Reminiscences of a Stock Operator - Chapter XVII Summary & Analysis

Edwin Lefèvre
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Chapter XVII Summary and Analysis

Livingston admits he sometimes feels a strong urge on which he must take action, but believes there is a good explanation. He suggests there are small warnings, none large enough to provide a rational excuse, but which together create a subconscious sense that now is the time to act in a particular way.

Livingston discusses the difficulties of selling a large amount of highly priced stock. On paper, one has a large profit, but one must convert that paper profit to cash. Doing so might affect the price substantially. One has to take a profit when conditions are right—others are willing to buy the stock for a reasonable price. This means beginning to sell before the price reaches its peak, or planning to sell at the top but expecting the price to drop along the way.

Livingston...

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