipline。 You must identify a price move； hop aboard without waiting for a better confirmation； and jump off as soon as that move slows down。 The longer you wait to identify the momentum； the less money is left for you。 Taking profits is stressful because of a normal human tendency to hold out for a little more and then beat yourself up for having left too early。 A momentum trader needs a set of technical rules； a money management system； and iron discipline to enter when the time is right and exit without regrets after hitting his profit target or a loss limit。
成功的动力交易要求极好的纪律。你必须判断价格的波动，不等确认就要跳上车，当波动减慢时就要跳下车。你确认动力的时间越长，你赚到的钱越少。兑现利润时压力很大，因为一般人会多等一会儿，然后再教训你，让你后悔提前下车了。动力交易者需要一套技术原则，资金管理系统，用铁的纪律在正确的时间进场出场，还不能在止赢单和止损单被激活时后悔。
Entries
进场
I designed this system to identify the inflection points where a trend speeds up or slows down。 The Impulse System works in any timeframe； including intraday。 It provides buy and sell signals； but leaves it up to you to select good markets； tweak parameters； and supply the discipline。
我设计这个系统是确认趋势加速和减速的变速点。动力系统在任何时间周期都可以用，包括日内交易。它提供了买卖信号，但你自己要选择市场，调节参数，形成纪律。
Choose an active market whose prices swing in a broad channel。 What happens if you make a C trade and grab only 10％ of a channel width？ This result is not too bad if the channel is 20 points wide； but a C trade is an exercise in futility if the channel is only 5 points wide。 Chase fat rabbits； don’t waste your time on skinny ones。
选择一个活跃的市场，价格在宽广的通道内波动。如果你是C水平的交易者，只能赚到通道宽度的10％，会如何？如果通道宽度有20点，这个水平还可以，但是如果通道宽度只有5点，C水平就