章节 1：早晨日常与盘前计划

📝 本节摘要：

本节记录了专业交易员Max的早晨日常与到达办公室后的准备工作。他从清晨起床查看行情、享用能稳定血糖的早餐开始，到抵达公司后参与团队与公司的晨会。他分享了复盘波段交易（swing trades）的流程，并将交易日归纳为三种不同的活跃度类型，最后与团队探讨了当天的具体交易策略、仓位德尔塔（Delta）管理，以及美联储（FED）决议当天的重点关注方向。

[原文] [Max]: hi I'm Max ganic a Trader at SMB today we're going to do a day and a life video come follow me

[译文] [Max]: 大家好，我是Max Ganic，SMB资本的一名交易员，今天我们要拍一期“我的一天”的视频，跟我来吧。

[原文] [Max]: usually I wake up at around 6:45 go to my uh computer at home see what's moving and see whether or not there is a need for a very quick morning Game Plan before um 7

[译文] [Max]: 通常我会在6:45左右起床，走到我...呃，家里的电脑前，看看有什么在异动，并看看在7点之前是否需要制定一个非常快速的晨间交易计划（Game Plan）。

[原文] [Max]: when I am at that point I will go and have a quick breakfast um typically for me that is just a uh protein shake

[译文] [Max]: 到了那个时候，我会去吃个快速的早餐，嗯，对我来说通常就是一杯...呃，蛋白奶昔。

[原文] [Max]: I like things that don't really Spike my blood sugar so that way my energy levels can stay at a um steady Pace throughout the morning

[译文] [Max]: 我喜欢那些不会让我的血糖剧烈飙升的东西，这样我的能量水平在整个上午都能保持在一个...嗯，稳定的节奏上。

[原文] [Max]: from there I'll typically leave for the office at around 7:30 uh and get to the office around 7:45

[译文] [Max]: 之后，我通常会在7:30左右出门去办公室，呃，大约7:45到达办公室。

[原文] [Max]: once at the office we'll start doing a more formal game plan first what we'll do is we'll have two different um morning calls

[译文] [Max]: 一旦到了办公室，我们就会开始制定更正式的交易计划，首先我们要做的就是进行两个不同的...嗯，晨会。

[原文] [Max]: first is going to be the one with my specific team and then secondly is going to be the one that is a more broad firm call

[译文] [Max]: 第一个将是我所在具体团队的晨会，接着第二个将是更广泛的公司全体晨会。

[原文] [Max]: then we're going to dive deep into specific game plans and management for our trades

[译文] [Max]: 然后我们将深入探讨具体的交易计划以及我们交易的头寸管理。

[原文] [Max]: the first order of business is to go over swing positions and how exactly to manage those trades right at the open

[译文] [Max]: 首要任务是过一遍波段持仓（swing positions），以及究竟该如何在开盘时管理好这些交易。

[原文] [Max]: next will be to actually game plan any other morning traits throughout the day on our voice call in the morning we start out with a game plan for the day

[译文] [Max]: 接下来将是在我们早晨的语音会议中，实际规划当天其他的晨间交易（此处原文traits应为trades口误），我们以制定当天的交易计划作为一天的开始。

[原文] [Max]: first things first is to go over any swing trades from the prior day and then it's time to game plan new trades for the morning

[译文] [Max]: 最重要的事情是先过一遍前一天的任何波段交易（swing trades），然后就到了为早晨规划新交易的时间了。

[原文] [Max]: hey guys what's up

[译文] [Max]: 嘿伙计们，怎么样了？

[原文] [Colleague]: what's up man

[译文] [同事]: 怎么样老兄。

[原文] [Max]: there are typically two or three different style days

[译文] [Max]: 通常有两到三种不同风格的交易日。

[原文] [Max]: the first is going to be one where it's extremely active and we're non-stop calling out symbols and trades and setups and we are all super focused and super high energy

[译文] [Max]: 第一种是极其活跃的日子，我们不停地喊出股票代码（symbols）、交易和形态设置（setups），我们所有人都超级专注且精力充沛。

[原文] [Max]: the second is going to be a day that is sort of mixed where most of the day is spent game planning potentially planning swing trades by the close with a few High action moments

[译文] [Max]: 第二种将是某种混合型的日子，一天中大部分时间都花在制定交易计划上，可能会在收盘前规划波段交易（swing trades），期间只有少数几个高强度操作的时刻。

[原文] [Max]: and then the last day is where overall the action is dead and there's few to any trades that day

[译文] [Max]: 最后一种日子是整体行情死气沉沉的，那一天几乎没有任何交易机会。

[原文] [Colleague]: and I think that whoever was doing that is probably going to be selling on this news

