The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.
Interpretation
Successful investors can face defeat because of their lack of discipline and patience.
This quote by Jesse Lauriston Livermore emphasizes the importance of self-discipline and emotional control in achieving success in the financial market. Despite having intelligence or analytical skills, many investors fail to succeed because they allow their emotions and impulsiveness to dictate their decisions, leading to poor outcomes.
In practice
In a finance seminar discussing the psychological aspects of trading.
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!
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.
God, I hope I wear this jersey forever.
How many a man has thrown up his hands at a time when a little more effort, a little more patience would have achieved success.
The best part of basketball, for those people on the inside, is the bus going to the airport after you've won a game on an opponent's floor. It's been a very tough battle. And preferably, in the playoffs. And that feeling that you have, together as a group, having gone to an opponent's floor and won a very good victory, is as about as high as you can get.
Let excellence be your brand... When you are excellent, you become unforgettable.
Ryder Cup, Presidents Cup, whatever it may be, is maybe the most fun couple weeks we have a year, but I love being able to control my own destiny. The work that I am able to put in ahead of time was either going to come out and I was going to be successful with it, or I was going to try and fail and learn how to succeed the next time.
Things worthwhile generally donβt just happen. Luck is a fact, but should not be a factor. Good luck is what is left over after intelligence and effort have combined at their best. Negligence or indifference are usually reviewed from an unlucky seat. The law of cause and effect and causality both work the same with inexorable exactitudes. Luck is the residue of design.
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