Wax Cannot Withstand Fire
"It cost me millions to learn that another dangerous enemy to a trader is his susceptibility to the urgings of a magnetic personality."
For the next few weeks, we will be using quotes from Edwin Lefevre and his masterpiece trading book, “Reminiscences of a Stock Operator.” Enjoy!
Building Up Yourself
As human, we are wax. No matter what it is around us—bad relationship, toxic individuals, or informational pundits—we cannot withstand fire.
No matter how much time we spend building up the wax around us, the second we are introduced to fire, we melt—and we melt quickly.
Edwin Lefevre learned this the hardest way possible. After become a multi-millionaire, he lost it all, because he listened to the wrong person—anyone but himself.
“A man cannot be convinced against his own convictions, but he can be talked into a state of uncertainty and indecision, which is even worse, for that means that he cannot trade with confidence and comfort.”
Fists of Information
However, many of us put our trust in others. We listen to the news, we listen to the analysts, and we listen to the professionals.
This is exactly what got Edwin Lefevre into trouble though. The reality is, so many people talk like they know, but only one person pays for being wrong—the individual making the trade.
“To learn that a man can make foolish plays for no reason whatever was a valuable lesson. It cost me millions to learn that another dangerous enemy to a trader is his susceptibility to the urgings of a magnetic personality when plausibly expressed by a brilliant mind.”
We are all susceptible to those who sound like they know what they are talking about, especially when they are wrong.
“The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence.”
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