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Strategies & Market Trends : Keep Your Eye On The Ball - Watch List

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To: TFF who wrote (2007)	6/28/2003 3:58:36 PM
From: TFF	of 2802

More Memorable Quotes from Reminiscences Of A Stock Operator Without adequate margins it would be impossible to take the cold blooded dispassionate attitude towards the game that comes from the ability to afford a few minor losses such as I often incurred testing the market before putting down a bet. ------------------------------------------------------------ As I said before, I noticed that stocks which had been the leaders of the wonderful advance had ceased to advance. At the same time the rest of the market kept on advancing under new standard bearers. Since nothing wrong had developed with the companies themselves, the reason had to be sought elsewhere. Those stocks had gone with the current for months. When they ceased to do so,though the bull tide was running strong, it meant that for those particular stocks the bull market was over. For the rest of the list the tendency was still decidedly upward. ------------------------------------------------------------ When something happens on which you did not count when you made your plans it behoves you to utilize the opportunity that fate kindly offers you. But as I had told you before, my experience of thirty years as a trader is that such accidents are usually along the line of least resistance on which I base my position in the market. ------------------------------------------------------------ Never try to sell a top. It isn't wise sell after a reaction if there is no rally. ------------------------------------------------------------ I admit that I get iresistable impulses at times to do certain things in the market. It doesn't matter if I am long or short of stocks. I must get out. I am uncomfortable until I do.I myself thing that what happens is that I see a lot of warning signals. ------------------------------------------------------------ It often happens that an experienced trader acts so quickly that he hasn't time to give all of his reasons in advance - but nevertheless they are good and sufficient reasons, because they are based on facts collected by him in his years of working and thinking and seeing things from the angle of the professional,to whom everything that comes to his mill is grist. ------------------------------------------------------------ Experience has taught me that the way a market behaves is an excellent guide for an operator to follow. ------------------------------------------------------------ I have found that experience is at to be steady dividend payer in this game and that observation gives you the best tips of all. ------------------------------------------------------------ I never buy a stock even in a bull market, if it doesn't act as it ought to act in that kind of market. ------------------------------------------------------------ History repeats itself all the time on Wall Street.

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