Knowledge and experience are valuable assets in trading from "summary" of Reminiscences of a Stock Operator by Edwin Lefevre
The knowledge and experience that a trader acquires over time are like valuable assets that cannot be easily replaced. These assets are essential for navigating the unpredictable and often volatile world of trading. Without a solid foundation of knowledge and experience, a trader is like a ship without a compass, at the mercy of the whims of the market. Knowledge is the foundation upon which successful trading is built. Understanding market dynamics, financial instruments, and trading strategies is crucial for making informed decisions. Without this knowledge, a trader is likely to make hasty and ill-advised trades that could result in significant losses. Experience, on the other hand, is the practical application of that knowledge in real-world trading situations. It is through experience that a trader learns to recognize patterns, anticipate market movements, and manage risk effectively. The va...
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