Livermore: The hardest part isn't buying and selling, it's staying on the sidelines


#投资 #Human nature

The most impressive thing about Livermore isn't when he enters the market — but when he chooses not to.

When he was young, he lost a lot of money, all because he placed heavy bets when he shouldn't have.

Later, he learned to wait — wait for the most confident opportunities to appear, wait for the market to give clear signals.

Only those with cash on hand are qualified to wait for opportunities.

Those with full positions can only be pushed along by the market.

Why is staying on the sidelines so difficult?

Because the anxiety of being out of the market is more uncomfortable than the anxiety of holding a position.

The anxiety of holding a position is "what if I lose?"

The anxiety of being out of the market is "what if it rises and I miss out?"

The latter is the true test of human nature — missing out on gains is more painful than being trapped, but mature traders know that it's better to miss out than to get caught.
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