When Mr. Partridge was told by the younger men in the stock trading office that a correction was due and that it

might be wise to sell his stocks and prepare to buy them back at a lower price, Mr. Partridge would reply, in kindly

fashion, “Yes, thank you, but this is a bull market.” As Mr. Livermore explained, what Mr. Partridge

really meant to tell them was that the big money was not in the individual fluctuations but in

the main movements--- that is, not in reading the tape but in sizing up the entire market

and its trend.

And right there let me say one thing: After spending many years on Wall Street and

after making and losing millions of dollars, it was never my thinking

that made the big money for me, it was always my sitting. Got that?! 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. I found it one of the hardest things to learn. But it is

only after a stock operator has firmly grasped this that he can make big money. It is

literally true that millions come easier to a trader after he knows how to trade than

hundreds did in the days of his ignorance.