The Gift of Ghosts (The Ghosts of Wall Street The Greatest Trading Wisdom of the 20th Century) - Arthur L. Simpson
read:2023/2/26 6:54:49
Editors Choice "The Ghosts of Wall Street" cashback forexforagoodliving.com">forextradingaccountsregister composed forex trading accounts the form of questions forextradingaccountstype answers, broken chapters and fragmentary language in which there are flashes of wisdom that need to be repeatedly played in order to appreciate from the perspective of practice makes perfect, regardless of whether the traders experience is rich, skillful or not, it is worth reading this book repeatedly, from which to appreciate the wisdom of the ghosts to The books narrative style is lively, the rules are concise and clear, which helps the reader to directly grasp the conclusions and avoid getting caught up in the details of the interference around the rules in detail, from different angles of the authors investment philosophy and skills, for deepening the readers understanding, to establish the correct investment strategy, but also very helpful & nbsp nbsp; Author BioAuthor: (USA) Arthur L. Simpson Translator: Zhang Zhihao Guan Lei Arthur L. Simpson, a member of the Chicago Board of Trade and the former Mid-America Commodity Exchange and a registered floor trader with the National Futures Association In addition, he holds the qualification of Merchant Marine Senior Crewman issued by the U.S. Coast Guard and is a regular pilot with the Federal Aviation Administration He is also a radio enthusiast and holds a Class I from the Federal Communications Commission He is also a radio enthusiast and holds certificates from the Federal Communications Commission as a Radio Operator, Radio Telephone Operator, and GMDSS Radio Operator/Maintainer, and has also completed assignments assigned by the Maritime Mapping Administration of the U.S. Department of Information Industry The author served as Chief Engineer for CBS in Illinois and has had many constructive ideas on the construction of radio stations He now lives in Indiana with his sacred son Karen and their nbsp;now living in Indiana with his capsule son Karen and their pets Favorite things: trading, flying, radio, computer programming, music, and world travel nbsp; Table of Contents Foreword Ghost: I am the shadow behind your success Prologue Discover the gold mine in the gift of ghosts Introduction Share the wisdom of ghosts Chapter 1 Who are you? The ghost of the trading circle Chapter 2 Preparation for trading: the master craftsman Chapter 3 rule one: only hold the right position Chapter 4 rule two: the right plus code to profit Chapter 5 rule one plus two: practical demonstration Chapter 6 day trading: rules to achieve short term master Chapter 7 wonderful hands to win regular rights Chapter 8 chart trading: the master of the sky Chapter 9 a bang: change your behavior habits Chapter 10 follow me game: relax Only creative Chapter 11, like electricity: fighting emotions in the trade Chapter 12, turn defeat into victory: regain confidence after a heavy blow Chapter 13, youre wrong! The market is not always right Chapter 14 rule three: huge volume that is a good opportunity to cash Chapter 15 to deal with the unexpected: trading and the sense of a plane crash Chapter 16 trading plan: the application of the rules of the pavement Chapter 17 trade execution: the essentials of the wonderful hand under the single Appendix I inscribed in the heart of the ghost of Christmas gift Appendix II compliance with the rules and the eternal life Appendix III when we lost Denver Appendix IV about the author Arthur L. Simpson Postscript Clouds in the Sky Water in a Bottle Prologue I am the shadow behind your success The shadow of Over the past 30 years, I have often been asked for some trading tips, and I have constantly offered my experience to them However, I do not want to be a focal point, I do not want my name to be recited by housewives, and I do not want to face those who cry and quarrel all day about their tiny gains and losses I want to help those who suffer in trading, those who need trading Expertise Most traders believe that to be successful on the trading floor, the most important factor is knowledge but I have found in my trading career that the right knowledge must also be coupled with the ability to change behavioral habits to be the most important in successful trading If there is no change in behavioral habits, the right knowledge may lead to the wrong trade execution, thus with a successful trade I have summarized my trading knowledge and behavioral changes over the past 30 years into three trading rules that represent my ability to change my thinking and behavior. We are both traders and our desire is to present the necessary elements of trading to you but the process must be done according to my principles, that is, it is up to me to decide in what way to present them The agreement we reached was that I could retain my privacy I contribute my intelligence in trading, but my name will not appear here you You can call me the ghost of the trading circle your success or not in your own hands I am just a ghost, I am the shadow behind your trading success this is my only wish ghost clouds in the blue sky water in the bottle Since the last book planned by the Changyang Reading Club "stock master manipulation After the professional proofreading of the technique, there are few opportunities to find the pressure to cut off the red dust, the connotation of a classic work to the heart in the call of many members of the Changyang Forum friends, finally the text of the "Ghost of Wall Street" finishing the cover after the volume, but there are two lines of heirloom good lines can confirm the mood at this time: I came to ask the road no more to say, the cloud in the green sky water in the bottle chance coincidence, into the fascinating and stormy trading The world is full of people, indulging in technical analysis in the slightest detail can not be extricated from the people abound, for the prediction of the index point of the stock gods worshiped by many people, software stock selection, formula trick, basic analysis … … each way have their own reasoning, each and every seems not to have exactly heard the road to simplicity, where is the road? A successful trader, exactly