TOP 25 JESSE LIVERMORE QUOTES
Writing today about "Jesse Livermore", one of the greatest traders who ever lived. My trading style is much influenced by Jesse Livermore the Legend.
JESSE LIVERMORE
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| Jesse Livermore |
Jesse Lauriston Livermore (July 1877 – November 1940) was an American stock trader. He is considered a pioneer of day trading and was the basis for the main character of Reminiscences of a Stock Operator, a best-selling book by Edwin Lefรจvre. At one time, he was one of the richest people in the world. At his peak in 1929, Jesse Livermore was worth $100 million, which in today's dollars roughly equates to $1.5 billion. There is no question that times have changed since Mr. Livermore traded stocks and commodities. Despite the change in times, his rules still apply.
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Top 25 Jesse Livermore Quotes
1. There is only one side to the stock market; and it is not the bull side or the bear side, but the right side.
2. A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.
3. The stock market is never obvious. It is designed to fool most of the people, most of the time.
4. A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don’t believe in tips.
5. To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.
6. Don’t take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct. In other words, don’t be an impatient trader.
7. If you can’t sleep at night because of your stock market position, then you have gone too far. If this is the case, then sell your position down to the sleeping level.
8. It is foolhardy to make a second trade, if your first trade shows you a loss. Never average losses. Let this thought be written indelibly upon your mind.
9. Losing money is the least of my troubles. A loss never bothers me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does damage to the pocketbook and to the soul.
10. I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.
11. After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!
12. The only thing to do when a person is wrong is to be right, by ceasing to be wrong. Cut your losses quickly, without hesitation. Don’t waste time. When a stock moves below a mental-stop, sell it immediately.
13. Emotional control is the most essential factor in playing the market. Never lose control of your emotions when the market moves against you. Don’t get too confident over your wins or too despondent over your losses.
14. The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.
15. Play the market only when all factors are in your favor. No person can play the market all the time and win. There are times when you should be completely out of the market, for emotional as well as economic reasons.
16. The desire for constant action irrespective of underlying conditions is responsible for many losses on Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.
17. In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be. The thing to do is to watch the market, read the tape to determine the limits of the get nowhere prices, and make up your mind that you will not take an interest until the prices breaks through the limit in either direction.
18. Remember this: when you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.
19. All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis.
20. There is nothing new on Wall Street or in stock speculation. What has happened in the past will happen again, and again, and again. This is because human nature does not change, and it is human emotion, solidly build into human nature, that always gets in the way of human intelligence. Of this I am sure.
21. Watch the market leaders, the stocks that have led the charge upward in a bull market. That is where the action is and where the money is to be made. As the leaders go, so goes the entire market. If you cannot make money in the leaders, you are not going to make money in the stock market. Watching the leaders keeps your universe of stocks limited, focused, and more easily controlled.
22. It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance.
23. Experience has proved to me that real money made in speculating has been in commitments in a stock or commodity showing a profit right from the start.
24. There is a time to go long. There is a time to go short. There is a time to go fishing.
25. Instead of hoping he must fear and instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.
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