[译文] [同事]: 而且我认为无论谁在做那个，可能都会在这个消息出来时卖出。

[原文] [Max]: yeah I mean I agree um yes so are you delta neutral right now if it goes lower

[译文] [Max]: 是的，我的意思是我同意，嗯是的，那么如果它走低，你现在是德尔塔中性（delta neutral）的吗？

[原文] [Colleague]: yeah like if it drops back under eight I think I'm delta neutral but if it's keeps going higher then I have some more shares

[译文] [同事]: 是的，比如如果它跌回8以下，我想我是德尔塔中性（delta neutral）的，但如果它继续走高，那么我还有一些额外的股票。

[原文] [Max]: cool all right thanks

[译文] [Max]: 酷，好的，谢了。

[原文] [Colleague]: thanks dude

[译文] [同事]: 谢了老兄。

[原文] [Max]: cool all right so uh today uh the main focus is going to be fed

[译文] [Max]: 酷，好的，那么...呃...今天...呃...主要的焦点将是美联储（FED）。

[原文] [Max]: um B trade for me is going to be some sort of a consolidation in the afternoon over or under VW looking then to take a option trade into the close

[译文] [Max]: 嗯，对我来说的B级交易（B trade）将是下午在VWAP（成交量加权平均价）上方或下方的某种盘整（consolidation），然后寻找机会做一笔期权交易持有到收盘。

[原文] [Max]: since you want to see that there's not going to be that many Wicks and that price is either soaking well or is staying heavy and then from there just taking a breakout

[译文] [Max]: 因为你会希望看到那里没有太多的影线（Wicks），而且价格要么承接良好（soaking well），要么抛压沉重（staying heavy），然后从那里顺势做个突破（breakout）。

[原文] [Max]: other than that as far as scalps go prtg for limits and then lunar I think first move up into the After High St could be decent short

[译文] [Max]: 除此之外，就超短线（scalps）而言，PRTG看涨跌停限制（limits），然后LUNAR我认为首次上冲（first move up）进入盘后高点（After High）可能会是一个不错的做空（short）机会。

[原文] [Max]: cuz I name that given what I did so far in PM that would probably be a blow off it for me

[译文] [Max]: 因为我提这个是因为，考虑到我目前在盘前（PM）所做的操作，那对我来说大概率会是一个情绪宣泄/衰竭（blow off）的行情。

章节 2：风险额度增长与低谷期的挣扎

📝 本节摘要：

本节重点回顾了Max在交易职业生涯中的成长轨迹与挫折。他讲述了自己从最初500美元的每日止损额度，一路成长为拥有40万美元风险额度的高级别交易员的历程。同时，他坦诚地分享了2022年经历的100万美元巨大资金回撤，剖析了因固执于做多波动率策略而导致单月亏损35万美元的惨痛教训。通过缩小仓位、专注于建立“盈利日”底部的策略，他展现了在绝望与压力中重建信心的过程。

[原文] [Max]: when I joined the firm 5 years ago my risk started out with a daily stop of $500 and by the end of the first year my daily stop grew to over $110,000 and right now it sits at over $400,000 along the way there were various points to where my risk exponentially grew

[译文] [Max]: 5年前我刚加入公司时，我的风险额度是从500美元的每日止损（daily stop）开始的，到第一年年底，我的每日止损增加到了11万美元以上，而现在它超过了40万美元，一路走来，有几个不同的阶段我的风险额度呈指数级增长。

[原文] [Max]: there were key trades where those trades sparked tremendous growth along the way what was super critical for me was understanding when to be disciplined and when to especially push risk so that way I could save risk for those perfect opportunities

[译文] [Max]: 过程中有一些关键的交易，这些交易引发了巨大的增长，对我来说极其关键的是，要理解何时保持纪律，何时该特别地去推高风险（push risk），这样我就能为那些完美的交易机会保存风险额度。

[原文] [Colleague]: open AG is quite big is that just offers or do you get any

[译文] [同事]: 开盘AG（股票代码或标的）相当大，那只是卖盘（offers）还是你有成交？

[原文] [Max]: I only got 25

[译文] [Max]: 我只拿到了25。

[原文] [Colleague]: did you get like sell lower or down just when it was sa uh it triggered I feel like that's offers man all right now here's the question High a stop or 131 yep I'm here like half half maybe off I I that is almost a double right and like that could be like the turn

[译文] [同事]: 你是像在更低的位置卖出或者下跌只是当它sa...呃，它触发了，我觉得那是卖盘（offers）老兄，好了现在问题是，最高止损（High a stop）还是131？是的我在这里大概一半一半也许平掉（off），我我那几乎翻倍了对吧，而且那可能就是转折点。

