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“I quite cold-bloodedly reached the conclusion that I would never be able to accomplish anything useful so long as I was worried.”
Mantra to live by.
“Never try to sell at the top. It isn’t wise. Sell after a reaction if there is no rally.”
It takes a man a long time to learn all the lessons of all his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side.
There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win. Did you get that? You begin to learn!
powerful stuff for any beginner trader.
He said that the only thing that didn’t lie because it simply couldn’t was mathematics.
Before I can solve a problem I must state it to myself. When I think I have found the solution I must prove I am right. I know of only one way to prove it; and that is, with my own money.
They say you never grow poor taking profits. No, you don’t. But neither do you grow rich taking a four-point profit in a bull market.
The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.
One of the most helpful things that anybody can learn is to give up trying to catch the last eighth—or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.
