10 Useful
Quotes from Reminiscences of a Stock Operator
1.
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 today has happened before and will happen again.
2.
The desire for constant action irrespective of
underlying conditions is responsible for many losses in Wall Street even among
professionals.
3.
I never lose my temper over the stock market. I
never argue the tape. Getting sore at the market doesn’t get you anywhere.
4.
They say you can never go poor taking profits.
No, you don’t. But neither do you grow rich taking a four-point profit in a
bull market. Where I should have made twenty thousand I made two thousand. That
was what my conservatism did for me.
5.
Remember that stocks are never too high for you
to begin buying or too low to begin selling.
6.
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…nevertheless lose
money. The market does not beat them. They beat themselves, because though they
have brains they cannot sit tight.
7.
After spending many years in Wall Street and
after making and losing millions of dollars I want to tell you this: It never
was my thinking that made the big money for me. It always was the sitting. Got
that? My sitting tight!
8.
Losing money is the least of my troubles. A
loss never bothers me after I take it…But being wrong—not taking the loss—that
is what does the damage to the pocketbook and to the soul.
9.
Prices, like everything else, move along the
line of least resistance. They will do whatever comes easiest.
10. The
speculator’s chief enemies are always boring from within. It is inseparable
from human nature to hope and to fear. In speculation when the market goes
against you hope that every day will be the last day—and you lose more than you
should had you not listened to hope—the same ally that is so potent a
success-bringer to empire builders and pioneers, big and little. And when the
market goes your way you become fearful that the next day will take away your
profit, and you get out—too soon. Fear keeps you from making as much money as
you ought to. The successful trader has to fight these two deep-seated
instincts…Instead of hoping he must fear; instead of fearing he must hope.
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