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Wisdom of Burton Pugh, 1930s stock trader

Found an interesting post from the Crosshairs Trader on the, "Wisdom of a Depression Era Stock Trader", Burton Pugh.

Since I'm always interested to learn more about traders and investors of the past, I thought I'd pass this along. Not only do we get to learn about a market student and trader of the past, we can also get an insight into his trading methods and market philosophy.

Here's an excerpt from Crosshairs Trader's post on Pugh:

"Burton Pugh, a well known trader, market commentator, and writer in the 1930s wrote numerous books, one of which discussed his trading methodology and the psychology behind it. Even after 80 years some things never change and most likely never will. Here is a list of some of the great nuggets of wisdom found in his book
A Better Way to Make Money.

1. The secret to losing money in the market is to know why. “The losers “were ‘playing the market’, not using it intelligently. The fellow at the other end of the deal, who was using it intelligently, not ‘playing the market’, is the one who got the money.”

2. “It is an undeniable fact that indiscriminate trading in a hectic market will send one to financial oblivion quicker than any other known process.”

3. “The most careful preparation-a systematic plan-is one of the essentials of success.”..."

Good study material for traders and investors. Do you see any rules or observations that you find particularly helpful? Any that you disagree with?

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