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What happened shows you that I am right in never trading at limits. Suppose I had limited my selling price to 300? I’d never have got it off. No, sir! When you want to get out, get out.
Edwin Lefevre • Reminiscences of a Stock Operator
experience. A man may know what to do and lose money—if he doesn’t do it quickly enough.
Edwin Lefevre • Reminiscences of a Stock Operator
When I am long of stocks it is because my reading of conditions has made me bullish. But you find many people, reputed to be intelligent, who are bullish because they have stocks. I do not allow my possessions—or my prepossessions either—to do any thinking for me. That is why I repeat that I never argue with the tape. To be angry at the market
... See moreEdwin Lefevre • Reminiscences of a Stock Operator
Ronald Read was patient; Richard Fuscone was greedy. That’s all it took to eclipse the massive education and experience gap between the two.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
People don’t seem to grasp easily the fundamentals of stock trading. I have often said that to buy on a rising market is the most comfortable way of buying stocks. Now, the point is not so much to buy as cheap as possible or go short at top prices, but to buy or sell at the right time. When I am bearish and I sell a stock, each sale must be at a
... See moreEdwin Lefevre • Reminiscences of a Stock Operator
The “market,” as we have seen in the earlier chapters, represents the aggregate wisdom of the crowd as well as the foolishness of the masses.