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.
At the beginning, you are 20 and you can just imagine... don't get me wrong, but having money. Then you realise that it's not only about you and what you are doing but that you have to give back.
I won from Mr. Jeffries because I outclassed him in every department of the fighting game. Before I entered the ring I was certain I would be the victor. I never changed my mind at any time.
To double your net worth, double your self-worth. Because you will never exceed the height of your self-image.
There comes a special moment in everyone's life, a moment for which that person was born. That special opportunity, when he seizes it, will fulfill his mission - a mission for which he is uniquely qualified. In that moment, he will find greatness. It is his finest hour.
When most people ask about a business growing, what they really mean is growing revenue, not just growing the number of people using a service. Traditional businesses would view people using your service that you don't make money from as a cost.
Let us rejoice at the many unexplored fields in which there is unlimited fame and fortune to the successful explorer . . .
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