Edwin Lefevre Quotes
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A battle goes on in the stock market and the tape is your telescope. You can depend upon it seven out of ten cases.
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If the unusual never happened there would be no difference in people and then there wouldn't be any fun in life. The game would become merely a matter of addition and subtraction. It would make of us a race of bookkeepers with plodding minds. It's the guessing that develops a man's brain power. Just consider what you have to do to guess right.
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You can spot, for instance, where the buying is only a trifle better than the selling. A battle goes on in the stock market and the tape is your telescope. You can depend upon it seven out of ten cases.
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Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street. When you read contemporary accounts of booms or panics, the one thing that strikes you most forcibly is how little either stock speculation or stock speculators today differ from yesterday. The game does not change and neither does human nature.
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A stock operator has to fight a lot of expensive enemies within himself.
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What beat me was not having brains enough to stick to my own game—that is, to play the market only when I was satisfied that precedents favored my play.
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Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.
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One of the most helpful things that any body 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.
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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.
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But the average man doesn't wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn't even wish to have to think. It is too much bother to have to count the money that he picks up from the ground.
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It takes a man a long time to learn all the lessons of all of 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 than it did most of the more technical phases of the game of stock speculation.
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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!
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In fact, of all hoodoos in Wall Street I think the resolve to induce the stock market to act as a fairy godmother is the busiest and most persistent.
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If you do not know who you are, the stock market is an expensive place to find out.
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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.
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The big money in booms is always made first by the public - on paper. And it remains on paper.
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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.
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When the man who ought to want a stock doesn't want it, why should I want it?
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When you find that it fails to respond adequately to your buying you don't need any better tip to sell.
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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.
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That is one trouble about trading on a large scale.You cannot sneak out as you can when you pike along.
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A man must believe in himself and his judgment if he expects to make a living at this game.
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If a stock doesn’t act right don’t touch it; because, being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis. No prognosis, no profit.
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Well, this is a bull market, you know.