Jubilee Prosperity

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 and selling stocks when prices were at the very level that 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.

The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do.

That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money.

The market does not beat them.

They beat themselves, because though they have brains they cannot sit tight.

I found it one of the hardest things to learn.

But it is only after a stock operator has firmly grasped this that he can make big money.

From then on I began to think of basic conditions, instead of individual stocks.

[The Big Picture, long-term trend, primary wave.]

I promoted myself to a higher grade in the hard school of speculation.

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This entry was posted on Tuesday, March 9th, 2010 at 7:08 pm and is filed under Market Psychology. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.