[原文] [Max]: getting bigger as a Trader is not a straight line in 2022 I ended up drawing down $1 million from my Peak during this time it became extremely stressful every single day felt longer I definitely questioned whether or not I would be able to do this long term

[译文] [Max]: 作为一名交易员，成长之路并非一条直线，在2022年，我从我的资金巅峰期回撤（drawing down）了100万美元，在这段时间里变得极其充满压力，每一天都感觉无比漫长，我绝对怀疑过自己是否能长期做这件事。

[原文] [Max]: at the peak of my draw down down what I did was I sized down to around 1/3 of my daily stop purely focused on green days trying to put a clear bottom in place so that way I can grow from that point

[译文] [Max]: 在我的回撤达到顶峰时，我所做的是将仓位规模缩小（sized down）到大约我每日止损额的三分之一，纯粹专注于实现盈利日（green days），试图设定一个清晰的底部，这样我就能从那个点开始重新增长。

[原文] [Colleague]: Yeah Yeah well yeah like Limit Up would be 140 whatever

[译文] [同事]: 是的，是的，好吧，是的，就像涨停（Limit Up）会是140不管怎样。

[原文] [Max]: one of my biggest mistakes was putting on Long Vault trades on the option side expecting similar Market volatility that we saw earlier in the year

[译文] [Max]: 我最大的错误之一是在期权方面做多波动率（Long Volatility/Vault trades），期望能看到我们在今年早些时候看到的类似的市场波动。

[原文] [Max]: I became increasingly stubborn thinking that I was getting good pricing and good deals when in reality the market completely shifted

[译文] [Max]: 我变得越来越固执，认为自己拿到了很好的定价和划算的交易（good deals），而现实是市场已经完全改变了。

[原文] [Max]: one specific trade where I lost somewhere near 150,000 on was a vol idea into a earning report I figured that because prior events this strategy worked in a different Market climate this was the perfect strategy to work out of a big losing month instead This truly solidified what was one of my worst months ever

[译文] [Max]: 有一笔具体的交易，我在上面损失了接近15万美元，那是一个押注财报的波动率（vol）想法，我原本以为，因为在之前的事件中这个策略在不同的市场气候下奏效了，这会是让我从一个严重亏损月份中走出来的完美策略，然而，这反而真切地坐实了那是我经历过的最糟糕的月份之一。

[原文] [Max]: that month I ended up finishing down 350,000 that feeling of being in a draw down is depressing demoralizing and absolutely brutal

[译文] [Max]: 那个月我最终以亏损35万美元收场，那种身处回撤期（draw down）的感觉令人沮丧、使人灰心丧气，而且绝对是残酷的。

章节 3：盘中休息、零食与心态调节

📝 本节摘要：

本节记录了Max与同事对某只小盘股（OMX）早盘剧烈波动的复盘，以及他在交易清淡时的应对策略。Max强调了在市场缓慢时不要强行交易，而是选择去健身房锻炼、清醒头脑并保存精力。此外，他还分享了自己缓解压力的小习惯——靠吃酸味软糖（如Sour Patch）来给自己带来好心情。

[原文] [Colleague / Max]: hey what's up je not bad um omx it was that symbol that was down like 90% yesterday bounc back up today and it was a really strong uh first move up um closed yesterday like 45 cents open at like 80 first move up to like 145 turned the little pause before was really interesting before that explosion

[译文] [同事 / Max]: 嘿，怎么样？还不赖。嗯，OMX，就是昨天跌了大概90%的那只票，今天反弹了，而且第一波上涨非常强劲...嗯，昨天收盘大概在45美分，今天开盘大概在80美分，第一波拉升到了大概1.45美元，在爆发前那种微小的停顿转身真的很有意思。

[原文] [Max / Colleague]: yeah yeah like $1 or so um but yeah it was three straight um uh limit UPS it turned it failed limit down it was decent short back down towards vop you know it's basically it so now I'm just going to go work out then got the FED later so all right enjoy cool thanks man

[译文] [Max / 同事]: 是的，是的，大概在1美元左右。嗯，但是没错，连续三次涨停（limit UPS），然后它转向了，跌停失败，随后是一个向下回踩VWAP（成交量加权平均价）的不错的做空（short）机会，你知道，基本上就是这样。所以现在我要去健身房锻炼一下，稍后还有美联储（FED）决议，所以，好的，好好享受，酷，谢谢老兄。

[原文] [Max]: yeah there are countless days where I would be up at 4:00 and I would be trading almost non-stop until 8:00 p.m. because there is just so much opportunity that even missing 1 hour could be the difference in the week

[译文] [Max]: 是的，有无数个日子我会早上4点就起床，几乎不停歇地交易到晚上8点，因为机会实在太多了，甚至错过1个小时都可能造成这一周（业绩）的天壤之别。

