Patience PlusAttributed to Jessee Livermore:
"And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight."
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"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have the brains they cannot sit tight. Old Turkey was dead right in doing and saying what he did. He had not only the courage of his convictions but the intelligent patience to sit tight."
(Reminiscencences of a Stock Operator, Edwin Lefevre, Books of Walls Street, Fraser Manangement Associates, 7th printing, pp. 68-69)
Technically, looking at the weekly chart, it continues to look like, "when, not if."
https://a.imagehost.org/view/0007/DLKMpressurebulildingWeek072809
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