Phantom of the pits - Traders Hideout | futures io social day trading
futures io futures trading

Phantom of the pits
Updated: Views / Replies:10,657 / 9
Created: by grandad58 Attachments:1

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Thread Tools Search this Thread

Phantom of the pits

  #1 (permalink)
Elite Member
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: PFG Best/PFG
Favorite Futures: ES
Posts: 16 since Jun 2009
Thanks: 8 given, 7 received

Phantom of the pits

Years ago I read a series of articles written by the "Phantom of the Pits". No one knows who he is, but he had much to say about trading.

I found that all his writings are available to anyone who wants to read them here:

Education: Phantom's Gift - Futures Magazine

Page down, and you will see links to the Forward, Preface, Chapter1, Chapter2, etc.

Good trading,
Ray Fontaine

Reply With Quote
The following 3 users say Thank You to grandad58 for this post:
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

Last edited by ctrlbrk; June 13th, 2010 at 05:01 PM.
  #3 (permalink)
Elite Member
Berlin, Europe
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
Fat Tails's Avatar
Posts: 9,680 since Mar 2010
Thanks: 4,226 given, 25,724 received

Here is a pdf version of the book. Good read for the week-end.

Attached Thumbnails
Phantom of the pits-phantom_of_the_pits.pdf  
Reply With Quote
The following 19 users say Thank You to Fat Tails for this post:
  #4 (permalink)
Just starting out...
Futures Experience: Intermediate
Platform: metatrader
Favorite Futures: EUR/JPY
Posts: 5 since May 2010
Thanks: 1 given, 13 received

I've read this before. Thanks for posting it. Reminds me to read it again with my fresh eyes.

This is the book that taught me my most important money management and trade management rules. I took it to heart.

Reply With Quote
The following 2 users say Thank You to Rumble for this post:
  #5 (permalink)
Elite Member
San Francisco, CA
Futures Experience: Beginner
Platform: IB
Favorite Futures: Stocks
bijeremiad's Avatar
Posts: 410 since Jul 2011
Thanks: 283 given, 325 received

My POP notes

I read this book recently. As I read, I clipped parts that I found helpful. The way he sets up his ideas is interesting. He does a lot of leading up in hope to prepare the reader to be in a mind to best appreciate essentially two rules, among other observations.

His approach reminded me of a story I heard from Clayton Christiansen, which I will post elsewhere. The key take away is "if you aren't in a frame of mind to learn something, the most direct and simple explanation will be of no use to you." So the quotes below may not be as useful as the document because they make no attempt to prepare the reader, only capture snippets of ideas. As the Phantom notes hims
elf, "You cannot dictate behavior to anyone."

I only like to give guidance, as all traders must make their own bed.

I can help guide them away from bad behavior, but it is their own determination that makes them a success.I don't like to ever give advice.

Trading is not "You win and you're right" but rather "You lose good and you're wrong small."

No promises, no requirements, no false hopes and no undue influences... I only need to be responsible for keeping them in the game forever.

[T]he BEST LOSER is the long-term winner.

It is inaccurate to think anyone moves the markets. If they could, I wouldn't trade!

Preparation: get a gliding rocker, talking clock, and a routine (10-20m excercise, shower, give thanks to higher power and explain what you will do with the funds, face north and acknowledge "up", have a favorite book, pick a person you admire for their accomplishments). On bad days read the book for 10 min to expel feelings of defeat.

A great number of traders got what we call "killed" today in the grain market. Most all of the new traders are now wondering what they did wrong today. There isn't anything they did right today because they most likely don't know what the right thing is.

To be prepared for that bad luck is a requirement in trading. You will not survive if you do not plan for bad luck. My first steps in trading remove the bad luck altogether.

Putting a limit on something infers that you actually can put a limit on exposure when having a position established. You really only have a ballpark limit in most cases.

The one thing that teaches most traders to take a small loss is a big loss.

Rule #1: In a losing game such as trading, we shall start against the majority and assume we are wrong until proven correct! (We do not assume we are correct until proven wrong.) Positions established must be reduced and removed until or unless the market proves the position correct! (We allow the market to verify correct positions.)

Rule 2: Press your winners correctly without exception.

You always want a larger position when you get a great move or trending market than when your position isn't correct.

"Correctly" in Rule 2 means you must have a qualified plan of adding to your position once a trend has established itself.

You can learn from other traders, but you never learn to be them.

Not one big trader started just big.

We wouldn't have markets if everyone agreed on a plan.

Traders mostly change their behavior by what they are told. Is this the proper behavior modification for traders? The answer, of course, is no, not at all.

A trader must learn from research what the proper behavior modification is in all possible situations. This takes lots of inner soul searching and market data to understand what behavior takes them to the threshold of successful behavior in trading.