[原文] [Max]: but then there are times where the market is slower and I'll work out midday clear my head enjoy doing that and while I'm still on the desk and I'm ready for breaking news I don't force that day to become something that it's not

[译文] [Max]: 但也有市场比较缓慢的时候，我就会在中午去锻炼，清醒一下头脑，享受这个过程；虽然我仍坐在交易台前，准备好应对突发新闻（breaking news），但我不会强迫这一天变成它原本不是的样子。

[原文] [Max]: so that way I save the mental energy and the resolve for that day that truly is worth all of that

[译文] [Max]: 这样我就能把精神能量和决心节省下来，留给那些真正值得全力以赴的日子。

[原文] [Max]: so one of my favorite things to do during the day is to snack on sour gummy candy

[译文] [Max]: 所以，我在白天最喜欢做的事情之一就是吃酸味软糖零食。

[原文] [Max]: so if let's say there is one day that I'm really craving something like sour patch or sour crawlers I'll get myself a protein shake I'll get myself a beautiful bag of Sour Patch and that'll be lunch you know

[译文] [Max]: 也就是说，如果假设有一天我真的很馋Sour Patch（一种酸甜软糖）或Sour Crawlers（酸味蠕虫软糖）之类的东西，我就会给自己弄一杯蛋白奶昔，再给自己买一袋美味的Sour Patch，那就是我的午餐了，你知道的。

[原文] [Max]: at the end of the day while it's not something that I do every day it's those little things that can put a smile on your face throughout the day just a few moments

[译文] [Max]: 说到底，虽然这不是我每天都会做的事，但正是这些小事能让你在一整天里露出笑容，哪怕只有几个瞬间。

章节 4：美联储决议与实盘交易应对

📝 本节摘要：

本节重点展示了在美联储（FED）公布利率决议和新闻发布会期间，交易室内的真实高压状态。现场混乱的实盘对话与新闻终端播报中鲍威尔关于通胀、就业和降息路径的讲话交织在一起，生动还原了市场的剧烈波动。Max在旁白中深入分享了自己对仓位管理的顿悟——在A+级别的高确定性时刻放大风险，同时依靠内心对B/C级交易的紧张感来控制错配的风险暴露。他强调了团队战友在低谷期给予他的精神支撑和流程优化的帮助，并且在面对最终方向不明的“横盘”走势时，果断选择了克制与停手。

[原文] [Trader / News Audio]: I didn't do anything good on that I have like 3,000 2% Judes RIS to emplo and inflation goals are roughly balanced video just a little higher here it's $3 at 3.375 2024 basis cuts for year 4.37 this 100 basis points another 100 basis points in 2025 continues at the prior Pace CH so we're seeing curve Ste the 10e 3.65% the 2E 3.56% about a 9 I didn't make shit on that I short it first that's why as well should just bought qes honestly once I

[译文] [交易员 / 新闻背景音]: 我在那上面没做出什么好操作，我大概持有3000（股/合约）。【新闻播报混入：实现就业和通胀目标的风险（risks to employment and inflation goals）大致平衡...视频这里稍微高一点，是3美元在3.375... 2024年全年降息基点（basis cuts）为4.37... 这里的100个基点（basis points），2025年再降100个基点，继续以之前的步伐... 因此我们看到收益率曲线陡峭化（curve steepening），10年期3.65%，2年期3.56%，大约9...】我在那上面什么都没赚到，我是先做空了，这就是原因，老实说我刚才真该直接买QQQ（纳斯达克ETF）的。

[原文] [Max]: Traders always search for a trick for handling extra risk for me that trick was being extra selective because in those A+ moments that high risk just feels natural

[译文] [Max (旁白)]: 交易员们总是在寻找应对额外风险的窍门，对我来说，这个窍门就是变得格外挑剔，因为在那些A+级别的时刻，承担高风险感觉是非常自然的事情。

[原文] [Max]: every check boox is checked and the reality is is that in those moments it is a lot easier to naturally push

[译文] [Max (旁白)]: 每一个条件（check box）都满足了，而现实是，在那些时刻自然而然地去推高仓位（push）要容易得多。

[原文] [Max]: one internal mechanism for me that helped me back from putting risk in the wrong places was that on those B and C trades I would naturally feel nervous putting on too much risk and that internal sign was the key indicator to me as to the quality of that trade

[译文] [Max (旁白)]: 对我而言，有一个内部机制帮助我避免将风险置于错误的地方，那就是在那些B级和C级交易上，如果承担过多的风险，我会本能地感到紧张，而这种内在信号对我来说是衡量该交易质量的关键指标。

