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. These two are the most expensive eighths in the world. And no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine.”, “There is a time for all things, but I didn't know it. There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. Fear keeps you from making as much money as you ought to. It takes a man a long time to learn all the lessons of all his mistakes. He must bet always on probabilities — that is, try to anticipate them. A man may know what to do and lose money — if he doesn’t do it quickly enough. 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.”, “Another lesson I learned early is that there is nothing new in Wall Street. Quotes from Reminiscences of a Stock Operator (Jesse Livermore) From my trove of interesting market quotes, here are my favourite snippets from “Reminiscences of a Stock Operator” by Edwin Lefevre. Ignorance at twenty-two isn’t a structural defect. But he will make any one of the ten thousand brothers or cousins of the original. Your business with the tape is now not tomorrow. You always find lots of early bulls in bull markets and early bears in bear markets. You cannot hesitate. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. If that does not show him a profit he must not increase his holdings because he has obviously begun wrong; he is wrong temporarily and there is no profit in being wrong at any time. I was rampantly bullish in a wild bull market. I don’t know whether I make myself plain, but I never lose my temper over the stock market. As long as it does so, with only small and natural reactions from time to time, it is a pretty safe proposition to trail along with it. By always being short ‘I always am in a position to support the stock without danger to myself. With me, I cannot fear to be wrong because I never think I am wrong until I am proven wrong. He would not lay himself open to a temptation that experience had taught him was hard to resist and had always proved expensive to him, as it was to me. But if after a long steady rise a stock turns and gradually begins to go down, with only occasional small rallies, it is obvious that the line of least resistance has changed from upward to downward. Nobody can catch all the fluctuations. I have studied and reckoned on my own reactions to given impulses or to the inevitable temptations of an active market, quite in the same mood and spirit as I have considered crop conditions or analysed reports of earnings. And if it is right to be a bull it is imperative to buy. Getting sore at the market doesn’t get you anywhere. They beat themselves, because though they have brains they cannot sit tight. But what the dickens does that matter? It was the change in my own attitude toward the game that was of supreme importance to me. I have done nothing in my life but trade in stocks and commodities. The first change I made in my play was in the matter of time. They regarded my winnings as temporary loans. I suppose I really manage to remember when and how it happened. That is the mind which makes artists do things without their knowing how they came to do them. The training of a stock trader is like a medical education. The game would become merely a matter of addition and subtraction. I have been flat broke several times, but my loss has never been a total loss. What old Mr. Partridge said did not mean much to me until I began to think about my own numerous failures to make as much money as I ought to when I was so right on the general market. It is not so much greed made blind by eagerness as it is hope bandaged by the unwillingness to do any thinking. And no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine.”, “There is a time for all things, but I didn't know it. No man can always have adequate reasons for buying or selling stocks daily or sufficient knowledge to make his. It took me longer to get that general principle fixed firmly in my mind”, “Men who can both be right and sit tight are uncommon. He must not expect the tape to become a lecturer. Quotes By Edwin Lefèvre. It takes continuous to buying to make a stock keep on going up. You always find lots of early bulls in bull markets and early bears in bear markets. It partakes more of the nature of a commercial venture than trading in stocks does. Preview — Reminiscences of a Stock Operator by Edwin Lefèvre. "Well," said the duelist, "I can snap the stem of a wineglass at twenty paces," and he looked modest. That is about all I have learned to study general conditions, to take a position and stick to it. I was very lucky. I did precisely the wrong thing. The reason can wait. 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. Never try to sell at the top. It made me remember a saying of the late H. H. Rogers, of the Standard Oil Company, to the effect that there were times when a man could no more help making money than he could help getting wet if he went out in a rainstorm without an umbrella. If his diagnosis is correct, and that depends upon the accuracy of his observation — he ought to do pretty well in his prognosis, always keeping in mind, of course, that human fallibility and the utterly unforeseen will keep him from scoring 100 per cent of bull’s eyes. It is this semisucker rather than the 100 per cent article who is the real all-the-year-round support of the commission houses. It taught me, little by little, the essential difference between betting on fluctuations and anticipating inevitable advances and declines, between gambling and speculating. I was no longer betting blindly or concerned with mastering the technic of the game, but with earning my successes by hard study and clear thinking. Losing money is the least of my trcubles. It is naturally the semisucker who is always quoting the famous trading aphorisms and the various rules of the game. These two are the most expensive eighths in the world. Reminiscences of a Stock Operator Quotes. A loss never bothers me after I take it. A man may beat a horse race, but he cannot beat horse racing.”. In other words, I had to study what was going to happen to anticipate stock movements. There are probably very good reasons why it should go down, but these reasons are known only to a few people who either keep those reasons to themselves, or else actually tell the public that the stock is cheap. I was only a kid, remember. My sitting tight! They”, “Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was. It is all I have ever done. To do this you must study general conditions and not tips or special factors affecting individual stocks. People who look for easy money invariably pay for the privilege of proving conclusively that it cannot be found on this sordid earth. 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. Then one day the entire market became quite weak and prices of all stocks began to fall. I owe my early success as a trader to them and not to brains or knowledge, because my mind was untrained and my ignorance was colossal. Reminiscences of a Stock Operator Quotes Showing 1-30 of 55. A stock operator has to fight a lot of expensive enemies within himself. You always find lots of early bulls in bull markets and early bears in bear markets. 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. But what the dickens does that matter? Somebody asked him if making money in the Bourse was not a very difficult matter, and he replied that, on the contrary, he thought it was very easy. A man can approach it as he might any mercantile problem. We had had many warnings and sensational ascensions in call-money rates. I didn’t ask the tape why when I was fourteen, and I don’t ask it today, at forty. Got that? He is the experienced sucker, who has studied not the market itself but a few remarks about the market made by a still higher grade of suckers. For instance, I was short fifty thousand shares of United States Steel alone. He is the experienced sucker, who has studied not the market itself but a few remarks about the market made by a still higher grade of suckers. It really isn’t automatism. I found it one of the hardest things to learn. The most effective way to advertise what, in effect, are your honourable intentions is to make the stock active and strong. But it is only after a stock operator has firmly grasped this that he can make big money. It may be possible to use fictitious arguments for or against a certain trend in a commodity market; but success will be only temporary, for in the end the facts are bound to prevail, so that a trader gets dividends on study and observation, as he does in a regular business. A trader gets to play the game as the professional billiard player does — that is, he looks far ahead instead of considering the particular shot before him. I naturally think that if it is wrong to be bearish it must be right to be a bull. Finally i decided to give a go to that book. There was not a penny to be made. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.”, “Without faith in his own judgment no man can go very far in this game. The fact that I remember that way is my way of capitalizing experience.”, “No man can always have adequate reasons for buying or selling stocks daily - or sufficient knowledge to make his play an intelligent play.”, “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.

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