Right Time

It isn’t as important to buy as cheap as possible as it is to buy at the right time.
— Jesse Livermore

Market

And there is another thing to remember, and that is that a market does not culminate in one grand blaze of glory. Neither does it end with a sudden reversal of form. A market can and does often cease to be a bull market long before prices generally begin to break. -----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Future Game

The commodity futures game is a money game —not a game involving the supply-demand of the actual commodity as commonly depicted.
— R. Earl Hadady

Luck

When everybody starts looking really smart, and not realizing that a lot of it was luck, I get scared.
— Raphael Yavneh (Forbes)

Perception

As long as prices continue to move, that movement will create opportunities to buy low and sell high or sell high and buy low, and these opportunities are available for all traders. You create the game in your own mind based on your beliefs, intents, perceptions, and rules. It is your own unique perspective and no one else's and the secret is, you can and do choose how you perceive events. Even if you are not aware of exactly how to control and change your perception to make other choices available to yourself, you are still choosing, even if it is out of ignorance..----The Disciplined Trader,Mark Douglas

First Loss

If you are losing in the beginning, you’ll lose in the end. Do not put off the hour of reckoning. The first loss is the best loss—this is the rule of those of us who trade with our eyes open.----Dr. Alexander Elder

Conditions

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 because it unexpectedly or even illogically goes against you is like getting mad at your lungs because you have pneumonia.----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Loss Of Money

The loss of the money didn't bother me. 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. -----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Three Things

A good trader has to have three things: a chronic inability to accept things at face value, to feel continuously unsettled, and to have humility.
— Michael Steinhardt

Edge

Every professional knows his edge, but ask an amateur and he’ll draw a blank. A person who doesn’t know his edge does not have it and will lose money.----Dr. Alexander Elder

Refuses

If a battered stock refuses to sink any lower no matter how many negative articles appear in the papers, that stock is worth a closer look.
— James L. Fraser (Contrary Investor)

Institutions

Institutions tend to dump stock in a single transaction and buy, if possible, in smaller lots, gradually accumulating a position. Therefore, many more big blocks are traded on downticks than on upticks.
— Justin Mamis

Big Swing

I began to realize that the big money must necessarily be in the big swing. Whatever might seem to give a big swing its initial impulse, the fact is that its continuance is not the result of manipulation by pools or artifice by financiers, but depends upon basic conditions. And no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine.----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Death

Buy when you are scared to death; sell when you are tickled to death.— Market Maxim (The Cabot Market Letter, April 12, 2001)

Yourself

There is only one corner of the universe you can be certain of improving, and that’s yourself.
— Aldous Huxley (English author, Brave New World, 1894-1963)

Pain

Because of the pain of loss, people are willing to take greater risks to reduce that pain and to avert it than they are willing to do to maximize their profitability. They are less motivated by profitability and success than by aversion to loss, and therefore they are more likely to take highrisk bets when they are at risk of losing.----Trading to Win, Ari Kiev

Double bottoms

While markets often make double bottoms, three pushes to a high is the most common topping pattern.
— John Bollinger (Bollinger Capital Management, created Bollinger
Bands, Capital Growth Letter, Bollinger on Bollinger Bands)

Commitment

When you trade from commitment—and do what you said you would do—you generate an extraordinary amount of energy. You begin to see opportunities in the market that you couldn't see earlier. You do not need to struggle. All you need to do is to show up and participate in the context of the new trading target. Trading in terms of an expanded target means having the courage to look for what is missing in your trading strategy. This becomes the source of the breakthrough you can produce.----Trading to Win, Ari Kiev

Pain

When the pain grows bit by bit, the natural tendency is to do nothing and wait for an improvement. A sleepwalking trader gives his losing
trades “more time to work out,” while they slowly destroy his account.----Dr. Alexander Elder

Human Nature

That is the reason why I say that the man who is right always has two forces working in his favor—basic conditions and the men who are wrong. In a bull market bear factors are ignored. That is human nature, and yet human beings profess astonishment at it. -----------REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Crowd Mentality

Crowd mentality changes slowly, and price patterns recur, albeit with variations. Emotional swings provide trading opportunities, while efficient markets chop up and down, offering no edge to traders, only piling up their costs.----Dr. Alexander Elder

Obvious

If it is obvious, it is obviously wrong. ----Joseph Granville

Exits

One of the key differences between professionals and amateurs is their planning for exits.----Dr. Alexander Elder

Tape Reading

This matter of tape reading is not so complicated as it appears. Of course you need experience. But it is even more important to keep certain fundamentals in mind. To read the tape is not to have your fortune told. The tape does not tell you how much you will surely be worth next Thursday at 1:35 p.m. The object of reading the tape is to ascertain, first, how and, next, when to trade—that is, whether it is wiser to buy than to sell.----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Fear

