Reminiscences of a Stock Operator(Edwin Lefevre)

 1. Information that you haven't found yourself is useless.


To survive in the world of stocks, you have to trust yourself and your own judgment. That's why I didn't trust confidential information. If you bought stocks based on information from a person called Smith, you should listen to his information and decide when to sell.

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News, experts, insiders, and high-level confidential information are all just information, and there are many parts that are not reliable.

I think that in the beginning of investing in stocks, you may have had the experience of being a speculator who just followed others.

Of course, I have gone through that experience and am now creating my own path.

I think that the period of speculator wandering in the beginning should be short.

I also think that you should never make a big investment during that period.

The world of stocks is cold, and it's no use regretting investing after trusting other people's information.

No matter how much you lament the person who gave you the information, the stock you invested in yourself is not at fault.

It's just a matter of your own thoughts and fingers.

You are responsible for your own judgment. Blaming others won't get you anywhere.

That's why I hope you check, think, and judge for yourself more and make the right choice.


2. Always be objective.


The reason why many excellent people fail is pride. Pride is like a disease that anyone can get anywhere. If you get this disease, you have to pay a high price, and Wall Street speculators are particularly vulnerable to this disease.

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Multiple successes and luck make you overflow with pride.

If you don't tense up and think, "I'll succeed this time too, I'm lucky," etc., you can suffer greatly.

People who succeed and then fail often mistakenly believe that they always have the goddess of luck.

I think that maintaining an objective stance while understanding your own abilities, situation, and condition, rather than relying on luck, can lead to a stable life.

Although luck can help, that luck doesn't always last.

Even if you make a lot of money by doing the wrong thing, it will eventually get caught, just like a long tail that gets stepped on, and it will be a shortcut to regret.

On the other hand, even if you always do the right thing and suffer losses, that good will can accumulate and come back as another stroke of luck.

I think that if you always live life with an objective perspective, your understanding of others will broaden.


3. Nothing is eternal.


Although you may occasionally make money from individual stocks, no one can consistently beat the stock market.

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Jesse Livermore went bankrupt several times and then got back up several times.

I would like to give him great praise for his mental strength and action.

Usually, when you go bankrupt, you become mentally exhausted, but he used that as a stepping stone and lived a wonderful life.

I think that even if the sky falls, there is a hole to climb out.

You can't always succeed.

But you can't always fail. If you accumulate many experiences of success/failure and know-how, you will eventually get good results, and I don't think the stock market is something that can be predicted.

Therefore, there is no need to have the wrong preconception that successful people always succeed, no need to feel sorry for those who succeeded and then failed, and no need to pity those who always fail.

Because you never know what will happen in life.

I believe that if you don't set your limits and continue to live your life doing what you are good at to the extent of your ability, you will get good results.

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