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There's Nothing New on Wall Street!

2/28/2016

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​If you’ve visited my website, shortmetina.com you’ll realize that I’ve been trading the markets for over a decade.  Like most traders, I blew up a few accounts.  Lost tons of money in hefty tuition fees and came very close to giving up on the markets because it seemed so random. 
After some years, the markets became less noisy and things started to make sense.  I saw some successes but I truly believe, I arrived as a trader after reading Edwin Lefevre’s Reminiscences of a Stock Operator.  I can go on and on about this book but it would only serve as a spoiler for my readers.  Before quoting ten "spot-on" quotes from the book, I will leave you with this interesting fact.  Although the book was first published in 1923, it remains very relevant in todays trading climate.  There is nothing new on Wall Street.  Enjoy Speculators. 
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  1. “From then on I began to think of basic conditions instead of individual stocks”.
  2. “But after the initial transaction, don’t make a second unless the first shows you a profit.  Wait and watch”.
  3. “I began to realize that the big money must necessarily be in the big swing”.
  4. “Obviously the thing to do was to be bullish in a bull market and bearish in a bear market”.

5. “I should have walked and not sprinted”.
6. “Losing money is the least of my troubles.  A loss never bothers me after I take it.  I forget it overnight.  But being wrong—not taking the loss—that is what does the damage to the pocketbook and to the soul”. 
7. “Sell down to the sleeping point…”
8. “When a man makes his play in a commodity market he must not permit himself set opinions”.
9. “The speculator’s chief enemies are always boring from within.”
​10. 
“The professional concerns himself with doing the right thing rather than with making money, knowing that the profit takes care of itself if the other things are attended to.” ​

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    Tina "ShortMeTina" Ley (pronounced Lee) holds a Bachelor of Arts in Forensic Psychology and a Master's of Science in Mental Health Counseling and has been a stock market participant for over a decade.  Currently a Full-Time Trader and Blogger of all things financial.  ​


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This website is for information and illustrative purposes only. It is not, and should not be regarded as investment advice or as a recommendation to buy, sell and/or hold any securities mentioned.  All investments carry risk, there are no guarantees. Investors should consult with their advisers with respect to their investments.  Please read our full disclaimer here. 

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

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