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Chapter 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 ungrateful to all my many friends and colleges but I really don't remember any advice. In fact that is part of the reason I want to pay a debt to other traders.

I don't think anyone ever gives much advice because they feel it is putting them at a disadvantage. Of course it isn't the case but most traders behavior is determined early in their lives. That is why I feel behavior modification is critical.

ALS - I can see the critics already starting to line up to point out your big point of trading is behavior modification! Are we going to write an entire book on behavior modification? If so we will have to give this book away. Not only that but also what creditability does Phantom of the Pits have to anyone?

POP - Nothing would please me more than to give the books away. Or perhaps we could ask Futures Magazine to sponsor it for all the publicity they would receive. Accurate insight is what we are going to give every trader who reads this book.

It isn't enough to point out requirements. I want to give them guidelines so they can chose their own destiny.

ALS - Sort of like change your thoughts and you change your destiny, huh?

POP - This is exactly where we want to be. No promises, no requirements, no false hopes and no undue influences. Exactly the way it should be. Traders must make their own millions. I only need to be responsible for keeping them in the game forever.

ALS - Phantom, I don't make my money from writing so how about making it a little easier in writing this book for me. Guide me a little in what you want to convey to the traders in this book.

POP - I have an idea, which presented itself, when I viewed some of the other trader's questions on the forum I frequent. They don't know the important questions other than from their own experiences in trading.



Eventually they will come upon all of the situations I want to protect them from getting into. However, I don't want to give specific trading advise or any outdated information like I wrote in some of my documentation of the 70's.

Why don't we call upon the traders from the forum to guide us in the knowledge they are seeking for this book?

ALS - Great idea! I am impressed with several traders but this one Trader I know he will respond. But we don't want to exclude any of the others traders so I guess we kind of make them Phantom of the Pits Too!

POP - I like the idea. No losses to throw out is what I enjoy.

ALS - Ok again! You Win! You are right!

POP - Funny, I have had years to hear what you just said. I really don't hear that anymore. I mean you win and you're right. Trading is not those statements. A trained trader understands success as you lose well and you're wrong small. Trading is called coming out on the small loser's side and being rewarded with knowing how good you have been wrong.

It requires a balanced life to sustain the meanness of the markets. Traders never plan for the bad days and there are bad days. It is when it affects their lives that they must make a new choice. Either change their behavior or go down in defeat.

ALS - There's our subject again. Are we going to get tired of hearing the truth of trading?

POP - Traders have a choice. Either face the truth of trading or look for the nearest exit. Speaking of facing the truth, I don't know what your plans are but I have a mind for a good 2 inch steak served up for dinner. Chow for now!

ALS - You ever eat crow?

POP - Surprisingly in my early years no but in my mid years yes. I think that's what you meant.

"Either face the truth of trading or look for the nearest exit."
---POP