Stick to your strengths and strategies in trading from "summary" of Reminiscences of a Stock Operator by Edwin Lefevre
Now, the game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the man of inferior emotional balance, or for the get-rich-quick adventurer. They will die poor. The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation, when the market goes against you, you hope that every day will be the last day – and you lose more than you should had you not listened to hope – to the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way, you become fearful that the next day will take away your profit, and you get out – too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does. Stick to your strength and strategy in trading. You must have a definite plan and stick to it. You must believe in it – it must be more than a mere fancy. It must be rock-ribbed, unyielding. You must know in your heart that you are going to win, and win big. But the most important thing is to try to train yourself to hold to your method and not to let past or current experiences or the action of other people influence you. In a word, you must have a definite mind-set. Remember, my boy, that a quick profit is not the same as a sure profit. You must not let anyone take advantage of your naturally hopeful, trusting nature. You must be suspicious of both your friends and the market. You must realize that you are alone in the fight to make money. That's why I am against tips. If I buy stocks on Smith's tip I must sell those same stocks on Smith's tip. I am depending on him. Suppose Smith is away on a holiday when the selling time comes around! No, sir, nobody can make big money on what someone else tells him to do. If he buys the stock on the say-so of others, he
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