He looked for the direction of larger swings and tried to determine how long they would last. Livingston preferred to invest in larger market trends. And when things go bad, they fail to act until it’s too late for them to recover. They trade on margin rather than taking profits when they have them. The story is always the same: People who are greedy or ignorant come into the market, relying on tipsters or brokers instead of using their own intellect. Laws can’t stop people from acting out of greed and ignorance the same thing happens over and over again, with no change in outcome. It’s pointless to talk about laws that protect people from their own greed and ignorance. It’s better to be a buyer than a seller in any market because being optimistic will help you make money in the long run. When the selling stops, then it’s time for a recovery to start happening again. Markets go down when there are too many sellers and not enough buyers. When a market is down, people often blame the big operators. He showed no signs of being nervous when we met him he looked like a man who made the best decisions when he had time to think things over before making them happen. Livingston himself was tall, straight, and healthy-looking. He was rumored to have gone through several fortunes, but this house testified to his current net worth. Livingston lived in a luxurious house with butlers and artwork. Today, there are few of these people around. There used to be speculators who were so influential that they could make markets go up or down. People who are interested in buying stocks usually make some mistakes, but they can learn from those mistakes if they’re willing to accept that hard lessons are sometimes necessary for success. That only makes things worse for them and other investors. Some people who buy stocks get hurt when the market goes down, but they don’t listen to their brokers anyway. Or, it could be due to the short sellers who want the price of their stocks to fall so they can buy them back at cheaper prices and make money on commissions. The answer may be that there’s no reason it could just be a random event. Investors ask stock operators why stocks drop in value. Small investors can be hit hard by major drops in value because they’re invested in weak stocks that may never recover. The most popular stocks are usually the first to fall, and then less known ones follow. When the stock market declines, it affects many types of investors. 1-Page Summary of Reminiscences Of A Stock Operator Great Operators: The Voice of 1922
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