Prepare for both success and failure in trading from "summary" of Reminiscences of a Stock Operator by Edwin Lefevre
When you trade in the market, you must always be prepared for both success and failure. The market is unpredictable, and even the most experienced traders can face setbacks. It is essential to have a plan in place for both scenarios so that you can navigate the ups and downs of trading effectively. Success in trading can lead to overconfidence, which can be dangerous. It is crucial to remain grounded and not let success cloud your judgment. Always remember that the market can change in an instant, and what worked yesterday may not work tomorrow. By preparing for success, you can stay humble and focused on making smart decisions. On the other hand, failure is a reality in tra...
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