[原文] [Colleague]: straddles uh actually down a little bit may be down on the trade the yeah the money now is 470 or 450 from 640 so I definitely feel like could have bought probably 5K I made like 10K

[译文] [同事]: 跨式期权（straddles）...呃...实际上稍微跌了一点，可能在这笔交易上亏钱了，是的，现在的权利金是470或450，原来是640，所以我确实觉得可能本可以买个大概5千（5K），（那样）我就赚大概1万（10K）了。

[原文] [Max / Colleague]: I heard anything I thought I heard somebody say it was like a pretty doish case all around but I can't confirm that so see what happens kind of thing like but okay now we just want to see what K says

[译文] [Max / 同事]: 我听到什么了吗？我以为我听到有人说这整体上像是一个相当鸽派（dovish）的情况，但我无法确认，所以就看看会发生什么吧，但好吧，现在我们只想看看K（指代某人或某新闻来源）怎么说。

[原文] [Max]: a clearcut trade is going to be some sort of a consolidation on that wi high in the market and otherwise it be a consolidation on no day

[译文] [Max]: 一个明确的交易将是市场在那个高点影线（wi high/wick high）上的某种盘整（consolidation），否则它就是一个没有行情的日子（no day）里的盘整。

[原文] [Powell (Fed Chair)]: thank recent indicators suggest that economic activity has continued to expand at a solid Pace

[译文] [鲍威尔 (美联储主席背景音)]: 谢谢，近期指标表明，经济活动继续以稳健的步伐（solid Pace）扩张。

[原文] [Powell (Fed Chair)]: GDP Rose at an annual rate of 2.2% in the first half of the year and available data point to a roughly similar pace of growth this quarter

[译文] [鲍威尔 (美联储主席背景音)]: 今年上半年GDP以2.2%的年率增长，现有数据指向本季度大约类似的增长步伐。

[原文] [Powell (Fed Chair)]: improving Supply conditions have supported resilient demand and the strong performance of the US economy over the past year in our summary of economic projections committee participants generally expect GDP growth to remain solid overall

[译文] [鲍威尔 (美联储主席背景音)]: 供给状况的改善支撑了弹性的需求，以及过去一年美国经济的强劲表现。在我们的经济预测摘要（summary of economic projections）中，委员会参与者普遍预计总体GDP增长将保持稳健。

[原文] [Powell / Colleague]: a broad set of indicators suggest that conditions in the labor market are now less tight than just before yeah that could be a breakout clean level the labor market is not a source of elevated inflationary pressures the median projection in the SCP is 4.4

[译文] [鲍威尔背景音 / 同事]: 一系列广泛的指标表明，劳动力市场的状况现在不如之前那么紧张了。【同事插话：是的，那可能是一个干净的突破（breakout）水位。】劳动力市场不再是加剧通胀压力的来源，经济预测摘要（SCP/SEP）中的中位数预测是4.4。

[原文] [Max]: I think that if I get a tight RIS board on 235 on Tesla I'm going to try it just cuz of the inflation it could Wick so I'm not going super aggressive

[译文] [Max]: 我认为，如果在特斯拉（Tesla）235的价位上我能得到一个止损很紧的风险收益比（tight RIS board/risk reward），我会去尝试一下，仅仅因为通胀数据，它可能会拉出上下影线（Wick），所以我不会做得超级激进。

[原文] [Colleague / Powell]: estimates based I think we should just buy like 100 of like the 240s it be like 25k or something versus whatever versus like 233% this year I think theis that be like five or six somewh lower than broke the high thereafter IM median Pro

[译文] [同事 / 鲍威尔背景音]: 基于预估，我觉得我们应该直接买大概100张比如240的看涨期权（240s），大概是2.5万美元（25k）左右，对比其他什么或者对比今年大约233%之类的情况。我认为这大概会是5或6...稍微低一点...然后突破了高点...【鲍威尔背景音混入：中位数预测（median Pro/projection）...】。

[原文] [Max]: I think that because he's speaking it has a higher chance of L stuffing than doing this trade later

[译文] [Max]: 我认为，因为他（指鲍威尔）正在讲话，这比稍后再做这笔交易有更高的概率遭遇假突破/塞单（L stuffing / likely stuffing）。

[原文] [Powell (Fed Chair)]: monary policy actions are Guided by our dual mandate to promote maximum employment

[译文] [鲍威尔 (美联储主席背景音)]: 货币政策行动受我们的双重使命（dual mandate）指导，即促进最大就业（maximum employment）。

[原文] [Max / Powell]: I got it for so it's going to be um 100 contracts stop ran well above our 2% goal and labor market conditions were

[译文] [Max / 鲍威尔背景音]: 我买到了，所以会是...嗯...100张合约，止损...【鲍威尔背景音混入：运行远高于我们2%的目标，且劳动力市场状况曾是...】。

