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s for exiting trades and follow them from that piece of paper without arguing； haggling； or hoping for a better price。 For example； you may decide to exit if the upper channel line gets hit or if the market makes lower lows for two days in a row。 Whatever rules you use； write them down and execute immediately once the market hits a profit target or a stop…loss level in accordance with your rules。
如果你是做长线的，时间长达数天或数周，怎么办？随着时间的推移，利润目标可以在对自己有利时做改变，保护性的止损则要看紧。你必须书面写下你的出场点，必须坚持这个原则，不可以争论，不可以讨价还价，不可以幻想。比如，你也许决定当价格碰到通道上线，或市场连续2天出现最低点，你就出场。不管你的原则是什么，一定要写下来，一旦市场碰到利润目标，或止损点，就要根据原则立刻执行。
Very experienced traders know how to recognize unusually forceful trends； during which they shift exit strategies； take partial profits； and carry the balance of their positions with a modified exit strategy for runaway trends。 As you bee more experienced； you can bee a little more relaxed with your plans； but a beginning or an intermediate trader must be very strict。 Entries are easy because any clown can buy a lottery ticket； but exits separate winners from losers。
有经验的交易者知道如何认出不正常的趋势，此时他就会出场，兑现部分利润，对于剩下来的仓位，他会根据趋势改变出场策略。当你积累经验以后，你的计划就会简单了，但是对于新手，或交易时间不长的人，必须严格。进场很容易，因为任何小丑都会买彩票，但是出场水平能区分赢家和输家。
Channel Targets
通道目标
Traders all over the world squint at their charts； trying to recognize patterns； and let their imaginations run wild。 Statistical studies； however； consistently confirm only one pattern … the tendency of prices to fluctuate above and below value。 Markets may be chaotic most of the time； but their overbought and oversold conditions create islands of order that provide some of the best trading opportunities。 Markets swing between elation and despair； and we can make money from those moods。
全世界的交易者都在看图表，寻找模式，想象能赚钱。然而，统计表明，只有一个模式是不变的——价格总是围绕价值上下波动。也许大多数时间市场是混乱的，但是超买和超卖情况带来了交易机会。市场在高兴和绝望之间波动，我们则可以在情绪变化中赚钱。
Channels are technical tools that help us take advantage of market swings。 We draw them parallel to the moving average in the intermediate timeframe； usually daily。 A well…drawn channel contains approximately 95％ of recent prices。 Its upper line represents the manic and the lower line the depressive moods of the market。
通道是技术工具，能帮助我们在市场波动方面占优势。在中周期，通常是日线图，平行于均线画通道。画的好的通道能包含95％的价格。上线代表疯狂，下线代表绝望。
If we buy value near a rising moving average； we can sell mania in the vicinity of the upper channel line。 If we go short near a falling moving average； we can cover at the depressed level near the lower channel line。 Channels provide attractive targets for profit taking。
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