'Reminiscences of a Stock Operator', published in 1932, is a mandatory read for all crypto investors📜
After reading for a 3rd time, I've included some of my personal favourite passages below⬇️
$crypto
After reading for a 3rd time, I've included some of my personal favourite passages below⬇️
$crypto
Ever made a trade in the hopes that the market will pay for something you desire❓
Don't.
"What does a man do when he sets out to make the stock market pay for a sudden need? Why, he merely hopes."
Don't.
"What does a man do when he sets out to make the stock market pay for a sudden need? Why, he merely hopes."
"There is nothing new 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". 🦉
- The exact same applies to the crypto market, and any other market that humans trade📈
- The exact same applies to the crypto market, and any other market that humans trade📈
Don't buy the laggard in a group hoping that it will catch up❌
"Experience had taught me to beware of buying a stock that refuses to follow the group-leader"
Peter also takes the same approach
"Experience had taught me to beware of buying a stock that refuses to follow the group-leader"
Peter also takes the same approach
"The big money in booms is always made first by the public- on paper. And it remains on paper."
Will you be willing to lock in your gains once the bull market has ended❓
Will you be willing to lock in your gains once the bull market has ended❓
This is one of my favourite sections👇
'Old Turkey', a long time stock trader, states why he won't sell his stock to buy back lower in a bull market:
'Old Turkey', a long time stock trader, states why he won't sell his stock to buy back lower in a bull market:
But what did Old Turkey mean?🤔
"The big money was not made in the individual fluctuations but in the main movement".
Similar to Peter's tweet here, play the trend, not the fluctuations.
"The big money was not made in the individual fluctuations but in the main movement".
Similar to Peter's tweet here, play the trend, not the fluctuations.
"In a bull market the game is to buy and hold until you believe that the bull market is near it's end"⌛️
How? 👇
How? 👇
Also:
"One of the most helpful things that anybody can learn is to give up on trying to catch the last eighth- or the first."
Can do this through many tools, such as:
"One of the most helpful things that anybody can learn is to give up on trying to catch the last eighth- or the first."
Can do this through many tools, such as:
The inexperienced always blame 'manipulation' for price moving against them.
Truth is, insiders can only manipulate a market if there are buyers or sellers willing to follow in the trend they set. 👇
Truth is, insiders can only manipulate a market if there are buyers or sellers willing to follow in the trend they set. 👇
-Don't argue with the chart❌
"To be angry at the market because it unexpectedly or even illogically goes against you is like getting mad at your lungs because you have pneumonia."
"To be angry at the market because it unexpectedly or even illogically goes against you is like getting mad at your lungs because you have pneumonia."
Over trading will be the death to your portfolio if you let it. 💀
"What beat me was not having brains enought to stick to my own game - that is, to play the market ONLY when I was satisfied that precedents favoured my play"
"What beat me was not having brains enought to stick to my own game - that is, to play the market ONLY when I was satisfied that precedents favoured my play"
Stay away from paper trading❌
Just because you're profitable on a simulated account, doesn't mean you're going to be with the real thing.
@krugermacro agrees⬇️
Just because you're profitable on a simulated account, doesn't mean you're going to be with the real thing.
@krugermacro agrees⬇️
"A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don't believe in tips."
As a trader/investor you need to find you're own setups and create your own edge, not rely on others. 👥
As a trader/investor you need to find you're own setups and create your own edge, not rely on others. 👥
"When you know what not to do in order not to lose money, you begin to learn what to do in order to win."
"They say you never grow poor taking profits. No, you don't. But neither do you grow rich taking a four point profit in a bull market."
Bull markets are for holding and buying dips, not for selling rallies like in bear markets 📈
Bull markets are for holding and buying dips, not for selling rallies like in bear markets 📈
Don't fight the trend.
If you're anticipating the beginning of a bear market, "don't begin selling in bulk until there is no danger of the engine back-firing".
If you're anticipating the beginning of a bear market, "don't begin selling in bulk until there is no danger of the engine back-firing".
"The business of the trader in commodities is simply to get facts about the demand and the supply, present and prospective."
$BTC is a commodity ✅
So price is simply a reflection of changes in supply and demand.
$BTC is a commodity ✅
So price is simply a reflection of changes in supply and demand.
"The trend has been established before the news is published, and in bull markets bear items are ignored and bull news exaggerated, and vice versa."
Most new traders/investors force their ideas onto the chart to fit their bias🧠
"A speculator must concern himself with making money - not with insisting that the tape must agree with him".
"A speculator must concern himself with making money - not with insisting that the tape must agree with him".
Trade the path of least resistance, that is most often, to trade with the trend.
Same
Same
Price movements can occur without any news, yet the media always persists on finding out why.
"The reputable newspapers always try to print explanations for market movements. It is news. Their readers demand to know not only what happens but why it happens."
"The reputable newspapers always try to print explanations for market movements. It is news. Their readers demand to know not only what happens but why it happens."
There's many more facinating excerpts from the book but this thread is already quite long so i'm gonna finish it here!
If you made it this far it's safe to say you definitely need to read the whole thing
If you want a Part 2 let me know in the comments🤟 $crypto
If you made it this far it's safe to say you definitely need to read the whole thing
If you want a Part 2 let me know in the comments🤟 $crypto
