Words of Wisdom: Famous Trading, Investing, and Money Sayings Part II

The mental aspect is one of the most overlooked and underappreciated facets of trading. It is also one of the most important. Success in the stock market, as well as in business, is largely dependent on a person's psychological toughness and their ability to “roll with the punches.” Sometimes you just need to sit back, reflect, and clear your head in order to get back into the game. The following is a collection of quotes and sayings relating to investing, money, and the stock market: (Part 1 of the collection can be found here) “Anyone who lives within their means suffers from a lack of imagination.” – Oscar Wilde “Insanity is doing the same thing over and over while expecting different results.” – Jesse Livermore “Since the dawn of capitalism, there has been one golden rule: If you want to make money, you have to take risks.” – Unknown “Please, God, just one more bubble.” – Bumper sticker, Silicon Valley, 2003 “There is only one side to the stock market…Not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind that it did most of the more technical phases of the game.” – Jesse Livermore “If you must play, decide on three things at the start: the rules of the game, the stakes, and the quitting time.” – Chinese proverb “If you are given a choice between money and sex appeal, take the money. As you get older, the money will become your sex appeal.” – Katherine Hepburn “That's the American way. If little kids don't aspire to make money like I did, what the hell good is this country?” – Lee Lacocca “There is only one success – to be able to spend your life in your own way.” - Christopher Morley “A fool may earn money, but it takes a wise man to keep it.” – Scotland “The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” – John Templeton “I rarely think the market is right. I believe non dividend stocks aren't much more than baseball cards. They are worth what you can convince someone to pay for it.” – Mark Cuban “In this business if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.” – Peter Lynch “Your success in investing will depend, in part, on your character and guts, and in part on your ability to realize at the height of ebullience and the depth of despair alike, that this too shall pass.” – John Bogle “Speculation is a hard and trying business, and a speculator must be on the job all the time, or he'll soon have no job to be on.” – Jesse Livermore “The men on the trading floor may not have been to school, but they have Ph.D.'s in man's ignorance.” – Michael Lewis “To whatever degree you haven't accepted the risk, is the same degree to which you will avoid the risk. Trying to avoid something that is unavoidable will have disastrous effects on your ability to trade successfully.” – Mark Douglas “I hate weekends because there is no stock market.” – Rene Rivkin “An investor without investment objectives is like a traveler without a destination.” – Ralph Seger “One way to end up with $1 million is to start with $2 million and use technical analysis.” – Ralph Seger “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” – Warren Buffet “The market does not beat them. They beat themselves, because though they have brains, they cannot sit tight.” – Jesse Livermore “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.” – Warren Buffet “Economists have correctly predicted nine of the last five recessions.” – Paul Samuelson “The stock market will always do whatever makes the greatest number of people look foolish.” – Unknown “The market is weird. Every time one guy sells, another one buys, and they both think they're smart.” – Unknown “Stocks are bought on expectations, not facts.” – Gerald M. Loeb “I know from experience that nobody can give me a tip or series of tips that will make more money for me than my own judgment.” – Jesse Livermore “P/E ratio – The percentage of investors wetting their pants as this market keeps crashing.” – Anon “When you want to test the depths of a stream, don't use both feet.” – Chinese Proverb “Nobody can predict interest rates, the future direction of the economy, or the stock market. Dismiss all such forecasts and concentrate on what is actually happening to the companies in which you've invested.” – Peter Lynch “Go for a business that any idiot can run – because sooner or later, any idiot probably is going to run it.” – Peter Lynch “After spending many years on 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.” – Jesse Livermore “Those who know don't tell, and those who tell don't know.” – Michael Lewis “Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.” – Warren Buffet “No one ever went broke by taking a profit.” – Jesse Livermore