Who it is for
For readers interested in overtrading, compulsive action, patience, contrarian timing, security-specific research, and the psychology of excitement-seeking.
English reader · Project Gutenberg #59518
Chapter VI. Cacoethes Operandi
The Theory of Stock Exchange Speculation. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
Crump describes cacoethes operandi—the compulsive itch to trade—as a central weakness of haphazard speculators. He argues that success depends on waiting for genuine extremes, knowing when to do nothing, researching a specific security deeply, and eliminating the desire for excitement from financial judgment.
Modern reader note
The chapter’s examples concern nineteenth-century sovereign bonds and information access. Its central warning about compulsive trading remains psychologically relevant, but its market assumptions and country judgments are historically dated.
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