Phantom of the Pits

Barry Art's email has changed. You can reach us at phantom-of-the-pits@comcast.net We just happened to see your post by accident in documenting interest of the book over the years. Thanks for your post. You have permission to copy, print and spiral bound "Phantom's Gift" e-book. Eventually we will get that book published but currently we are working on an updated book. Thanks for your interest, POP

It's my pleasure...good trades! POP

Good point. Just remember to sell early is to suffer longer than needed. There always seems to be early buying and a late selloff if indeed. POP

Market outlook as of Feburary 2008 is like a swinging door. Meaning - Good opportunities now that we have a chance to buy the bottom 1/3rd and sell the top 1/3rd of our chosen ranges. POP

Decades ago I watch a young man on a tower up about 10 feet dropping tools. I asked why he was dropping tools and he said "I must learn not to go after tools if they are dropped or I will go down with them. I must learn this before I can work on towers." A bad trade is the same as a tool dropped from a 500 foot tower. Don't go after them just let them go or you'll go down with them. You must learn this before you trade! Nice article...thanks for all! Phantom of the Pits

Behavior modification is perhaps the biggest hurdle you will face. You must have your thinking correct in order to be in the 15 percent. "Phantom's Gift" is a good book to read. Just do a search and it's free! POP

Today I advise of a two stop system. First stop is advisory stop to get out when hit....this allows you to work out of a position prior to your second stop (extreme stop) being hit at a much greater loss. Advisory stops allow you to work out of positions most of the time without losses that amount to much. I had a system where Art Simpson traded FX with 138 trades in a row without a loss due to using the advisory stops and knowing to work out of the position. He worked 138 trades this way and never loss but his gain was limited due to often times getting out of good positions after getting out. To eleminate this bad postion going good problem I recommend that you always pick a range and not a price. You see you can never pick the exact price. Pick a range allows you to re-enter a trade at a better advantage. Ex..... JPY at 108.10 short and it went to 108.18 so you get out due to your advisory stop being say 8 pips(exclude bid/ask pips) but your plan is to sell JPY at 108-109. Your range allows you to re-enter the short within the range even though you exited your first trade due to advisory stop. I wish I had more time but reading your posts is often enlightening for me. I have been working on a New Energy Fuel and feel we are within 3 years of reduction in energy cost and greenhouse emissions. It has been taking lots of time. I do intend if I live long enough to update "Phantom's Gift" with Art Thanks for your posts and please keep your eye on the white line when trading. To trade forever allows you the opportunity to be the rich guy in the block. Losses only point to the winners if small. Pop

Thanks for remembering Phantom's Gift. I am working with Art Simpson to publish a new updated version in the future. Time element being the main slowdown. thanks, POP