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    ​Three Core Rules from Phantom’s Gift

    Abstract:In the book Phantom’s Gift, an American trader boasting extraordinary trading wisdom has summarized his decades of successful trading experiences into three rules.

      In the book Phantoms Gift, an American trader boasting extraordinary trading wisdom who called himself “Phantom of the Pits” has summarized his decades of successful trading experiences into three rules and unreservedly shared with the public. These three core rules are summed up as follows.

      1. Only hold correct positions

      Positions bereft of bullish trends should be removed. Stop-loss costs can be saved even tiny profits can be gained when traders immediately remove the positions that bear no instant growth after being established.

      2. Press winners correctly

      Some traders may increase positions at their will to pursue highly win rate, ignorant of the limitation of the rate. The second rule refers to raising the volume when everything is proved correct to improve the chances of success.

      This rule plays a vital role in band operation instead of intraday trading. In terms of the latter, establishing sufficient positions is more appropriate.

      3. Remove positions after 2 to 3 days of extremely high volume

      “Rocketing trading volumes” refers to the generation of tremendous trading volumes. Its definition varies with the actual trading volumes. The book acknowledges that the third rule can only cope with certain situations due to the nonexistence of perfect rules in selling positions.

      Aforementioned rules are crucial for practices. Traders are well recommended to apply them repeatedly and deepen their understanding so that their trading skills will step forward!

      Download WikiFX to get lessons from experts who have traded forex for over 20 years. (bit.ly/wikifxIN)

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