如果我们在均线附近买入，就是买价值，我们可以在通道上线卖出。如果我们在均线附近做空，我们可以在通道下线附近回补。通道提供了吸引人的利润目标。
People say that a neurotic is a person who builds castles in the clouds； a psychotic lives in them； and a psychiatrist is the fellow who collects the rent。 Channels help us collect rent from what drives most investors crazy … the relentless swings of the markets。 The idea is to buy normalcy and sell mania or go short normalcy and cover depression。
人们说，有神经质的人喜欢建造空中楼阁，神经病住在里面，神经病医生收房租。通道帮助我们在大部分投资者疯狂的时候收房租——市场无情的波动。也就是，平静时买入，疯狂时卖出；或者是平静时做空，绝望时回补。
Straight channels or envelopes work better for profit taking than standard deviation channels； or Bollinger bands。 Those bands grow wide when volatility rises and narrow when it declines。 They help options traders； who depend heavily on volatility； but those of us who trade stocks or futures are better off with straight channels。
通道或包络线，在兑现利润方面比标准背离通道或布林通道好。当波动激烈时，通道变宽；当波动不激烈时，通道变窄。它们对期权交易者有帮助，期权波动大。但是我们交易股票和期货，最好还是用通道。
Channels are for traders； not investors。 If you want to invest in a 10 stock and ride it to 50； channels are not for you。 Exits from investments or very long…term trades are based on the fundamentals or such long…term technical signals as the reversals of a 26…week moving average。 Envelopes or channels work best when you trade relatively short…term swings between undervalued and overvalued levels。
通道是交易者用的，不是投资者用的。如果你想投资10元的股票，等它涨到50元，通道对你没用。投资者出场点建立在长期的基本面分析之上，或者是类似于26周均线技术信号之上。对于短线交易，在价值上下的波动，包络线或通道是最好的。
If you buy near a rising EMA； place a sell order where you expect the upper channel line to be tomorrow。 If the upper channel line has been rising a half a point a day for the past few days and closed at 88 today； then you can place a sell order at 88。50 for tomorrow。 Adjust this number every day as the channel moves higher or lower。
如果你在上涨的均线附近买入，在通道上线下单卖出。如果在过去几天，通道上线每天上涨0。5点，今天收盘在88，那么你可以下单卖出，价格是88。50。当通道每天越来越高或低时，你要每天调整这个数字。
Whenever I teach a group how to use channels for profit taking； someone raises a hand and points to an area where prices overshot their channel。 Taking profits at that channel line would have caused us to miss a large part of a rally。 What can I say？ This system is good but not perfect。 No method； except for hindsight； nails down all tops and bottoms。 Robert Prechter； who used to be a famous market analyst； put it well when he said； “Traders take a good system and destroy it by trying to make it into a perfect system。”
不管什么时候，当我给学生讲课，谈到利用通道兑现利润时，总有学生举手，指出价格戳破通道的地方，说明利用通道线兑现利润会让我们错过一个大波动。我能说什么？这个系统是好的，但不是完美的。除了事后诸葛亮，没有任何办法可以抓住所有的顶部和底部。罗伯特·普莱切特过去是非常著名的分析师，他说的很好：“交易者得到了一个好的系统，但是他把它破坏了，因为他要把它变成完美的系统。”
If a trend is very strong； you may want to ride swings a little farther。 Sell half of your position when prices hit the upper channel line； but use your judgment to dance out of the second half。 You may monitor intraday prices and sell on the first day when they do not make a new high。 Use your judgment and skills； but do yourself a favor … give up the idea of nailing tops。 Greed is a very expensive emotion。
如果趋势很强，你想多跟一段。当价格碰到通道上线时，可以卖掉一半的仓位，但是你要自己处理剩下来的一半仓位。你可以在价格不再创造新高时，参考前一天的高点卖出。你自己分析判断，但是别忘了——放弃移动止损的想法。贪婪是昂贵的情绪。
If a rally is weak； prices may begin to sink without reaching their upper channel line。 There is no law that says the market must bee manic before returning to value。 Force Index can help measure the strength of a rally。 When the two…day Force Index rises to a new high； it confirms the power of bulls and encourages you to hold until prices hit the upper channel line。 If the two…day Force Index traces a bearish divergence； it shows that the rally is weak and you better grab profits fast。
如果上涨很弱，价格可能不到通道上线就回落了。没有人规定价格一定要先疯狂再回到价值。力量指数可以帮助计算上涨的力量。当2日力量指数上涨到新高，它确认了多头力量，鼓励你继续持有，直到价格碰到通道上线。如果2日力量指数跟踪到看跌背离，它表明上涨很弱，你最好快点兑现利润。
An A trader is someone who takes 30％ or more out of a channel。 That is a little more than half the distance from the moving average to the channel line。 Even if you buy slightly above the moving average and sell below its upper channel line； you can be an A trader and profit handsomely。 Channels help catch normal tops and bottoms； and you can bee very rich by steadily raking in normal profits。 Channels help set up realistic profit targets。
