So I’m off to Petaluma, CA for a week to visit with Noel and Dodgyken. I’m very excited as it’s the first traveling I’ve done in quite awhile and a place I’ve never been to. I may make a few updates along the way, but if you’re actually interested your best bet is checking dodgy’s blog as he’s been documenting his most recent American adventures pretty regularly.
I’ve been reading a decent amount lately and I came across this very interesting quote from Reminiscences of a Stock Operator on page 114 which I think is very relevant to most poker players, myself included, who tend to play longer when stuck and shorter when winning.
“The speculator’s chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you you hope that every day will be the last day–and you lose more than you should had you not listened to hope–to the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way you become fearful that the next day will take away your profit, and you get out–too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does.”
check out the rofl brothel(click on the image twice)
[…] I read Reminiscences of a Stock Operator a couple years ago and blogged briefly about it here. Upon his recommendation, I promptly went to the library and checked out Stock Market Wizards. The […]