There is a time to take counsel of your fears, and there is a time to never listen to any fear. ----General George S. Patton, United States Army

Feelings

Feelings are not facts. Always question whether your emotions accurately reflect reality.----Jimmy

Emptying Yourself

By emptying yourself of ego and fear, you make room to use your untapped potential to trade in terms of a larger objective, independent of the concerns of others. Mastery focuses around the process of change, and becoming what you are capable of becoming. That means entering the realm of the unknown.----Trading to Win, Ari Kiev

Mistakes

If you don’t profit from your investment mistakes, someone else will.— Yale Hirsch

Do Your Homework

If you are not willing to study, if you are not sufficiently interested to investigate and analyze the stock market yourself, then I beg of you to become an outright long-pull investor, to buy good stocks, and hold on to them; for otherwise your chances of success as a trader will be nil.
— Humphrey B. Neill (Tape Reading and Market Tactics, 1931)

Loss

A bad loss feels like a nasty comment— most people just want to cover up, walk away, and never be seen again. Hiding doesn’t solve anything. Use the pain of a loss to turn yourself into a disciplined winner.----Dr. Alexander Elder

Human Weakness

There is no mind so machinelike that you can depend upon it to function with equal efficiency at all times. I now learned that I could not trust myself to remain equally unaffected by men and misfortunes at all times. -----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Follow The Trend

Nobody should be puzzled as to whether a market is a bull or a bear market after it fairly starts. The trend is evident to a man who has an open mind and reasonably clear sight, for it is never wise for a speculator to fit his facts to his theories. .----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Ego

Psychologically, the best traders all have much in common. They possess risk taking ability, flexibility, and a capacity for conviction. They are able to trade without letting their ego get in the way.----Trading to Win, Ari Kiev

Emotionless

Trading is the most exciting activity that a person can do with their clothes on. Trouble is, you cannot feel excited and make money at the same time.----Dr. Alexander Elder

Vision

The most successful traders bring their vision to a focus with specific goals. You need to do the same—and to promise die result to yourself.----Trading to Win, Ari Kiev

Losing

Losing is part of trading. The best traders don't get perturbed by losing trades, since over the long run they know they will be successful more often than not. When you
are afraid of losing, you end up losing or missing opportunities because you are afraid to trade.----Trading to Win, Ari Kiev

Know Yourself Thoroughly

A man must know himself thoroughly if he is going to make a good job out of trading in the speculative markets. -----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Don't Follow Others

To learn that a man can make foolish plays for no reason whatever was a valuable lesson. It cost me millions to learn that another dangerous enemy to a trader is his susceptibility to the urgings of a magnetic personality when plausibly expressed by a brilliant mind. --------REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre.

Control

If you can't change or control what the market is doing, then the only option you have left is to control yourself in a way that allows you to perceive what the market may do next with increased clarity and objectivity, requiring a thorough working knowledge of the nature of your inner environment in relationship to the outer physical environment.----The Disciplined Trader,Mark Douglas

Doing The Right Thing

The professional concerns himself with doing the right thing rather than with making money, knowing that the profit takes care of itself if the other things are attended to. A trader gets to play the game as the professional billiard 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. -----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre.

Price Tendency

You watch the market—that is, the course of prices as recorded by the tape—with one object: to determine the direction—that is, the price tendency. Prices, we know, will move either up or down according to the resistance they encounter. For purposes of easy explanation we will say that prices, like everything else, move along the line of least resistance. They will do whatever comes easiest, therefore they will go up if there is less resistance to an advance than to a decline; and vice versa. .----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Secret Of Getting Rich

I will tell you the secret of getting rich on Wall Street:
You try to be greedy when others are fearful, and you try to be very
fearful when others are greedy.---- Warren E. Buffet ( Share by cfw123)

Money Management

Take every gain without showing remorse about missed profits, because an eel may escape sooner than you think.----Joseph de la Vega, 1688, in an early manual on trading

Basic Conditions ( 2 )

But not even a world war can keep the stock market from being a bull market when conditions are bullish, or a bear market when conditions are bearish. And all a man needs to know to make money is to appraise conditions.----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Basic Conditions

It was not that all I needed to learn was not to lake tips but follow my own inclination. It was that I gained confidence in myself and I was able finally to shake off the old method of trading. That Saratoga experience was my last haphazard, hit-or-miss operation. From then on I began to think of basic conditions instead of individual stocks. I promoted myself to a higher grade in the hard school of speculation. It was a long and difficult step to take. ----REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre

Basic

When the market is moving and money is flying, it's easy to forget that it's the basic that ultimately produce success.Even after trading everything from exotic over-the-counter options to plain vanilla Dow stocks, I still need to constantly and obsessively evaluate every single trade, every single day.----Jonathan Hoening, Portfolio Manager, Capitalistpig Hedge Fund LLC.