Being Still is NOT the same as Doing Nothing. A flower remains in place, and look at what it does, where it remains. Recall the inspiration of a flower after full bloom, awakening our senses, reaching down within and blossoming within our souls.
With me I must back my opinions with my money. My losses have taught me that I must not begin to advance until I am sure I shall not have to retreat. But if I cannot advance I do not move at all. I do not mean by this that a man should not limit his losses when he is wrong. He should. But that should not breed indecision. All my life I have made mistakes, but in losing money I have gained experience and accumulated a lot of valuable don’ts. I have been flat broke several times, but my loss has never been a total loss. Otherwise, I wouldn’t be here now. I always knew I would have another chance and that I would not make the same mistake a second time. I believed in myself.
A man must believe in himself and hi judgement if he expects to make a living at this game. That is why I don’t believe in tips.
Reminiscenses of a Stock Operator, Chapter 2.
My plan of trading was sound enough and won oftener than it lost.
… What beat me was not having brains enough to stick to my own game – that is, to play the market only when I was satisfied that precedents favored my play.
There is a time for all things, but I didn’t know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class.
There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. No man can always have adequate reasons for buying or selling stocks daily – or sufficient knowledge to make his play an intelligent play.
– Reminiscences of a Stock Operator, Chapter 2 (by Edwin Lefevre)