You cannot dictate behavior to anyone.

If the trader didn't feel they had a good chance of being successful with that trade, they never would have made that trade. That feeling of better-than-average probabilities is selfdefeating because, with that feeling alone, it is possible to miss the big moves by being wrong first.

When in doubt, get out! You don't ever lose when you are out.

It isn't difficult to make money, it is difficult to keep it.

The nature of trading is that more often you see a negative effect from what you have just done. Seldom do you see or remember the good effects from the proper trading as often as the negative.

Traders are over-trading most of the time when they say they can't seem to justify adding to an existing position.

[Y]ou will never be able to correct a bad situation but only be able to remove that bad situation. Your mental well-being is worth a lot in trading. You can trade well when you are thinking well.

Most of your money from trading is going to come from trades that take off rather quickly from when you put them on.

If a trader thinks at any time they have a very good trade, they are going to get removed from trading very quickly.

[T]the best time to learn about trading is when the market is closed. Most traders only learn when the market is open, and what a mistake that can be!

The word E-X-E-C-U-T-I-O-N means make sure you guarantee you have that added position. There are times when execution is the most important aspect of a trade. If you can't get a position on, you sure can't take one off...You must say "at the market" in those situations.

If you have to unbutton your top button on your shirt, you had better get out. If the phone ringing irritates you, you had better get out. If you are beyond your reasonable time frame to hold a position that does not prove correct, you had better get out.

Reply With Quote
The following 7 users say Thank You to bijeremiad for this post:
  #6 (permalink)
Trading for Fun
Ostrava, Czech Republic
Futures Experience: Intermediate
Platform: SierraChart, OEC
Broker/Data: OEC
Favorite Futures: Futures & Spreads
Posts: 98 since May 2013
Thanks: 18 given, 38 received


happy I have 'met' this book .. it's a bunch of positive energy when I need it :-) Definitely worth multiple readings...

Reply With Quote
  #7 (permalink)
Elite Member
Johor, Malaysia
Futures Experience: Beginner
Platform: Sierra Chart
Favorite Futures: CL, GC
Posts: 168 since Oct 2013
Thanks: 1,022 given, 152 received

I got to know this "book" through a recently funded TST trader, Robinhood.

Thank you.

It's a really interesting read!!!


Reply With Quote
  #8 (permalink)
Trading for Fun
Geelong Victoria
Futures Experience: Advanced
Platform: Dealbook 360/ Trader Workstation
Broker/Data: I-Deal, Interactive Brokers
Favorite Futures: Index Futures & Options
Posts: 113 since Jan 2015
Thanks: 45 given, 89 received

grandad58 View Post
Years ago I read a series of articles written by the "Phantom of the Pits". No one knows who he is, but he had much to say about trading.

I found that all his writings are available to anyone who wants to read them here:

Education: Phantom's Gift - Futures Magazine

Page down, and you will see links to the Forward, Preface, Chapter1, Chapter2, etc.

Good trading,
Ray Fontaine

Thank you for reminding me about Phantom of the pits, I recall it being a great read, perhaps it is time for a re visit,
Cheers John

Reply With Quote
  #9 (permalink)
Elite Member
Washington DC
Futures Experience: Beginner
Platform: TradeStation and Sierra
Broker/Data: TradeStation/S5Trading
Favorite Futures: Futures
Investorito's Avatar
Posts: 54 since Dec 2010
Thanks: 299 given, 60 received


has anybody found an audio version (audiobook) of Phantom of the Pits?

Reply With Quote
  #10 (permalink)
Market Wizard
Houston, TX
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
Posts: 2,384 since Dec 2013
Thanks: 1,928 given, 4,000 received
Forum Reputation: Legendary

Chapter 3: A Little History near the bottom of the first page
POP: I started to play games with my trades. Actually the funds do it now. It is so artificial but they fall for it. It worked like this: If I had a position and I wanted to take profits, I would pretend I wanted to add to my positions. So I would bid the market instead of offer. I had enough people following me that they, too, would bid the market. Then I would turn and, instead, hit the bid and sell my positions.
Spoofing at its best circa 1980s/90s?

Reply With Quote
The following user says Thank You to SMCJB for this post:


futures io > > > Phantom of the pits

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

Wyckoff Hunting for Great Risk/Reward Ratio w/Gary Fullett

Elite only

Digging into the Details of iSystems w/Stage 5 & iSystems

Jun 5

Similar Threads
Thread Thread Starter Forum Replies Last Post
Mysterious Case Of The Phantom Stock Trades kbit News and Current Events 0 June 24th, 2011 12:13 AM

All times are GMT -4. The time now is 03:56 PM.

Copyright © 2018 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432,
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2018-05-22 in 0.14 seconds with 20 queries on phoenix via your IP