[原文] [Max]: my backbone was trading and improving with the guys on my team being able to work through a tough period with close Traders and friends was especially critical for improving my mental Clarity and strength

[译文] [Max (旁白)]: 我的支柱就是与我团队里的人一起交易并共同进步，能够与亲密的交易员和朋友们一起度过一段艰难时期，对于提高我的心理清晰度和韧性（strength）尤其关键。

[原文] [Max]: it also was super critical for me to improve my process as a group we were able to identify points of weakness and strength and try to collectively come up with a better process going forward

[译文] [Max (旁白)]: 这对于我改进我的交易流程（process）也超级关键，作为一个团队，我们能够识别出弱点和强项，并尝试共同在未来想出一个更好的流程。

[原文] [Max / Powell]: and every member of that group was to hold the others accountable we are prepared to respond

[译文] [Max (旁白) / 鲍威尔背景音]: 而且那个团队的每个成员都要对其他人负责。【鲍威尔背景音混入：我们已准备好作出回应（respond）。】。

[原文] [Colleague / Powell]: the Russell really held up there well is well positioned to deal with the RIS and uncertainties that we face in pursuing both sides of our dual mandate

[译文] [同事 / 鲍威尔背景音]: 罗素指数（Russell）在那里真的撑得很好。【鲍威尔背景音混入：已做好充分准备（well positioned）来应对我们在追求双重使命的两方面时所面临的风险和不确定性。】。

[原文] [Max / Powell]: I frankly think that the way that this ising if we want a 3M trade we might have to do maximum employment and stable prices R we remain committed to supporting maximum employment bringing inflation back down to our 2% goal

[译文] [Max / 鲍威尔背景音]: 坦白说，我认为目前的情况（this ising/is going），如果我们想要一笔3M（股票代码或级别）的交易，我们可能不得不做...【鲍威尔背景音混入：最大就业和物价稳定，我们仍然致力于支持最大就业，并将通胀降回我们2%的目标。】。

[原文] [Powell (Fed Chair)]: and keeping longer term inflation expectations well anchored uh was appropriately restrictive

[译文] [鲍威尔 (美联储主席背景音)]: 并保持较长期的通胀预期良好锚定（well anchored）...呃...（政策）是适当具有限制性的（restrictive）。

[原文] [Max / Powell]: I think that that like the trade is sideways and it break slow day we should take the trade right recalibrating it to a level that's more neutral rather than restricted we we expect that process to take some time uh as

[译文] [Max / 鲍威尔背景音]: 我认为那就像...交易处于横盘状态，并且如果在这个缓慢的日子里发生突破，我们就应该顺势做这笔交易，对吧？【鲍威尔背景音混入：将其重新校准到一个更中性（neutral）而不是限制性的水平，我们预计这个过程需要一些时间...呃...因为...】。

[原文] [Max]: nothing nothing there's there's no trade I'll keep I will keep it up just as uh just in case something does happen later but going to off I'll be around but it's going to hop off

[译文] [Max]: 没戏了，没戏了，没有交易机会（no trade）。我会保留...我会把它开着，只是为了...呃...以防万一稍后确实发生什么行情，但我要先撤了（going to off），我会在附近，但现在准备下线了（hop off）。

章节 5：盘后总结与未来目标

📝 本节摘要：

本节记录了Max在交易日结束后的全天复盘。他回顾了早盘因等待美联储决议而仅使用小资金参与小盘股交易的策略，并重申了中午休息对保持精力应对重大事件的重要性。在美联储宣布降息50个基点后，市场冲高回落并陷入横盘，Max强调在这种没有明确优势（Edge）的日子里，保持极度自律、保存风险资本与心理资本至关重要。最后，作为目前拥有中等七位数利润级别的交易员，他立下了迈向八位数（千万级）交易员的宏大目标。

[原文] [Max]: today the big thing was all about uh fed day and it was what was the FED going to do at um 2: p.m.

[译文] [Max]: 今天最重要的事情就是...呃...美联储决议日（fed day），以及美联储在下午2点到底会做什么。

[原文] [Max]: so understanding that any trades in the morning were going to be um on Purely just small capit for me because I figured that any directional moves would not uh sustain and there would be no real clear Edge until fed day passed

[译文] [Max]: 所以要明白，早晨的任何交易对我来说...嗯...都纯粹只是动用小额资金（small capit/capital），因为我料定任何方向性的波动都不会...呃...持续，并且在美联储决议公布之前，不会有真正清晰的优势（Edge）。

[原文] [Max]: so uh this morning there was this one small cap um that was down I think it was 85% yesterday on some news and it bounced back uh this morning and did absolutely crazy volume and did a massive first move up

