Continuous learning and adaptability are keys to longterm success in trading from "summary" of Reminiscences of a Stock Operator by Edwin Lefevre
One thing I learned early is that there is no new thing in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I never lost my money by keeping it in my pocket. I always knew that the best way to make money is to keep the money you already have. I didn't get to where I am by sticking to old ways of doing things. I always had to be willing to adapt and learn from my mistakes. The market is constantly changing, and if you don't change with it, you'll get left behind. Success in trading isn't about being right all the time, it's about being able to admit when you're wrong and learn from it. The key to long-term success in trading is continuous learning and adaptability. You can't rely on past successes to carry you into the future. You have to be willing to put in the time and effort to stay ahead of the curve. The market is always evolving, and if you're not willing to evolve with it, you're setting yourself up for failure. I've seen too many traders who thought they had it all figured out, only to be blindsided by a sudden shift in the market. They were too stubborn to change their ways, too set in their old habits. In the end, they paid the price for their arrogance. If you want to succeed in trading, you have to be humble enough to accept that you don't know everything. You have to be willing to learn from your mistakes and adapt to the ever-changing market conditions.
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