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.
Interpretation
Success comes from understanding overall trends, not just small changes.
This quote emphasizes the importance of focusing on the broader market trends rather than getting caught up in the minor fluctuations. It suggests that real financial success lies in grasping the larger picture and movement of the market, which can lead to more informed and strategic decisions.
In practice
In a financial seminar, this quote can be used to illustrate the importance of market analysis.
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.
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'm no longer dependent on the movie business to make a living. So if I want to make movies as other old guys would play golf, I can.
World records at 19. I don't want that. Later, yes. And when it comes, I'll learn to live with it, but it won't be my first love.
Success isn't something you chase. It's something you have to put forth the effort for constantly. Then maybe it'll come when you least expect it. Most people don't understand that.
It's important to build a personal brand because it's the only thing you're going to have. Your reputation online, and in the new business world is pretty much the game, so you've got to be a good person. You can't hide anything, and more importantly, you've got to be out there at some level.
If you want to protect yourself as an actor, always work with good people
The secret of success in life is for a man to be ready for his opportunity when it comes.
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