what kind of knowledge structure should have, in order to stand tall on the high point of life? There is an end to life, there is no end to learning, where is the return journey? Modern financial trading has been through a century of hardships, countless masters exhausted, it is entirely possible to explore a clear path of investment ghosts to trading masters of superb qualifications and mentality, without reservation to provide this gift, not only to help you successfully shape the operating concept, rules and methods, more support you step by step on the right path, and will not lose themselves in the trading field "Wall Street Ghosts", is the trading The Wall Street Ghost" is a trading wine, but also a feast of life In fact, as early as 1997, "The Ghost of Wall Street" has appeared in the United States futures forum, if Chinese traders have the fate to receive this gift earlier, perhaps there will be more people can be away from the bear trails in recent years, with their own performance among the ranks of successful traders But, despite this treasure The Chinese version of "The Ghosts of Wall Street" is available, and I would like to thank Mr. Zhang Zhihao for his many efforts to introduce this work, as well as for his hard work in translating it with Ms. Guan Lei in the midst of his busy schedule after his career in investment banking in China. The book contains a lot of jargon from the U.S. financial markets, especially the subtle words and phrases that are only for traders, which can only be explained to Chinese readers after a long period of practical experience in the U.S. market, and can only be explained to Chinese readers with such power and willingness to give their best for the improvement of Chinese traders. The author of this book, Mr. Qingze, a professional futures trader, made many contributions to the professional proofreading of this book; Mr. Ding Feng, editor of Enterprise Management Press, and Mr. Zhou Dong of Changyang Forum and SOS, a reading consultant, also made many hard revisions during the editing process of this book. The enthusiasm to say thank you A few words in a hurry, it is difficult to exhaust the acceptance of "The Ghost of Wall Street" after the heart, but in order to let you share the clarity of the clouds in the blue sky water in the bottle, or as soon as possible to put aside the pen, so that you can see the ghost of the style as soon as possible When we finish reading it, and then come together to score the heart of the transaction and life Qingze: read "The Ghost of The Gift" has a sense of "The Gift of the Ghost" rule one says: before the market proves that our transactions are correct, the positions that have been established must be constantly reduced and cleared that the correct way to hold a position is when the position is proven to be correct when you hold I have also formed a trading habit of their own in many years of trading career: before the close of each day, carefully review the positions they keep where they feel suspicious, there are The problem of the single, all clear and only hold their own think promising, confident, and preferably have a floating win transactions (professional!) Just because of this seemingly simple act of habit, I do not know how many times I have avoided unnecessary and inexplicable losses // In fact, if you achieve the stage of mechanized trading, the step of reviewing positions can also be eliminated, so that the transaction becomes simpler trigger me to develop this rule of trade for several direct reasons: 1, my experience shows that because of the high risk of futures speculation, reluctantly, can do not do the transaction I think it is better not to do it // these experiences ultimately help investors filter out low effectiveness opportunities 2, speculators should focus their energy on some in line with their own frame of mind, personality habits, very sure market opportunities there is no need to meditate on some hurtful loss-making transactions, hoping to turn the crisis into peace a cut it, maybe you will become a Buddha on the ground if you are still taking care of the loss of Wounds, busy putting out fires, will inevitably have no time to look for other opportunities the end result may be a greater loss concede the equivalent of abandoning the pain, let the emotions calm down, improve control, so that you can continue to trade I once told two examples of their own trading in the "wandering alone" P83 in Beijing green beans futures trading, once, after I bought, the market price has been hovering around my buy price both Sometimes, it looks like the upward trend is coming, after a while, the market reverted to the original half-dead state to close the position, but I was afraid to miss the subsequent upward market, I think it is a pity not to close the position, but also unsatisfied with the performance of the market, but also a little worried about so, in the inner conflict, I suffered from the conflict to spend two days at the end of the third day, the situation has not changed, my Single still no profit in accordance with the three-day operating rules, I made up my mind to close the position and leave the field (Murphys theorem of supernumerary application!) Surprisingly, the fourth morning, the market opened less than 5 minutes, green bean futures prices plunged more than 100 yuan if I did not close my position decisively the day before, this is going to eat a big loss another time is in Hainan rubber market one day, and I was in the same business office of the university classmate brought me a rubber chart I saw her drawing a lot of trend lines on the chart, but also with a red pen to indicate the resistance of the market Obviously, she has carefully studied the rubber trend she believes that rubber futures after a sharp decline, there is likely to be a rebound market, do more certainly profitable I very much believe in her judgment, immediately bought 100 lots but, after I bought, the rubber market trend and my classmates prediction does not seem to be the same signs of rising, but in place to the third day, I no longer want to wait any longer After a few days, the species I had bought began to fall, and then fell unbearably if I did not apply the three-day rule to actively close the position, the transaction loss is