To be a successful trader, you have to be able to admit mistakes. The person who can easily admit to being wrong is the one who walks away a winner.
– Victor Sperandeo, The New Market Wizards by Jack Schwager
On February 9, 2010, In Thought of the Day, by ElfLord
On February 8, 2010, In Thought of the Day, by ElfLord
The man who is right always has two forces working in his favor – basic conditions and the men who are wrong.
– Jesse Livermore
On February 7, 2010, In Thought of the Day, by ElfLord
Keep alert, and aggressively monitor you investments. No bull market is permanent, and no bear market is permanent. No stock is a sure thing, and there are no stocks that you can just buy and forget about. The pace of change is great, and investors must expect and react appropriately to it. To act in your own best interests, you must be prepared, informed, and watchful of your investments. Complacency opens the door to surprise and disappointment. You must always be ready to cope with the changes that will confront you.
– Gary Moore, Spiritual Investments
On February 6, 2010, In Thought of the Day, by ElfLord
There is a time for all things, but I didn’t know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class. 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. No man can always have adequate reasons for buying or selling stocks daily – or sufficient knowledge to make his play an intelligent play.
– Jesse Livermore, Reminiscences of a Stock Operator
On February 5, 2010, In Thought of the Day, by ElfLord
There is a good measure of self-knowledge required to choose the proper investment course. It has even been postulated that many small investors in the stock market, without knowing it, secretly want to lose. They jump in with high hopes – but feeling vaguely guilty. Guilty over ‘gambling’ with the family’s money, guilty over trying to get ‘something for nothing,’ or guilty over plunging in without really having done much research or analysis. Then they punish themselves, for these or other sins, by selling out, demoralized, at a loss.
– Andrew Tobias, The Only Investment Guide You’ll Ever Need
On February 4, 2010, In Thought of the Day, by ElfLord
He will win who knows when to fight and when not to fight.
– Sun Tzu