Edwin Lefevre

Reminiscences Of A Stock Operator

    Викаmembuat kutipan5 bulan yang lalu
    Experiences had taught me to beware of buying a stock that refuses to follow the group-leader
    Викаmembuat kutipan5 bulan yang lalu
    As I have said a thousand times, no manipulation can put stocks down and keep them down. There is nothing mysterious about this. The reason is plain to everybody who will take the trouble to think about it half a minute.
    Викаmembuat kutipan5 bulan yang lalu
    A man must believe in himself and his judgment if he expects to make a living at this game. That is why I don’t believe in tips. If I buy stocks on Smith’s tip I must sell those same stocks on Smith’s tip. I am depending on him. Suppose Smith is away on a holiday when the selling time comes around? No, sir, nobody can make big money on what someone else tells him to do. I know from experience that nobody can give me a tip or a series of tips that will make more money for me than my own judgment
    Lars Frost Olsenmembuat kutipantahun lalu
    That’s all the fun there is—being right by using your head
    Marat Mamyashevmembuat kutipan2 tahun yang lalu
    But they did the next worse thing—that is, they made me put up a three-point margin and compelled me to pay a premium at first of a half point, then a point, and finally, a point and a half. Some handicap, that! How? Easy! Suppose Steel was selling at 90 and you bought it. Your ticket read, normally: “Bot ten Steel at 90⅛.” If you put up a point margin it meant that if it broke 89¼ you were wiped out automatically.
    Marat Mamyashevmembuat kutipan2 tahun yang lalu
    You blankety-blank fool
    Marat Mamyashevmembuat kutipan2 tahun yang lalu
    Another lesson I learned early is that there is nothing new in Wall Street.
    Fkh chaosmembuat kutipan3 tahun yang lalu
    The value-making information is carefully kept from the public while the now taciturn “prominent insiders” go into the market and buy all the cheap stock they can lay their hands on.
    Fkh chaosmembuat kutipan3 tahun yang lalu
    It is plain that by remaining anonymous nobody can be blamed for any damage that may be done by the statement.
    Fkh chaosmembuat kutipan3 tahun yang lalu
    When my buying does not put the stock up I stop buying and then proceed to sell it down; and that also is exactly what I would do with that same stock if I did not happen to be manipulating it
    Fkh chaosmembuat kutipan3 tahun yang lalu
    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.”
    Fkh chaosmembuat kutipan3 tahun yang lalu
    There is no need to feel anger over being human. I have come to feel that it is as necessary to know how to read myself as to know how to read the tape
    Fkh chaosmembuat kutipan3 tahun yang lalu
    that if I have lost money I have gained experience, so that the money really went for a tuition fee
    Fkh chaosmembuat kutipan3 tahun yang lalu
    The loss of the money didn’t bother me. Whenever I have lost money in the stock market I have always considered that I have learned something
    Fkh chaosmembuat kutipan3 tahun yang lalu
    I had learned a great deal about the game of stock speculation, but I had not learned quite so much about the play of human weaknesses
    Fkh chaosmembuat kutipan3 tahun yang lalu
    It is inseparable from human nature to hope and to fear. In speculation when the market goes against you you hope that every day will be the last day—and you lose more than you should had you not listened to hope—to 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. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; 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. It is absolutely wrong to gamble in stocks the way the average man does.
    Fkh chaosmembuat kutipan3 tahun yang lalu
    And when a millionaire is right his money is merely one of his several servants. Losing money is the least of my troubles. A loss never bothers me after I take it. I forget it overnight. But being wrong—not taking the loss—that is what does the damage to the pocketbook and to the soul. You remember Dickson G. Watts’ story about the man who was so nervous that a friend asked him what was the matter.
    “I can’t sleep,” answered the nervous one.
    “Why not?” asked the friend.
    “I am carrying so much cotton that I can’t sleep thinking about it. It is wearing me out. What can I do?”
    “Sell down to the sleeping point,” answered the friend.
    Fkh chaosmembuat kutipan3 tahun yang lalu
    the only thing to do when a man is wrong is to be right by ceasing to be wrong. I had bought eight thousand full shares
    Fkh chaosmembuat kutipan3 tahun yang lalu
    For there was only one way to find out if anybody was buying the stock in the way you said H. O. Havemeyer and his friends were buying it, and that was to do what I did. The first ten thousand shares went fairly easily. It was not quite conclusive. But the second ten thousand was absorbed by a market that did not stop rising. The way the twenty thousand shares were taken by somebody proved to me that somebody was in truth willing to take all the stock that was offered. It doesn’t particularly matter at this point who that particular somebody may be. So I have covered my shorts and am long ten thousand shares, and I think that your information was good as far as it went.”
    Fkh chaosmembuat kutipan3 tahun yang lalu
    It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It
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