/biz/ - Business & Finance

>>16074739

>"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 the sitting. Got that? My sitting tight!"

>"Losing money is the least of my troubles. A loss never bothers me after I take it… But being wrong—not taking the loss—that is what does the damage to the pocketbook and to the soul."

>"Prices, like everything else, move along the line of least resistance. They will do whatever comes easiest."

>"The speculator’s chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you hope that every day will be the last day—and you lose more than you should had you not listened to hope—the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way you become fearful that the next day will take away your profit, and you get out—too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts… Instead of hoping he must fear; instead of fearing he must hope."

-- Jesse Livermore, The Reminiscences of a Stock Operator

In times like this I pray, and then ask myself:

>WWJD?

What
Would
J.P. Morgan
Do?