Art Simpson – Phantom of the Pit

Art Simpson – Phantom of the Pit

When the subject of why it was so important to write this insight, the remark was always, catch me at the right time for that answer. I remember as a child playing out that situation, as it was better to get my Dad to agree to something when the mood was correct. When gathering Phantom’s insight on the reasons of this book it wasn’t clear until I caught him at the right time. It was after a big move in the grains. ALS – Phantom, I see you agree on the subject today and I need to know just why is this particular time the right time on your reasons for this book?Phantom – This day is an example of the reason for this book. The grain market did a total surprise on most traders. Oh there were those who were fortunate to be on the right side but most of them took their positions off too soon. I wanted to discuss the shock most traders get on a day like today. A great number of traders got what we call killed today in the grain market. Most all the new traders are now wondering what they did wrong today. There isn’t anything they did right today because they mostlikely don’t know what the right thing is. I don’t mean that all traders are in the dark. I am talking about those who fail to understand what to do and if they do don’t carry out that requirement. I am going to express the importance of doing the right thing from the beginning of a trade and at the right time. Many traders and most new traders aren’t even aware that the market can do what it did to them today. I have often said that the BIG money is on the surprise side. I should perhaps have said the Big losers are on the familiar side or the popular side of a trade. I call that the expected side. Today gave us several reasons for a surprise. Those being that harvest pressure is strong and this is a day you expect there to be more selling by the producer than normal. Expecting prices to be pressured byhedging and seasonal influence is the correct way to trade in most minds. You can’t argue with probabilities. It is not what the trader does with his trades until the market starts a big move like today’s which separates the big winners and big losers. There were more big losers today than big winners. There are traders who because of today can‘t make their next months car payment or their house payment now. It just didn’t ever occur to them that what happened today was even a possibility. They were over positioned even though they thought they had a good protection plan. They used stops ok but they forgot to tell the broker to place the order. Everything they did was based on their thoughts of how much they could take out of the market today. Their trades are designed to lose but

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