certain, just more loss is less generally speaking, there are two kinds of stop-loss price stop and time stop loss The example in my book, the use of time stop method because the position held for several days did not prove to be Profitable, I used the three-day rule to pull myself out of the mud for a novice, the price stop and time stop method, although passive, but simple and practical, can be mandatory to remove positions that may bring great damage of course, the effect is not always the best The Gift of Ghosts rule one, not price stop method, nor just time stop method, it requires speculators in trading techniques have It requires the speculator to have considerable technical skills in trading, including the understanding of the essential issues of trading, market sense, experience, etc. So, it may be overwhelming to most people, but very valuable to some people By the way, I think Rule One is not only applicable to short term trading, but also to medium and long term trading The example I talked about above is, in a sense, the application of Rule One in medium term trading // Time Stop is also a very practical method, especially for breakthrough opportunities, in the specified time if not a ride, you can choose to take the initiative to leave the field read the book cover the volume mood for a long time can not calm, the real sense of the ghost of sincerity and kindness ghost did not use stimulating exaggerated language to describe their unique market theory to us in the transaction made brilliant achievements and will be their own myth; instead he plainly told us that he is just an ordinary person, in the transaction On the contrary, he tells us that he is just an ordinary man who has lost a lot of times in trading, but with very small losses. The difference between himself and other traders lies only in the different ways of thinking about trading. The Ghosts rules are based on the understanding of the nature of the trading game, the act of trading itself is not a game that will lead traders to success, is essentially a game that makes most people fail, the Ghost in rule one to tell us in a game that is essentially a loser to win in defeat, he believes that the key first step is to take the initiative to admit mistakes as soon as possible, so as to win in defeat the Ghost believes that any position that does not produce the expected change in accordance with the traders idea The specter believes that any position that does not change as expected according to the traders ideas, regardless of the outcome should be considered a trading loss and should be out of the game The specter does not give the criteria for determining their own positions are correct, my personal understanding is that he believes that everyone will have their own unique trading cognitive patterns and feelings to form their own trading ideas and plans only your own things are what you have, he only plays the role of a coach to enhance your trading ideas and plans for profit. The purpose of his coaching role is to enhance your trading ideas and the skills of the profit potential in your plan to achieve your trading profit goals faster, which is the purpose of the Ghosts willingness to disclose his rules, but the Ghost still gives some criteria that we reflect in our emotions If you are so hot that you have to unbutton the top button of your shirt, youd better close your position; if the phone rings and distracts you, youd better close your position; if you have exceeded a reasonable time and still You need to listen to your inner thoughts and your frustrations and let yourself, not the market, tell you that your position is wrong. Since trading is a game for losers, then the initial position is based on losses, although the quick initiative to admit mistakes and lose small mistakes can reduce the degree of risk to protect traders from major injuries, but this is not the goal of trading to win in the game of losing more than winning (meaning the number of wins and losses) it is instructive to observe the strategy of professional gamblers, because the nature of the two engaged in the game is similar professional gamblers strategy requires that in Similarly, the Ghosts Rule 2 also requires traders to continue to add to positions that prove to be correct to take more cumulative profits; and in the case of unfavorable win rates do not bet or place small bets, to be good at losing at this time the Ghosts Rules 1 and 2 require that the initial position is wrong as soon as possible and limit the size of the position to protect themselves from these levels we see that professional risk takers The spirit of asking yourself to dare to fight combined with the rules of the ghost I looked at their own trading diary to the recent record of several failures, for example, the morning of October 25 at 4.5 yuan to buy 600256, the day of intervention because the stock volume break small box top, but the closing K line for the inverted hammer head closing price of 4.45 yuan, I then set the stop loss at the days lowest 4.41, the second day of the morning market has a rebound to my buy when the price I did not get out, I was waiting for the market to prove me right or wrong, the result of the final stop loss out of the loss of nearly 3% now look at the overall trend of the stock is in a triangle, the day is just a false breakthrough shows that the transaction has been judged wrong should be out as soon as possible, several other transactions are basically the same situation, if the rules of the ghost applied to my plan almost all can be beaten out of the game. I am convinced that the Ghosts rules will allow me to grow faster. The Ghost spends a lot of time discussing behavior change, but dont think its the same old philosophical proposition about knowing what to do. The way to change behavior habits can be summarized as only a deep and correct understanding, there will be the right reaction and action Overview of the entire book, the ghost always emphasizes three points ----- thinking, advantage, fast people, the ghost of the rules is also built on these three focus of the ghost of the rules is not a panacea for trading, but is the traders soul chicken soup, traders can learn from the way of thinking to trading behavior habits in all aspects Top trader wisdom nutrition