Hope And Fear
The speculator’s chief enemies are always boring from within. It is
inseparable from human nature to hope and to fear. 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. 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. The successful trader has to reverse what you might call
his natural impulses.
—Edwin Lefèvre, from
Reminiscences of a Stock Operator (1994, John Wiley
& Sons, New York).
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