Quotes from the book "Memoirs of a Stock Market Speculator"

  1. The tape needs to be responded to today, not tomorrow. Reasons can wait. And you must act immediately or stay away.
  2. But me, Unfortunately, brains were not always enough, to stick to your own rules of the game, that is, place bets only with complete confidence, that the market is ripe for me.
  3. But there are also Wall Street fools, who believe, that you should always trade. There is no man in the world, who would have the necessary information every day, to buy or sell stocks or to play your game reasonably and intelligently.
  4. The experience of defeat taught me that, what is worth attacking, only if you are sure, that you don't have to retreat.
  5. But I knew, how and why: I played all the time, regardless of the situation; because, when i couldn't play on my system, based on experience and calculation, I started to put blindly, naudaču. Instead of being sure to win, I fed on gambling hopes.
  6. The experience of incomplete victories is no less instructive, than the experience of defeat.
  7. Think, that I made a very big step forward in my education, when I finally realized, what mr partridge, telling other clients: “You understand, this is the bull market!», actually meant, that big money is not made on fluctuations in the price of individual stocks, but on large market movements, that the main thing is not to read the tape, and assessment of the market and its trends in general.
  8. In the bull market, the game is, to buy and hold, until you understand, that the time of the bulls is coming to an end.
  9. Fear prevents you from earning so much, how much should. A successful merchant must fight these innate and ineradicable instincts. He must achieve this, so that these natural impulses work in a completely unnatural way. Where ordinary people hope, he must be afraid, where are they afraid, he must hope. He must be afraid of that, that small losses can multiply, and hope so, that profits will turn into gigantic profits. Play on the stock exchange like this, how does the average person do it, absolutely wrong.
  10. My cotton showed losses, and I saved it. Wheat showed profit, and I sold it. It was complete nonsense,
  11. Everyone, who is familiar with the average customer of the average commission house, agree with me, what hope is, what stock market pay personal bills, is the most common cause of losses. If you hold on to your goal, then wipe yourself to ashes.
  12. Paying off debt in full, I turned quite a lot of money into rent. I came to a conclusion, I don't want to get into a situation anymore, when there is literally nothing to live on and nothing to trade on. And having married, I bought rent for my wife too. And when our son was born, I bought the rent in his name too. I did it not only out of fear, that the market can take everything away from me again. I also understood that, that a man is able to waste everything, what can it reach. And so I protected my wife and son from my own weaknesses.
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