15 replies to this topic

[typicalbear]

Wow....and with lower earnings again.

[AChartist]

Tomorrow is the day I am doing some stock selling on RUT daily cycles, but it is up again later.

 

The next stock low should be this time next month, 20 trading days.

 

It will be nice if the gold is up then leaving me some new margin for the stocks late Oct.

 

One lurking low cycle in gold next week, it may turn it up one day next week or the next.

[alexnewbee]

As a corollary, i can ask the same question, "how much did you make since the market topped out at SPX 2193 in Aug ? " But i am not into these sophomoric nonsense. 

Still long? I am short here..
For the record, I took 70 points in ndx

[NAV]

 

As a corollary, i can ask the same question, "how much did you make since the market topped out at SPX 2193 in Aug ? " But i am not into these sophomoric nonsense. 

Still long? I am short here..
For the record, I took 70 points in ndx

 

 

Yes. My trailing stop has moved up to SPX 2162 now. 

[alexnewbee]

 

As a corollary, i can ask the same question, "how much did you make since the market topped out at SPX 2193 in Aug ? " But i am not into these sophomoric nonsense. 

Still long? I am short here..
For the record, I took 70 points in ndx
 

 
Yes. My trailing stop has moved up to SPX 2162 now. 

Right

[MDurkin]

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(Gameover), 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 and selling stocks daily – or sufficient knowledge to make his play an intelligent play.

 

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 everyday, as though they were working for regular wages.

 

It takes a man a long time to learn all the lessons of all his mistakes.

 

A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don’t believe in tips. (Bilderbirds)

If I buy stocks on Smith’s tip I must sell those same stocks on Smith’s tip. I am depending on him. Suppose Smith is away on a holiday when the selling time comes around? No sir, nobody can make big money on what someone else tells him.

 

I can’t tell you how it came to take me so many years to learn that instead of placing piking bets on what the next few quotations were going to be, my game was to anticipate what was going to happen in a big way.

 

It was the change in my own attitude toward the game that was of supreme importance to me. It taught me, little by little, the essential difference between betting on fluctuations and anticipating inevitable advances and declines, between gambling and speculating.

 

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 big money for me. It was always my sitting.

 

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 be right and sit tight are uncommon. I found it one of the hardest things to learn.

 

The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.

 

Nobody can catch all the fluctuations.

 

One of the most helpful things that anybody can learn is to give up trying to catch the last eight – or the first. These two are the most expensive eights in the world. They have costs stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.

 

Without faith in his own judgement no man can go very far in this game.

 

I have learned to study general conditions, to take a position and stick to it.

 

It is the big swing that makes the big money for you.

 

But the average man doesn’t wish to be told that it is a bull or 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.

 

I came to learn that even when one is properly bearish at the very beginning of a bear market it is well not to begin selling in bulk until there is no danger of the engine back-firing.

 

I have to do my own seeing and my own thinking.

 

Tape reading was an important part of the game; so was beginning at the right time; so was sticking to your position. But my greatest discovery was that a man must study general conditions, to size them so as to be able to anticipate probabilities.

 

There came the awful day of reckoning for the bulls and the optimists and the wishful thinkers and those vast hordes that, dreading the pain of a small loss at the beginning, were now about to suffer total amputation – without anaesthetics. A day I shall never forget, October 24 1907.

 

If a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the ten thousand brothers or cousins of the original. The mistake family is so large that there is always one of them around when you want to see what you can do in the fool-play line.

 

A man has to guard against many things, and most of all against himself - that is, against human nature.

 

 

In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be – up or down.

 

A speculator must concern himself with making money out of the market and not with insisting that the tape must agree with him. Never argue with it or ask it for explanations. Stock market post-mortems don’t pay dividends.

 

Fear keeps you from making as much money as you ought to.

 

A man may beat a stock or a group at a certain time, but no man living can beat the stock market!

 

A trader gets to play the game as the professional billard player does – that is, he looks far ahead instead of considering the particular shot before him. It gets to be an instinct to play for position.

 

I suppose it is the contagion of example that makes a man do something because everybody around him is doing the same thing. Perhaps it is some phase or variety of the herd instinct.

 

A man cannot be convinced against his own convictions, but he can be talked into a state of uncertainty and indecision, which is even worse, for that means that he cannot trade with confidence and comfort.

 

Of all speculative blunders there are few greater than trying to average a losing game.

 

Whenever I have lost money in the stock market I have always considered that I have learned something; that if I have lost money I have gained experience, so that the money really went for a tuition fee. A man has to have experience and he has to pay for it.

 

Those were long lean years, 1911, 1912, 1913 and 1914. There was no money to be made. The opportunity simply wasn’t there and so I was worse off than ever.

 

I learned that the weaknesses to which a speculator is prone are almost numberless.

 

A trader in addition to studying basic conditions, remembering market precedents and keeping mind the psychology of the outside public as well as the limitations of his brokers, must also know himself and provide against his own weaknesses.

 

There is no need to feel anger over being human.
Jesse Livermore