Guest Post: Wisdom From a Great Trader
Posted on October 23rd, 2006
Written by Zoomie
Posted in: N/A (old archives)
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Arthur L. Simpson, the author of Phantom of the Pits (published in 1997), was an independent trader and a long-standing member of the Chicago Open Board of Trade at the time of writing. He may still be trading, I am not sure. He said that he considered the Phantom of the Pits to be the best trader he knew and perhaps the best trader in the world. So, I am gonna listen to the Phantom. One thing I learned becoming a fighter pilot was that you learn from the best pilots. Your life depends on it.
I read some more of the book last night. This quote hit home:
“Your thinking should be: When your position is right, you have to do nothing instead of doing nothing when you are wrong!”
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Glenn
© 2010 Richard Todd. I am not a financial advisor, and nothing on the site should be considered investment advice or actionable recommendations. I'm just an individual, saying what I think, and sharing my experiences.