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Jesse Livermore: Lessons From a Legendary Trader

Jesse Lauriston Livermore
Written by Andy

Jesse Livermore should have a monument to him on Wall Street in NYC. His wife found out about his “secret apartment” after his death so she took the money from the Will set aside for his burial monument and had him buried in Massachusetts w/ a plain gravestone.

“It is emotionally difficult to review your mistakes, since the speculator must review his own bad trades. And these are not simple blunders; these are blunders that cost money. Anyone who has lost money by investing poorly knows how difficult it is to re-examine” – J. Livermore

“Once a stock trade is entered, hope springs to life. It is human nature to be positive, to hope for the best. Hope is an important survival technique. But hope, like its stock market cousins ignorance, greed, and fear, distorts reason.” – J. Livermore

“And only make a big move, a real big plunge, when a majority of factors are in your favor….every once in a while you must go to cash, take a break, take a vacation. Don’t try to play the market all the time. It can’t be done, too tough on the emotions.” – J. Livermore

The last one is so true.  Having big positions all the time is exhausting mentally.

“Finally. there came the awful day of reckoning for the bulls and the optimists and the wishful thinkers and those vast hordes that, dreading the pain of a small loss at the beginning, were now about to suffer total amputation without anaesthetics. It was October 24, 1907.” – J. L

“Your money is no good here Mr. Livingston, we aren’t taking any more of your bets at this bucket shop. Good riddance!”

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