This was wriiten over 80 Years ago - One of, if not my favorite trading book. I literally listen to parts of this at least once a week on my commute to work
Quote:
And that is precisely what I did, or rather what I tried to do; for I often took profits and waited for a reaction that never came. And I saw my stock go kiting up ten points more and I sitting there with my four-point profit safe in my conservative pocket. They say you never grow poor taking profits. No, you don't. But neither do you grow rich taking a four-point profit in a bull market
<<snipped>>
And right here let me say one thing: 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 the big money for me. It always was my sitting. Got that? My sitting tight! - Edwin Lefevre - Reminiscenses of a Stock Operator.
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Markets change, but people stay the same. Do some reading on the Dutch Tulip markets of the 1600's - does any of that sound familiar with events of the last 25 years.