[译文] [Max]: 所以...呃...今天早上有这么一只小盘股（small cap），嗯...因为某些新闻昨天跌了我想大概有85%，今天早上它反弹了，并且爆出了绝对疯狂的成交量（volume），还走出了一个巨大的首波拉升（first move up）。

[原文] [Max]: so understanding how weak it was in the prior day I was looking for that clear blowout and then turn for the short

[译文] [Max]: 所以，在了解到它前一天有多么弱势后，我一直在寻找那种明显的情绪宣泄/爆拉（blowout），然后转身去做空（short）。

[原文] [Max]: so as far as um um how the uh morning went it was just that one trade for me at that point

[译文] [Max]: 所以就...嗯嗯...整个早晨的进展而言，在那个时候对我来说就只有那一笔交易。

[原文] [Max]: once that passed I end up going to uh the gym midday just wanted to regroup and refresh for the FED

[译文] [Max]: 一旦那笔交易结束，我中午就去了...呃...健身房，只是想重整旗鼓，为美联储（决议）恢复精力（refresh）。

[原文] [Max]: um you know for me at least it's super critical to come into big events um as energized and as refreshed as possible so that way I can make the best decisions

[译文] [Max]: 嗯，你知道，至少对我来说，在进入重大事件（big events）时...嗯...尽可能保持精力充沛和神清气爽是超级关键的，这样我就能做出最好的决定。

[原文] [Max]: um you know I strongly believe that there's a greater EV in ensuring that you have as as um proper of a mindset as possible over sitting at the desk for every second of the day

[译文] [Max]: 嗯，你知道，我坚信，确保你拥有尽可能...嗯...正确的心态，比一整天的每一秒都坐在办公桌前，有着更大的期望值（EV/Expected Value）。

[原文] [Max]: now obviously that all goes based on situational right if you look back at the market a few years ago when everything was um crazy 12 hours a day it's uh very much a different story than now

[译文] [Max]: 当然，很明显这一切都要视情况而定（situational），对吧？如果你回顾几年前的市场，当时一切都...嗯...疯狂到一天（交易）12个小时，那...呃...和现在完全是另一回事。

[原文] [Max]: um after that it was the FED um and the FED cut by 50 basis points

[译文] [Max]: 嗯，那之后就是美联储决议了，嗯...并且美联储降息了50个基点（basis points）。

[原文] [Max]: overall the market really didn't deliver that much opportunity it was a very clear first move up followed by the market fading and then for the most part just went sideways

[译文] [Max]: 总体而言，市场真的没有提供太多的机会，它是一个非常清晰的首波拉升，紧接着市场开始衰退/回落（fading），然后在大部分时间里只是横盘震荡（went sideways）。

[原文] [Max]: and it was very clear that after the highs got um taken out and then it dropped through the lows and then went sideways that this was not going to be a day to put on real risk so being extremely disciplined was important

[译文] [Max]: 而且很明显，在高点被...嗯...突破（taken out）之后，它又跌破了低点，接着开始横盘，这注定不是一个适合投入真正风险资金的日子，所以保持极度自律（disciplined）非常重要。

[原文] [Max]: so that way this day didn't turn into something that was a negative um ensuring that you are saving your risk Capital as well as your mental capital is super critical

[译文] [Max]: 这样这一天就不会变成一个负收益的日子...嗯...确保你保存了你的风险资本（risk Capital）以及你的心理资本（mental capital）是极其关键的。

[原文] [Max]: so that way the next time that there is a true a opportunity you're there to uh fully utilize both

[译文] [Max]: 这样的话，下一次当真正出现A级机会（true a opportunity）时，你就在那里去...呃...充分利用这两者。

[原文] [Max]: as I sit here today a mid seven figures Trader my next goal is to become an eight figure Trader I'll see you then

[译文] [Max]: 当我今天坐在这里，作为一名拥有中等七位数（七百万级别）利润的交易员，我的下一个目标是成为一名八位数（千万级别）的交易员。我们到时见。

章节 6：结尾与专业交易员培训推广

📝 本节摘要：

本节为视频末尾的官方宣传与课程推广部分。旁白指出，加州大学的一项长期研究表明，99%的散户交易员无法实现长期稳定盈利，而SMB Capital培训出的新交易员成功率是散户的40倍。为了帮助陷入瓶颈的普通交易员，官方提供了一段免费教学视频，并附赠包含具体进场、止损和出场规则的顶级交易策略“作弊表”（Cheat Sheets）。同时，旁白也借此强调了SMB Capital自2005年以来作为全球顶尖自营交易机构的雄厚实力与专业背景。

[原文] [Narrator]: if you don't actively trade US Stocks skip this video it's not for you

