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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (2437)	1/25/1998 3:47:00 PM
From: Richard Goodman	Respond to of 4969

As soon as I saw the word "hope" I looked at the quote from Livermore's book (over 60 years ago) which has been between my keyboard and monitor for years: "The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you you hope that every day will be the last day - and you lose more than you should had you not listened to hope... And when the market goes your way you become fearful that the next day will take away your profit, and you get out - too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural inmpulses. INSTEAD OF HOPING HE MUST FEAR. INSTEAD OF FEARING HE MUST HOPE. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does." I guess some things never change.