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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: da_cheif™ who wrote (258059)8/28/2003 11:43:53 PM
From: Secret_Agent_Man  Read Replies (1) of 436258
 
"It never was my thinking that made the big money for me. It was always my
sitting. Got that? My sitting tight! 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 or selling stocks when prices were at the very
level which 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. 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. It is literally true that millions come easier to a
trader after he knows how to trade than hundreds did in the days of his
ignorance.
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. Old Turkey was dead right in doing
and saying what he did. He had not only the courage of his convictions but
the intelligent patience to sit tight.
Disregarding the big swing and trying to jump in and out was fatal to me.
Nobody can catch all the fluctuations. In a bull market your game is to buy
and hold until the bull market is near its end.
-more from same author
Never act on tips.
Use a system and don't deviate from it.
Never buy a stock because it has had a big decline from its previous high.
If a stock doesn't act right don't touch it; because, being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis. No prognosis, no profit.
Don't blame the market for your losses.
Never add to a losing position. A losing position means you were wrong.
Stocks are never too high for you to begin buying or too low to begin selling. But after the initial transaction, don't make a second unless the first shows you a profit.
Always sell what shows you a loss and keep what shows you a profit.
Don't argue with the tape. Do not seek to lure the profit back. Quit while the quitting is good--and cheap.
There is only one side to the stock market; and it is not the bull side or the bear side but the right side.
The speculator's chief enemies are always boredom from within.
A man must believe in himself and his judgment if he expects to make a living at this game.
Bulls and bears make money, but pigs get slaughtered.
Use money management at all times.
Establish your trading plan before the markets open.
Detailed your plan for each trade.
Establish entry and exit points and understand risk reward rations.
Accept small losses as part of the game if you want to win.
Trade markets from the short side.
Stand aside from a position, knowing you have taken a position.
Develop a trading plan for each potential situation you may face.
Do not look at quotes during the day.
Do not concentrate on break-even levels when you are losing.
Don't liquidate a winner to keep a loser.
Develop and maintain an exit plan. Follow this plan with rigid discipline.
Sustain your patience. Big movements take time to develop.
Don't be overly curious about the rationale behind a move. The key to wealth in trading is simplicity."
- Jesse Livermore
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