CHAPTER XXI.

CAUSES OF LOSS IN SPECULATION. INADEQUATE INFORMATION.—FALSE INFORMATION.—DEFECTS OF NEWS AGENCIES.—INSUFFICIENCY OF MARGINS.—DANGERS OF PERSONAL IDIOSYNCRASIES.—OPERATING IN SEASON AND OUT OF SEASON.—NECESSITY OF INTELLIGENCE, JUDGMENT AND NERVE.—AN IDEAL STANDARD.—WHAT MAKES A KING AMONG SPECULATORS? As there is always a class of speculators whose operations, in the long run, leave a net result of loss rather than profit, it may not be amiss if I state what experience has taught me as to the cause…