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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (29897)	12/2/1999 2:44:00 PM
From: JDinBaltimore	Read Replies (1) of 50167

Ike, I found this on my computer - I don't know where it came from nor who wrote it. But once I started following you're thread a while back, this pretty much sums up what you are teaching for those that wish to listen. I hope you don't find this too pretentous. But I've watched you make calls that my inexperience would wisper "No Way" could it go that way, and I patiently "Sat" and watched with amazement as you're road map of supports, and resistances unfolded. My Hats off to you. May this thread continue to educate those that want to learn. Best John "I let the craving for excitement get the better of my judgment. 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 every day, as though they were working for regular wages. A stock operator has to fight a lot of expensive enemies within himself." "I never lose my temper over the stock market. I never argue with the tape. Getting sore at the market doesn't get you anywhere." "There was as much to learn from partial victory as from defeat." "It was never my thinking that made the big money for me. It always was my sitting. Got that?" "Men who can both be right and sit tight are uncommon. 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. 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." "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." "But the first time I traded because of a crisis that was still to come I found that I had been using a telescope. Between my first glimpse of the storm cloud and the time for cashing in on the big break the stretch was evidently so much greater than I had thought that I began to wonder whether I really saw what I thought I saw so clearly." "That the public did not turn all their paper profits into good hard cash or that they did not long keep what profits they actually took was merely history repeating itself. Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street. When you read contemporary accounts of booms or panics, the one thing that strikes you most forcibly is how little either stock speculation or stock speculators today differ from yesterday. The game does not change and neither does human nature." (Spoken about the 1915-16 speculative bull peak.) "It's not so much greed made blind by eagerness as it is hope bandaged by the unwillingness to do any thinking." "The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past."

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