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Phantom of the Pits

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Preface

It had to happen I thought to myself as I took a walk to the top of a small hill just behind my home. There isn't a single trader who wouldn't give half his trade equi...

Forward

I've been asked over three decades to present to others just a few of the secrets of trading. I am not one to want my picture front and center. I am not one to want my...

1. Phantom's Insights

The following is an interview with one of the most powerful traders I have ever known and whom I consider the best trader I have ever known. His purpose in this agreem...

2. Your Book

ALS - Phantom, can you remember the first advice you ever heard from another trader? POP - No, I can't ever remember any advice. I don't mean to be ungr...

3. A Little History

ALS - Let us get into a little of your background without breaking the rules here. How did you come upon the name of Phantom of the Pits? POP - It all comes fro...

4. Preparation for Trading

When several traders who use the Futures Magazine traders forum learned that there would be a book on Phantom of the Pits they made suggestions. We are going to start ...

5. Rule One

When the subject of why it was so important to write this insight, the remark was always, catch me at the right time for that answer. I remember as a child playing out...

6. Part Two

ALS - Phantom, do you want to continue on rule one or is it time to move on to rule two? Phantom of the Pits - There will be lots more on both rules so ...

7. Trading with Rules One and Two

ALS - Phantom, your required rules seem pretty simple. Let's use some practical applications in real time trading. POP - In trading, rules are not meant...

8. Day Trading

ALS - Just by the title of this chapter I can see a picture being painted by an artist. All these traders standing with notebooks, bow and arrows, alarms ready to soun...

9. Options

Option trading presents many more possibilities to vary your trading plan than do just futures, bonds or stocks. There are as many ways to trade a position or scenario...

10. Cloud Hopping

Cloud Hopping is dedicated to the memory of your and our friend John Denver who died in his experimental airplane on October 12th, 1997. John touched our hearts with h...

11. Time to Reflect on God's Rules

This chapter is as important as any chapter of any book written in modern times to Phantom. I don't mean to take a platform but today I have discovered many reasons fo...

12. When We Lose One of Our Own (by Harold B. Simpson)

It has taken me awhile to get my thoughts together after what has become one of the most eventful trips of my life. We arrived home in time for Allan to make a 7:00 PM class o...

13. Behavior Modification

Phantom indicated it was a combination of knowledge and behavior modification, which he learned over his trading career that, was the important elements in correct tra...

14. A Wink Is As Good as a Nod to a Blind Horse

Many subjects of interest seem to intrigue Phantom on trading but seldom is there time in a persons life or career when the time to smile and have nothing but fun exis...

15. Quicker Than The Eye

Usually a newly placed trade in any particular market is placed with the greatest optimism and with human elements of hope for it's correct movement. Perhaps the hope ...

16. Your Comeback After a Big Drawdown

ALS - Is it true that you have saved the best until last in your insights? POP - You will see as clearly as anyone can see that what I am going to tell you is t...

Phantom's Christmas Gift

Phantom remembers those people he meets along his journey in trading and those he has met since he started his insight give back. His remarks were that he felt he coul...

Rule Three You Say?

I've noticed a lot of arrows drawn on pieces of papers, a few triangles and other strange dittos. I thought they might be new flow charts for another one of Phantom's ...

Is the Market Always Correct?

Everyone knows that the market is always considered correct and there isn't reason to even dispute this belief. Most of our beliefs have been previously written or hav...

The Third Rule

Art - Phantom, you have indicated that you used rule one and rule two in your trading career to allow you to change your thinking and your behavior. Why do you now sta...

Tie Ribbons on your Trading

Just when you know you have everything covered to start your trading career or to continue the one you started, you find that you have a few more questions that you wo...

Trading and Three Accidents

The phone rang in the middle of the night. Not knowing if it was important I got up to answer it just as everyone else would. The voice at the other end was a familiar...

My Order was Filled Where?

Phantom has always been anxious to address what the traders questioned in trading. It was with great hesitation that the subjects of order placement and fill prices we...

Your Trade Program

Phantom indicated that it was time to conclude the talk forum part of Phantom's Gift and move to the sidelines in order to complete the first book of his give back pro...

Phantom's Chat

It's always difficult to get a group of people together at a time and place and equally difficult to get Phantom to be available to work on a specific project especial...

About the Author

Arthur L. Simpson is an independent trader and has been a member of the Chicago Open Board of Trade and (now) the MidAmerica Commodity Exchange continuously since 1971...

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