Thursday, 7 February 2019

Quote From 'Reminscences of a Stock Operator'

This is in the context of Livermore recounting the fact that he discovers that he wins whenever his trades are based on precedent he wins, and when they're based on blind impulses he loses. 

A quote to remember whenever the gambling instinct arises:

"The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages."