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!
Interpretation
Success in investing relies more on patience than intelligence or strategy.
Jesse Lauriston Livermore's quote emphasizes the crucial role of patience in achieving financial success. Despite his extensive experience and knowledge in the market, he underscores that the most significant factor in his wealth was not his strategies or analysis but rather his ability to remain steadfast and hold onto his investments during turbulent times.
In practice
A motivational speaker may use this quote during a workshop on investment strategies.
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.
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.
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.
As a negotiator, you should strive for a reputation of being fair. Your reputation precedes you. Let it precede you in a way that paves success.
Ever since I was younger I wanted to be on stage, singing my songs in a glittering costume. And that happened and is still happening. I have to remember that this is what I wished for and be grateful because there are 500 other girls right behind me that are ready to snatch it up.
Many of the most successful men I have known have never grown up. They have retained bubbling-over boyishness. They have relished wit, they have indulged in humor. They have not allowed ‘dignity’ to depress them into moroseness. Youthfulness of spirit is the twin brother of optimism, and optimism is the stuff of which American business success is fashioned. Resist growing up!
Ex-D-boy, used to park my Beamer _x000D_ _x000D_ Now look at me, I can park in my own arena
Gratitude is the single most important ingredient to living a successful and fulfilled life.
Long-term success requires faith-faith that your efforts to plan and execute the process will lead to the desired outcome.
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