I am reading "Reminiscences of a stock operator" now. Jesse
Livermore described his mistake of plunging too early on the bear
side -- anticipating a crash -- as having a telescope view on
reality. I am relieved that he too made that mistake. He makes a
very convincing point of not fighting a trend by avoiding the
costliest 1/8th in a trend: the first and the last. That's for a
trader!The last one is no brainer, but the first one is very hard
to resist.
His other point is to take a vacation after a big win: that is,
not to trade the market all the time, only when the conditions are
right. I am thinking of your 4-mile hike idea for the weekend now.
You live up to his wisdom :-))
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Rejoice in an ability to
Chart of Charts
Posted by steveo on 20th of Dec 2009 at 01:59 pm
Rejoice in an ability to be a complete idiot at time, and follow the herd, even though you know there is a precipice ahead!
I am reading "Reminiscences of
Posted by junkie on 20th of Dec 2009 at 02:12 pm
I am reading "Reminiscences of a stock operator" now. Jesse Livermore described his mistake of plunging too early on the bear side -- anticipating a crash -- as having a telescope view on reality. I am relieved that he too made that mistake. He makes a very convincing point of not fighting a trend by avoiding the costliest 1/8th in a trend: the first and the last. That's for a trader!The last one is no brainer, but the first one is very hard to resist.
His other point is to take a vacation after a big win: that is, not to trade the market all the time, only when the conditions are right. I am thinking of your 4-mile hike idea for the weekend now. You live up to his wisdom :-))