Don't take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct. In other words, don't be an impatient trader.
Interpretation
Patience in trading leads to better decisions and outcomes.
This quote emphasizes the importance of waiting for market confirmation before taking action in trading. It suggests that being a bit late to enter a trade can serve as a safeguard, ensuring that your decision is based on solid evidence rather than fleeting emotions or impulses.
In practice
During a trading seminar, a speaker can introduce this quote to highlight the importance of patience.
The average man doesn't wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn't even wish to have to think.
After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!
At long as a stock is acting right, and the market is right, do not be in a hurry to take profits. One should never permit speculative ventures to run into investments.
He really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend.
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 what people actually did in the stock market that counted - not what they said they were going to do.
I want to thank the NBA and U.S.A. Basketball. Words can't describe my feeling. I was a small town kid from Hamburg, Arkansas, and you provided me a platform to live out my passion, the game of basketball, on the world's grandest stage.
You don't get this opportunity many times in life to compete against the best in the world every night. I certainly didn't expect to have 10 or 11 years of chances at it, so I don't want to take that for granted.
It never entered my father's mind nor my mind ever to do a job other than at one's best ability.
In business, the earning of profit is something more than an incident of success. It is an essential condition of success. It is an essential condition of success because the continued absence of profit itself spells failure.
I have to tell you, I'm proudest of my life off the court. There will always be great basketball players who bounce that little round ball, but my proudest moments are affecting people's lives, effecting change, being a role model in the community.
Your ability to discipline yourself to set clear goals, and then to work toward them every day, will do more to guarantee your success than any other single factor.
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