VOObyM

Reminiscences of a Stock Operator
from the luncheon table to sell that second lot of 10,000 bales. But again that clearly was
not a hunch. It was an impulse that came from the conviction that the time to sell cotton
had now come, however great my previous mistake had been. I had to take advantage of
it, It was my chance. The subconscious mind probably went on working, reaching
conclusions for me. The decision to sell ir Washington was the result of my observation.
My years of experience in trading told me that the line of least resistance had changed
from up to down.
I bore the cotton market no grudge for taking a million dollars out of me and I did not
hate myself for making a mistake of that calibre any more than I felt proud for covering
in Philadelphia and making up my loss. My trading mind concerns itself with trading
problems and I think I am justified in asserting that I made up my first loss because I had
the experience and the memory.
- 191 -