| To: TFF who wrote (8357) | 8/1/2000 9:11:21 PM |
| From: TFF | of 12602 |
| |
More Memorable Quotes from Reminiscences Of A Stock Operator
------------------------------------------------------------
It was never my thinking that made big money for me. It was my sitting...Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after this that a stock operator can make big money. it is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of ignorance.
------------------------------------------------------------
Give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world.
------------------------------------------------------------
Without faith in his own judgment no man can go very far in this game. That is about all I have learned - to study general conditions, to take a position and stick to it.
------------------------------------------------------------
Remember that stocks are never to high for you to begin buying or too low to begin selling.
------------------------------------------------------------
That is where the tape comes in - to enable you to decide as to the proper time for beginning. Much depends upon beginning at exactly the right time.
------------------------------------------------------------
If you begin right you will not see your profitable position seriously menaced; and then you will find no trouble in sitting tight.
------------------------------------------------------------
The public, with their eyes fixed on the stock market, saw little - that week. The wise stock operators saw much - that year. That was the difference.
------------------------------------------------------------
A speculator must not merely be a student, he must be both a student and a speculator.
------------------------------------------------------------
Tape reading was an important part of the game; so was beginning at the right time; so was sticking to your position. But my greatest discovery was that a man must study general conditions, to size them up so as to be able to anticipate probabilities.
------------------------------------------------------------
I knew that some day I would find out what was wrong and I would stop being wrong. I would then have not alone the will to be right but the knowledge to insure my being right. And that would mean power.
------------------------------------------------------------
A loss never bothers me after I take it. I forget it overnight. But being wrong - not taking a loss - that is what does damage to the pocketbook and to the soul.
------------------------------------------------------------
The speculator is not an investor. His object is not to secure a steady return on his money at a good rate of interest, but to profit by either a rise or fall in the price of whatever he is speculating in. Therefore the thing to do is to determine the line of least resistance at the moment of trading; and what he should wait for is the right moment when the line defines itself, because that is his signal to get busy.
------------------------------------------------------------
In a narrow market, when prices are not getting anywhere to speak of but move in a narrow range, there is no sense in trying to anticipate what next big movement is going to be - up or down.
------------------------------------------------------------
Instead of hoping he must fear and instead of fearing he must hope.He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.
------------------------------------------------------------
A man may beat a stock or group at a certain time, but no man living can beat the stock market.
------------------------------------------------------------
A man must know himself thoroughly if he is going to make a good job out of trading in the speculative markets.
------------------------------------------------------------
I learned that the weaknesses to which a speculator is prone are almost numberless.
------------------------------------------------------------
Among the hazards of speculation the happening of the unexpected - I might even say of the unexpectable - ranks high.
------------------------------------------------------------
Observation, experience, memory and mathematics - these are what the successful trader must depend on. |
