Long Term Market Success and Wealth Accumulation Requires Patience
Currently All Markets are in Flux.
(Except recent recommendation to buy the US Dollar)
We are waiting for large declines in Gold and Silver before adding to core positions.
We are waiting for a short term decline then a final advance in the current bear market rally in stocks. This will give us a final opportunity to liquidate stocks before the next killer decline.
While we wait, meditate on these wise words from the most famous stock trader of all time – Jesse Livermore.
“Cash was, is, and always will be – king. Always have cash in reserve. Cash is the ammunition in your gun. My biggest mistake was not in following this rule more often. Time is not money because there may be times when your money should be inactive… Often money that is just sitting can be later moved into the right situation and make a fortune. Patience-Patience-Patience. Patience was the key to success – Don’t be in a hurry.” – Jesse Livermore. How To Trade In Stocks, 1940.
