Breaking Your Face
"He will risk half his fortune in the stock market with less reflection than he devotes to the selection of a medium priced automobile."
For the next few weeks, we will be using quotes from Edwin Lefevre and his masterpiece trading book, “Reminiscences of a Stock Operator.” Enjoy!
Hard Things are Hard
When Shaun White showed up to the Olympics that day, he didn’t know it was going to send him to the hospital.
He goes in for the trick of his lifetime, attempting to execute the most difficult trick ever performed in Olympic snowboarding to date.
Then blam! And it’s off to the hospital.
It Takes Time
After years of practice and more practice, the things professionals do are so hard, and so technically perfect, that one minor mistake can put them in a dangerous position.
Shaun White keeps a tight schedule. And he has been practicing—day after day—attempting to execute perfectly. And still, it is difficult.
Yet, in the stock market, many of us rush in, without any prior thought, and attempt to try the tricks the professionals do, on our first try.
As master trader Edwin Lefevre puts it:
“The average American is from Missouri everywhere and at all times except when he goes to the brokers’ office and looks at the tape, whether it is stocks or commodities. The one game of all games that really requires study before making a play is the one he goes into without his usual highly intelligent preliminary and precautionary doubts. He will risk half his fortune in the stock market with less reflection than he devotes to the selection of a medium priced automobile.”
-Edwin Lefevre
But what makes the stock market any different than snowboarding? Just because the dangers aren’t physical, doesn’t mean they don’t exist. Yet our hope for making a quick buck outweigh our desire to work hard and build our way up to being the best we can be.
We can be like the professionals. But first, we have to train like the professionals.
Ask Yourself:
Am I feeling rushed to get somewhere in stock trading quickly? Quicker than is likely reasonable?
Am I putting in the time, energy, and passion that my competition is likely putting in?
How can I better approach the market with humility and strategy instead of overconfidence and false hope?
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