Baruch's Forex System Journal
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Baruch's Forex System Journal:
http://www.moneytec.com/forums/_sho...read.php?threadid=7433&perpage=8&pagenumber=1
http://www.moneytec.com/forums/_sho...read.php?threadid=7433&perpage=8&pagenumber=1
OK. Here are some excerpts from "My Own Story" by Bernard Baruch:
"In speculation, our emotions are constantly setting traps for our reasoning powers. It is far more difficult, for example, to know when to sell a stock than when to buy. Men find it equally hard to take either a profit or loss. If a stock has gone up, a man want to hold on to it in anticipation of a further rise. If a stock has gone down, he tends to hold on to it until an upward turn comes along so he will at least be even.
The sensible coruse is to sell while the stock still is rising or, if you have a mistanke, to admit it immediately and take your loss".
And another one:
"Some people, after selling, bedevil themselves with thoughts of "if only I had done this". To do this is both silly and demoralizing. No speculator can be right all the time. In fact, if a speculator is right half of the time he is hitting a good average. Even being right three or four times out of ten should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong."
And another one:
"Success in speculation requires as much specialized knowledge as success in law or medicine or any other profession. It newer would occur to anyone to open a department store in competion with Macy's or Gimbel's or to make motor cars against Ford or General Motors without prior training or preparation. Yet the same man vil cheerfully toss his savings into a market dominated by men who are experts in their line as Macy's and the auto makers are in theirs".
And one more from old Baruch:
"Another common illusion some people have is that they can do anything - buy and sell stocks, dabble in real estate, run a business, engage in plitis - all at once. My own experience is that few men can do more than one thing at a time - and do it well. A skilled operator in any field acquires an almost instinctive "feel" which enables him to sense many things even without being able to explain them. In a few instances, as in coffee, where I went into speculations where I lacked this "feel", I have not done too well."
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