This is a great quote from Edwin Lefèvre “Reminiscences of a Stock Operator” at 4th paragraph of Page 61.
“It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine–that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.”
― Edwin Lefèvre
I should be very patient in my investment such as lessons learned in my positions of ADGF, HHC, BAC. I got out too early to make more profit. In addition, if I want to sit tight and wait for long term, I cannot long on options with less than 1.5 years of expiration days, no matter how attractive the options are.
