After my May ninth mishap I plugged along, using a modified but still
defective method. If I hadn’t made money some of the time I might have
acquired market wisdom quicker. But I was making enough to enable me
to live well. I liked friends and a good time. I was living down the
Jersey Coast that summer, like hundreds of prosperous Wall Street men.
My winnings were not quite enough to offset both my losses and my
living expenses.
I didn’t keep on trading the way I did through stubbornness. I simply
wasn’t able to state my own problem to myself, and, of course, it was
utterly hopeless to try to solve it. I harp on this topic so much to
show what I had to go through before I got to where I could really make
money. My old shotgun and BB shot could not do the work of a high-power
repeating rifle against big game.
Early that fall I not only was cleaned out again but I was so sick
of the game I could no longer beat that I decided to leave New York
and try something else some other place. I had been trading since my
fourteenth year. I had made my first thousand dollars when I was a kid
of fifteen, and my first ten thousand before I was twenty-one. I had
made and lost a ten-thousand-dollar stake more than once. In New York
I had made thousands and lost them. I got up to fifty thousand dollars
and two days later that went. I had no other business and knew no other
game. After several years I was back where I began. No--worse, for I
had acquired habits and a style of living that required money; though
that part didn’t bother me as much as being wrong so consistently.
_IV_
Well, I went home. But the moment I was back I knew that I had but one
mission in life and that was to get a stake and go back to Wall Street.
That was the only place in the country where I could trade heavily.
Some day, when my game was all right, I’d need such a place. When a man
is right he wants to get all that is coming to him for being right.
I didn’t have much hope, but, of course, I tried to get into the bucket
shops again. There were fewer of them and some of them were run by
strangers. Those who remembered me wouldn’t give me a chance to show
them whether I had gone back as a trader or not. I told them the truth,
that I had lost in New York whatever I had made at home; that I didn’t
know as much as I used to think I did; and that there was no reason why
it should not now be good business for them to let me trade with them.
But they wouldn’t. And the new places were unreliable. Their owners
thought twenty shares was as much as a gentleman ought to buy if he had
any reason to suspect he was going to guess right.
Public-domain text, read in full here on John Shaqi.
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