Just finished reading the excellent Phantom of the Pits http://www.webtrading.com/phantom/preface.htm and was wondering if anyone's got comments on what he says and advises. Have any traders worked hard at his advice and come out better, or with a different outlook on their trading? Or has anyone got any negatives or gripes?
This is a great read ! I save the parts I really like - and re-read them over the years ! Lots of that in here ! Hot Horseshoes harharhar !
Sounds great when you read it, but tough to implement unless you're scalping for half-pts in the minis. If, instead, you want a bit more of a run you often need to give the trade time to develop which is contrary to the Phantom. How much time? That's where the art comes in....
He says you should press your winners, i.e. let them run. In my opinion Phantom tries to show newbies how to not lose all their capital before they can learn anything and he gives hints how an average trader can become a legendary trader. What he does not do is show you how to become a trader. But I guess everyone really has to figure that part out for himself.