I just completed reading 'Phantom of the Pits', which I believe is a hidden gem. The author does not try to boast about Phantom's accomplishments but instead provides an honest account of the challenging world of trading for a living from his interview. The book does not focus on technical analysis, but rather offers valuable insights on managing losses, maintaining the right mindset, and handling money. Interestingly, the book was not published for any commercial gain and was made available online for free in 1997. In my opinion, 'Phantom of the Pits' is one of the best books on trading that has not received the attention it deserves. I consider the 'Phantom' a legend, akin to the Market Wizards. For anyone interested, the original e-book is 110 pages and widely available online for free download
I just completed reading 'Phantom of the Pits', which I believe is a hidden gem. The author does not try to boast about Phantom's accomplishments but instead provides an honest account of the challenging world of trading for a living from his interview. The book does not focus on technical analysis, but rather offers valuable insights on managing losses, maintaining the right mindset, and handling money. Interestingly, the book was not published for any commercial gain and was made available online for free in 1997. In my opinion, 'Phantom of the Pits' is one of the best books on trading that has not received the attention it deserves. I consider the 'Phantom' a legend, akin to the Market Wizards. For anyone interested, the original e-book is 110 pages and widely available online for free download
@jfsrevg Recently I found out this book has been published in China. 中文书名叫 华尔街幽灵的礼物
@jfsrevg Thanks Jeff. I found this abridged version by Tom Hougaard available as a pdf. Haven’t read it yet but on the list. tradertom.com/wp-content/upl…
@jeffsuntrading Thanks for sharing Jeff. Next on reading list
@jeffsuntrading Thanks, adding it to my reading list now!
@jfsrevg Thanks for the recommendation. Love myself some tradingbooks. Just finished "Pitbull". Any other good books about trading?
@jeffsuntrading Read it this past weekend after seeing your post couple of days ago. Indeed, a great book.
@jfsrev I'm reading this now – what do you think about rule two: "always add to a winning position"? I don't typically add to my winners. I take my position size and then reduce in thirds. Sometimes, if a stock sets back up, yes I will add to it, but often times I've found that I will lose or break even on the add, so I stopped doing it. I do use progressive exposure as I take on new positions. Responding to positive market feedback, I will increase my position size on the next position. Or if I have conviction. He is essentially advocating for progressive exposure within the position rather than the more typical application which is across the portfolio. Do you use rule two? How do you handle adds? Thanks!
@jfsrevg Phantom of the Pits --- I used to follow him in the usenet newsgroup about 20 years or so ago while he was still sharing his teaching. It is time to reread his posts. Thanks for sharing.