Reminiscences of a Stock Operator Quotes

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Reminiscences of a Stock Operator Reminiscences of a Stock Operator by Edwin Lefèvre
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Reminiscences of a Stock Operator Quotes (showing 1-24 of 24)
“The nature of the game as it is played is such that the public should realize that the truth cannot be told by the few who know.”
Jesse Livermore, Reminiscences of a Stock Operator
“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!”
Edwin Lefèvre, Reminiscences of a Stock Operator
“That is about all I have learned—to study general conditions, to take a position and stick to it.”
Edwin Lefèvre, Reminiscences of a Stock Operator
“A man must know himself thoroughly if he is going to make a good job out of trading in the speculative markets. To know what I was capable of in the line of folly was a long educational step. I sometimes think that no price is too high for a speculator to pay to learn that which will keep him from getting the swelled head.”
Jesse Livermore, Reminiscences of a Stock Operator
“The sucker has always tried to get something for nothing, and the appeal in all booms is always frankly to the gambling instinct aroused by cupidity and spurred by a pervasive prosperity. People who look for easy money invariably pay for the privilege of proving conclusively that it cannot be found on this sordid earth.”
Jesse Livermore, Reminiscences of a Stock Operator
“A man cannot be convinced against his own convictions, but he can be talked into a state of uncertainty and indecision, which is even worse, for that means that he cannot trade with confidence and comfort.”
Jesse Livermore, Reminiscences of a Stock Operator
“To learn that a man can make foolish plays for no reason whatever was a valuable lesson. It cost me millions to learn that another dangerous enemy to a trader is his susceptibility to the urgings of a magnetic personality when plausibly expressed by a brilliant mind. It has always seemed to me, however, that I might have learned my lesson quite as well if the cost had been only one million. But Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill, knowing you have to pay it, no matter what the amount may be.”
Jesse Livermore, Reminiscences of a Stock Operator
“If a man didn't make mistakes he'd own the world in a month. But if he didn't profit by his mistakes he wouldn't own a blessed thing.”
Edwin Lefèvre, Reminiscences of a Stock Operator : [Illustrated]
“We talked of many things, for he is a widely read man with an amazing grasp of many subjects and a remarkable gift for interesting generalization. The wisdom of his speech is impressive; and as for plausibility, he hasn't an equal. I have heard many people accuse Percy Thomas of many things, including insincerity, but I sometimes wonder if his remarkable plausibility does not come from the fact that he first convinces himself so thoroughly as to acquire thereby a greatly increased power to convince others.”
Jesse Livermore, Reminiscences of a Stock Operator
“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. It took me longer to get that general principle fixed firmly in my mind”
Edwin Lefèvre, Reminiscences of a Stock Operator
“the old story of the man who was going to fight a duel the next day. His second asked him, "Are you a good shot?" "Well," said the duelist, "I can snap the stem of a wineglass at twenty paces," and he looked modest. "That's all very well," said the unimpressed second. "But can you snap the stem of the wineglass while the wineglass is pointing a loaded pistol straight at your heart?”
Edwin Lefèvre, Reminiscences of a Stock Operator
“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”
Edwin Lefèvre, Reminiscences of a Stock Operator
“Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was. Weapons change, but strategy remains strategy, on the New York Stock Exchange as on the battlefield. I think the clearest summing up of the whole thing was expressed by Thomas F. Woodlock when he declared: "The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past.”
Edwin Lefèvre, Reminiscences of a Stock Operator
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.”
Edwin Lefèvre, Reminiscences of a Stock Operator
“No man can always have adequate reasons for buying or selling stocks daily - or sufficient knowledge to make his play an intelligent play.”
Edwin Lefèvre, Reminiscences of a Stock Operator
“big swing its initial impulse, the fact is that its continuance is not the result of manipulation by pools or artifice by financiers, but depends upon basic conditions. And no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine.”
Edwin Lefèvre, Reminiscences of a Stock Operator
“I was nearly twenty-seven years old. I had been at the game twelve years. But the first time I traded because of a crisis that was still to come I found that I had been using a telescope. Between my first glimpse of the storm cloud and the time for cashing in on the big break the stretch was evidently so much greater than I had thought that I began to wonder whether I really saw what I thought I saw so clearly. We had had many warnings and sensational ascensions in call-money rates. Still some of the great financiers talked hopefully at least to newspaper reporters and the ensuing rallies in the stock market gave the lie to the calamity howlers. Was I fundamentally wrong in being bearish or merely temporarily wrong in having begun to sell short too soon?”
Edwin Lefèvre, Reminiscences of a Stock Operator
“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 a stock operator has firmly grasped this that he 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 his ignorance.”
Edwin Lefèvre, Reminiscences of a Stock Operator
“The game did not beat them. They beat themselves, because though they had brains they couldn’t sit tight. Old”
Edwin Lefèvre, Reminiscences of a Stock Operator
“My losses have taught me that I must not begin to advance until I am sure I shall not have to retreat. But”
Edwin Lefèvre, Reminiscences of a Stock Operator
“My losses have taught me that I must not begin to advance until I am sure I shall not have to retreat. But if I cannot advance I do not move at all. I do not mean by this that a man should not limit his losses when he is wrong. He should. But that should not breed indecision. All”
Edwin Lefèvre, Reminiscences of a Stock Operator
“Speculators buy the trend; investors are in for the long haul; "they are a different breed of cats." One reason that people lose money today is that they have lost sight of this distinction; they profess to have the long term in mind and yet cannot resist following where the hot money has led.”
Edwin Lefèvre, Reminiscences of a Stock Operator
“Another lesson I learned early is that there is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market to-day has happened before and will happen again. I've never forgotten that. I suppose I really manage to remember when and how it happened. The fact that I remember that way is my way of capitalizing experience.”
Edwin Lefèvre, Reminiscences of a Stock Operator
“I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.”
Edwin Lefèvre, Reminiscences of a Stock Operator