[译文] [旁白]: 如果你不活跃交易美股，请跳过这个视频，它不适合你。

[原文] [Narrator]: if you do we're betting you've tried every trading strategy filed every advice available and bought every course but nothing seems to work consistently

[译文] [旁白]: 如果你做美股交易，我们打赌你已经尝试了每一种交易策略，遵循了（原文为filed，应为followed）每一条能得到的建议，并且买下了每一门课程，但似乎没有什么是能持续奏效的。

[原文] [Narrator]: we're betting that you always feel like you're so close to consistent profitability but it's like there's an invisible wall that keeps you stuck and unable to break through no matter how hard you try you're not alone

[译文] [旁白]: 我们打赌你总是感觉自己离持续盈利如此之近，但就像有一堵无形的墙让你停滞不前，无论你多么努力都无法突破，你并不孤单。

[原文] [Narrator]: that's because a study of tens of millions of Traders Tres spending 15 years done by a group of researchers at the University of California Davis has shown that a staggering 99% of active retail Traders never reach long-term consistent profitability

[译文] [旁白]: 这是因为加州大学戴维斯分校的一群研究人员对跨越15年（spending疑为spanning）、数以千万计的交易员（Tres疑为trades口误）进行的一项研究表明，令人震惊的是，99%的活跃散户交易员从未实现长期的持续盈利。

[原文] [Narrator]: that is far far worse than the generally quoted number of 90% which makes this next stat even more interesting

[译文] [旁白]: 这比通常引用的90%这个数字要糟糕得多得多，这使得接下来的这项统计数据变得更加有趣。

[原文] [Narrator]: at our firm SNB Capital our new stock Traders reach the status of sustaining consistently profitable Trader at roughly 20 at 40 times the rate of independent retail traders

[译文] [旁白]: 在我们公司SMB Capital（原文识别为SNB），我们的新股票交易员达到持续盈利交易员状态的比例，大约是独立散户交易员的20到40倍（20 at 40 times疑为20 to 40 times）。

[原文] [Narrator]: that is an absolutely staggering difference in success rate but why is this the case

[译文] [旁白]: 这是一个在成功率上绝对令人震惊的差异，但为什么会这样呢？

[原文] [Narrator]: we've put together a detailed video dissecting why that is and how you can finally break through to the consistently profitable side

[译文] [旁白]: 我们制作了一个详细的视频，剖析了为什么会这样，以及你如何才能最终突破，站到持续盈利的一边。

[原文] [Narrator]: so click the link on your screen now to watch this eye openening video

[译文] [旁白]: 所以现在就点击你屏幕上的链接，来观看这个令人大开眼界的视频吧。

[原文] [Narrator]: when you watch the video you'll also be getting three cheat sheets with the exact entry stop exit and other precise execution rules for three of our top performing stock trading strategies that have made our firms tens of millions of dollars collectively

[译文] [旁白]: 当你观看视频时，你还将获得三份作弊表（cheat sheets），其中包含了我们表现最好的三种股票交易策略的精确进场、止损、出场以及其他精确的执行规则，这些策略总共为我们公司赚取了数千万美元。

[原文] [Narrator]: this gift alone is worth far more than the few minutes of your time watching the video

[译文] [旁白]: 单单这份礼物的价值，就远远超过你花几分钟时间观看视频的价值。

[原文] [Narrator]: and if you haven't heard of us we're not some Funding Company calling itself a prop firm we're one of the world's most elite and respected proprietary trading firms and we've been growing steadily throughout all types of market conditions since 2005

[译文] [旁白]: 如果你没有听说过我们，我们可不是什么自称是自营交易公司（prop firm）的配资平台，我们是世界上最精英、最受尊敬的自营交易公司之一，并且自2005年以来，我们在各种市场条件下都在稳步增长。

[原文] [Narrator]: we have over 50 professional Traders on our floor including multiple seven figure and even eight figure per year traders

[译文] [旁白]: 我们的交易大厅里有50多名专业交易员，包括多位年收入七位数甚至八位数的交易员。

[原文] [Narrator]: in fact our top Traders have each made nearly 20 million and net trading profits in a single year multiple times

[译文] [旁白]: 事实上，我们的顶尖交易员每人都在单年内创造了将近2000万美元的净交易利润，而且是很多次。

[原文] [Narrator]: so click the link on your screen to watch the potentially game-changing video we've put together for you and get the exact entry stop and exit rules of three of our top performing stock trading strategies all for free

[译文] [旁白]: 所以请点击屏幕上的链接，观看我们为你准备的这个可能改变游戏规则的视频，并免费获取我们表现最好的三种股票交易策略的精确进场、止损和出场规则。