Quotes from Edwin Lefevre

It takes a man a long time to learn all the lessons of all his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of stock speculation.

When you want to get out, get out.

There is no sense in marking up the price to a very high level if you cannot induce the public to take it off your hands later. Whenever inexperienced manipulators try to unload at the top and fail, old-timers look mighty wise and tell you that you can lead a horse to water but you cannot make him drink.

At all events, I knew that all bull manipulation was foredoomed to failure in that bear market.

One day when the entire market was extremely weak Tropical Trading broke 90 and on the demoralisation I covered.

demand imbalances. He believed that stories about speculators' raids were essentially ghost stories that brokers told clients to keep them in the dark

But the average man doesn't wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn't even wish to have to think. It is too much bother to have to count the money that he picks up from the ground.

The game taught me the game. And it didn't spare the rod while teaching." <(^^,)>

You know, a professional gambler is not looking for long shots, but for sure money. Of course long shots are fine when they come in. In the stock market Pat wasn't after tips or playing to catch twenty-points- -week advances, but sure money in sufficient quantity to provide him with a good living.

an irresistible force meeting an immovable object.

If the unusual never happened there would be no difference in people and then there wouldn't be any fun in life. The game would become merely a matter of addition and subtraction. It would make of us a race of bookkeepers with plodding minds. It's the guessing that develops a man's brain power. Just consider what you have to do to guess right.

Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.

Wall Street professionals know that acting on "inside" tips will break a man more quickly than famine, pestilence, crop failures, political readjustments or what might be called normal accidents. There is no asphalt boulevard to success in Wall Street or anywhere else. Why additionally block traffic?

When it comes to selling stocks, it is plain that nobody can sell unless somebody wants those stocks.If you operate on a large scale you will have to bear that in mind all the time.

TIPS! How people want tips! They crave not only to get them but to give them.

When the man who ought to want a stock doesn't want it, why should I want it?

If a man didn't make mistakes he'd own the world in a month.But if he didn't profit by his mistakes he wouldn't own a blessed thing.

There is no question that advertising is an art, and manipulation is the art of advertising through the medium of the tape.

The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past.