Edwin Lefevre Quotes
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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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If you do not know who you are, the stock market is an expensive place to find out.
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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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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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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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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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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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The big money in booms is always made first by the public - on paper. And it remains on paper.
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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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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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Well, this is a bull market, you know.
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A stock operator has to fight a lot of expensive enemies within himself.
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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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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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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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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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It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.
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That is about all I have learned—to study general conditions, to take a position and stick to it.
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The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.
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As a matter of fact I trade in accordance to my means and always leave myself an ample margin of safety.
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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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It is a very old thing, this of noting the behavior of a stock and studying its past performances.
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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.