There was a man who lived on a mountain
Liked to be away where one could think
Kept a record of what happened for clear thoughts
Gave everything all the time it needed
Real change does not end the same day it begins
Be away from the confusion of things
“I would be a failure if I were in the confusion of things and let myself be distracted by minor changes. I like to be away where I can think.
You see, I keep a record of what has happened, after it has happened, and it gives me a rather clear picture of what markets are doing.
Real movements do not end the day they start.
It takes time to complete the end of a genuine movement.
By being up in the mountains I am in a position to give these movements all the time they need."
This quote was from a 1940 book on trading stocks by Jesse Livermore.
Livermore was a trader who was immortalized in a fictionalized account of his life and career, "Reminiscences of a Stock Operator" - a 1922 book that was called by some "The Trader's Bible". It has been read and quoted for its wisdom about human nature and risk-taking.
Livermore became a legend in his time for amassing a fortune in the markets, including the 1907 Panic. He remained, however, a human being with all of a human's flaws and frailties. At a low point in his life he took his own life. His life became both an inspiration and a cautionary tale. His words live on as lessons about the human condition.
Livermore was quoting an older trader above.
The old timer counseled others about staying away from the information overload of even daily information, which might seem quaint by our standards.
Today we are fixated on consuming a constant stream of noise with nanosecond time frames. We risk losing ourselves.
Even if we can't escape to a mountain-top retreat, we can still slow things down and find ourselves.
We risk becoming failures if we stay in "the confusion of things", the distraction of minor changes.
"I like to be away where I can think." We all need this. We can't do that if we're gorged 24/7 on a constant feed of "data" to consume.
"I keep a record of what has happened, after it has happened, and it gives me a rather clear picture" A practice of observing and recording events helps us observe ourselves. Self-awareness emerges.
"Real movements do not end the day they start."
What better warning about time frames and our expectations? For everything.
"It takes time to complete the end of a genuine movement."
What better reminder to have patience, persistence and endurance? Again for everything.
"I am in a position to give these movements all the time they need."
We want to be able do our best with what we control. After that, things happen when they happen.
Be away from the confusion of things.
For some reason this evoked scenes from The Razor's Edge by W. Somerset Maugham. Also the movie version with Tyrone Power trying to find himself in the Himalayan mountains.