A水平的交易者能赚到通道的30％。这比均线到通道线一半的距离要多。即使你在均线上面一点点买入，在通道上线下面卖出，你也能成为A水平的交易者，赚到很多钱。通道有助于抓住顶部和底部，通过不断地赚钱，你也可以很富有。通道能帮助设置现实的利润目标。
Protective Stops
保护性止损
Amateurs swing between fantasy and reality； making most decisions in the realm of fantasy。 They dream of profits and avoid unpleasant thoughts about possible losses。 Since stops force us to focus on losses； most traders resist using them。
业余选手在幻想和现实之间游荡，大多数决定都是幻想的。他们幻想利润，却不考虑潜在的亏损。止损可以强制我们关注亏损，大多数交易者拒绝使用止损。
A friend told me she needed no stops because she was an investor。 “At what price did you buy that stock？” I asked。 She had gotten in at 80 and now it was at 85。 “Would you still hold it if it fell back to 80？” She said she would。 “What about 75？” She said she would probably buy more。 “What about 70？” She winced。 “What about 55？ Would you still want to own it？” No； no； she vigorously shook her head。 “Well； then you need a stop somewhere above 55！”
有个朋友告诉我，她不需要止损，因为她是投资者。我问她：“你在什么价格买的股票？”她80买的，现在是85。“你会继续持有，等它回到80吗？”她说她会。“如果跌到75呢？”她说她会多买点。“如果跌到70呢？”她退缩了。“如果跌到55，你还会持有吗？”不，不，她用力摇头。“如此说来，你的止损点在55之上的某点！”
I recently had dinner with a lawyer who obtained inside information that a certain penny…stock pany was about to announce a strategic partnership with a tele giant。 Questions of legality and morality aside； he put most of his money into that stock at an average price of 16。5 cents a share。 Once the announcement came out； his stock ran up to 8； but by the time he told me his secret over a tray of sushi； it was down to 1。50。 He had no stop。 I asked him whether he would continue to hold if his stock slid to 8 cents； half of what he paid。 He was shocked and promised to put in a stop at 1。 Did he do it？ Probably not。 It is easier to dream and close one’s eyes to reality。
前不久我和一个律师吃晚饭，他有内幕消息，说一个股价很低的公司要和电信巨头结成战略伙伴。我们先不谈合法性和道德问题，他用所有的钱在16。5分／股买入。消息公布时，他的股票涨到了8元，当他在寿司店告诉我这个秘密时，股价跌到了1。5元。他没有止损。我问他，如果股票继续跌到8分，他会继续持有吗。他很震惊，他说保证会在1元止损。他真的做了吗？可能没有。做梦是很容易的，面对现实闭上眼睛也是很容易。
You must put in a stop immediately after entering a trade and start moving it in the direction of that trade as soon as it starts moving in your favor。 Stops are a one…way street。 When long； you may raise； but never lower them。 When short； you may lower but never raise them。 Only losers say； “I’ll give this trade a little more room。” You already gave it all the room it needed when you placed your stop！ If a stock starts moving against you； leave your stop alone！ You were more rational at the time you placed it than you are today； with prices hovering and threatening to hit it。
你必须在进场后立刻下止损单，当市场对你有利时，要移动止损。止损是单行线。当做多的时候，你可以向上移，但永远不要向下移。当做空的时候，你可以向下移，但永远不要向上移。只有输家会说：“我多留点余地。”当你下单的时候，你已经留了余地！如果股票对你不利，就不要动止损单！当初你下止损单的时候肯定比现在理性，此时价格会威胁你，要碰到止损。
Investors must reevaluate their stops once every few weeks； but traders have a harder job。 We must recalculate our stops every day and move them often。
投资者必须每几周重新计算一下他们的止损，但是交易者更辛苦。我们必须天天重新计算止损，天天移动止损。
A Deadly Delusion Many traders think they can stay out of trouble without using stops； thanks to their superior market analysis。 Trading is a high…wire act。 You may walk that wire a hundred times without a safety net； but the very first fall can cripple you。 You cannot afford to take that chance。 No amount of brains will help you if you abandon stops。
致命的幻想 很多交易者认为，不下止损单也能避免麻烦，感谢他们的超级市场分析。交易是高空表演。你可以不需要安全网，成功地表现几百次，但第一次跌落就能废了你。你输不起的。如果你不止损，没有人会帮助你。
Several years ago I got a call from a world…famous developer of trading software。 He invited me on a camping trip； and mentioned in passing that he had developed a fantastic system for trading futures。 It was based on puterized pattern recognition； backtested on 20 years of data with breathtaking results。 He had no money to trade that system； having lost his capital on an earlier venture； but showed his discovery to a group of money managers。 They were so impressed they began to set up a hedge fund for him； and in the meantime gave him what they called a small account … 100；000。
几年前，一个著名的交易软件开发商打电话给我。他邀请我参加一个露营，他说他发明了奇妙的系统，可以交易期货。它利用电脑识别模式，测试了20年的数据，结果惊人。以前他把钱亏光了，没有钱使用他的系统，他把他的发明给很多基金经理看了。基金经理们很吃惊，为他建立了对冲基金，同时他们给了他一小笔钱——100000元。
I flew across the country and spent the first evening admiring my friend’s system。 “Are you trading anything now？” The system had given him six signals： in soybeans； Swiss francs；