Quote of the Day - Standing on the Shoulders of Giants
“Don’t take action with a trade until the market, itself, confirms your opinion. Being a little late in a
trade is insurance that your opinion is correct. In other words, don’t be an impatient trader”
“he big money is made by the sittin’ and the waitin’ – not the thinking. Wait until all the factors are in your favor before making the trade.”
“have always fully understood that I am not the only one who knows that the stock market is the world’s biggest gold mine, sitting at the foot of the island of Manhattan. A gold mine that opens its doors every day and invites anyone and everyone in to plump its depths and leave with wheelbarrows full of gold bars, if they can – and I have done it. The gold mine is there all right, and every day somebody plumps its depths, and when the bell rings at the end of the day they have gone from pauper to prince, or gone from prince to supreme potentate, or gone stony broke. And it’s always there waiting”
“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”
“The worst pain a man can suffer: to have insight into much and power over nothing.”
“Sometimes there is no next time, no time-outs, no second chances; sometimes it’s now or never.”
“Things may come to those that wait. But only the things left by those who hustle”
“I absolutely believe that price movement patterns are being repeated. They are recurring patterns that appear over and over, with slight variations. This is because markets are driven by humans - and human nature never changes.”
“Few people succeed in the market because they have no patience. They have a strong desire to get rich quickly.”
“First, do not be invested in the market all the time. There are many times when I have been completely in cash, especially when I was unsure of the direction of the market and waiting for a confirmation of the next move….Second, it is the change in the major trend that hurts most speculators.”
“I believe that having the discipline to follow your rules is essential. Without specific, clear, and tested rules, speculators do not have any real chance of success. Why? Because speculators without a plan are like a general without a strategy, and therefore without an actionable battle plan. Speculators without a single clear plan can only act and react, act and react, to the slings and arrows of stock market misfortune, until they are defeated.”
“Of course the same things happen in all speculative markets. The message of the tape is the same. That will be perfectly plain to anyone who will take the trouble to think. But people never take the trouble to ask questions, leave alone seeking answers. The one game of all games that really requires study before making a play is the one he goes into without his usual highly intelligent preliminary and precautionary doubts. He will risk half his fortune in the stock market with less reflection than he devotes to the selection of a medium-priced automobile.”
“I never try to predict or anticipate. I only try to react to what the market is telling me by its behavior.”