Jesse Livermore was one of the largest merchants ever lived. Jesse Laurie Stone Livermore was born on July 26, 1877 and began her trading career as “Choke Boy” at the age of 14, where she put up stock quotes for a brokerage in Boston. It was in this work that he learned to trade, and over his long career he traded both up and down markets, making (and losing) many millions of dollars, including the horrors of 1907 and the stock exchange crash of 1929. He is most famous today, being the subject of the book “Memoirs of the Stock Operator” by Edwin Lefebvre. Jesse lived to be 63 years old and died on November 28, 1940.
- The stock market is never obvious. It is designed to fool most people, most of the time.
Jesse Livermore - There is one aspect to the stock market; And it’s not bull side or bear side, but right
Jessie Livermore - A person must believe in himself and his judgment if he expects a living from this game. So I don’t believe in tips.
Jesse Livermore - A man must study the general conditions, capturing them so that he can predict the odds.
Jesse Livermore - To predict the market is to gamble. Be patient and react only when the market provides a signal is to guess.
Jesse Livermore - Don’t take action with the trade until the market itself confirms your opinion. A little late to trade is insurance that you are right. In other words, don’t be a hasty merchant.
Jesse Livermore - The prudent speculator does not argue with the tape. The market is never wrong and opinions are often there.
Jesse Livermore - If I buy stock on Smith’s tip I must sell that same stock on Smith’s tip. I am dependent on him. Smith assumes a vacation away when sales time comes around?
Jesse Livermore - If you can’t sleep at night because of the stock market location, you’ve gone too far. In this case, you sell your position to the next sleep level.
Jesse Livermore - The average person doesn’t want to hear that it’s a bull or bear market. What he wants is to say specifically a particular stock to buy or sell. He wants to get anything. He doesn’t want to work. He doesn’t even have to think.
Jesse Livermore - He wanted to tell them that the big money is not in individual fluctuations, but in establishing the overall market and its trends, rather than in the main movement, reading the tapes.
Jesse Livermore - Those who seek easy money immutability pay the privilege of proving conclusively that they cannot find it on earth.
Jesse Livermore - It is reckless to make a second trade if the first trade shows you a loss. Never average loss. Let these thoughts be written indelibly on your mind.
Jesse Livermore - No one can catch all the fluctuations. Buy the game at the bull market and hold it until you believe that the end of the bull market is near. To do this, you need to study the tips or special factors that affect individual stocks rather than general conditions. Then all stocks get out; keep going! To do this you have to use your brain and your vision; otherwise my advice would be as foolish to tell you to buy cheap and sell dear. One of the most useful things anyone can learn is to give up trying to catch the last eighth or first. These two are one-eighth the most expensive in the world.
Jesse Livermore - Remember this: when you’re not doing anything, speculators who feel they have to trade every day are laying the groundwork for your next venture. You will benefit from their mistakes.
Jesse Livermore - It is literally true that millions of traders come easily after he knows the way of trade, hundreds more than he did in the work of his ignorance.
Jesse Livermore - Professional traders have always been dominated either by their attitudes to speculation or their desires, which system or the other has been based on their own experience.
Jesse Livermore - I thought it was a long step forward in my trade education and when I finally realized when old Mr. Partridge kept talking to other clients, “Well, you know this bull market!” I wanted to tell them that I wasn’t reading the tapes without them, but that I was in a major move that would shape the overall market and its trends.
Jesse Livermore - I do not hesitate to tell anyone that I am bullish or bearish. But I don’t tell people to buy or sell any particular stock. All stocks in the bear market go down and in the bull market go up.
Jesse Livermore - After spending years on Wall Street and earning millions of dollars, I want to say this: It was never my idea of making a lot of money for me. It’s always been my seat. okay? Sit my tight!
Jesse Livermore - “Lucky” traders make minimal mistakes, and if they do, they quickly get out of the situation and do minimal damage. In practice, this means you have a written plan for each trade you enter, the most important of which is Stop Loss.
Jesse Livermore - “I can’t sleep,” he replied nervously. “Why not?” asked her friend. “I have so much cotton I can’t sleep. It’s wearing me out. What can I do?”“Sell to the point of sleep”, replied a friend.
Jesse Livermore - Guessing is so exciting. The sport is always on their mind. They get so caught up in the little ups and downs that they miss the big moves.
Jesse Livermore - Semi-Sucker was reading a book about trading—usually yet written by a high-grade sucker—but he didn’t realize that reading a book and trading experience isn’t the same. This type of sucker can cite all kinds of wise sayings about the operation of the stock market. He didn’t lose money as fast as the first sucker because he learned some of the most basic trading rules.
Jesse Livermore - Loss never bothers me after I take it. I forget it all night long. But being wrong—not taking a loss—that does damage to what wallet and soul.
Jesse Livermore - The market can’t beat them. They have brains, but they beat themselves because they can’t sit tight.
Jesse Livermore - I did exactly the wrong thing. Cotton showed me a loss and I kept it. Wheat showed me a profit and I sold it. Of all the speculative mistakes, few are greater than trying to average the game you lose. Always sell what shows you a loss and keep what shows you a profit.
Jesse Livermore - Whenever I have the patience to wait for what the market calls a pivot point before starting a trade; I always make money on my work.
Jesse Livermore - Losing money is the least of my problems. Loss never bothers me after I have it. I forget it all night long. But what goes wrong – not taking a loss – is what harms that pocket book and soul.
Jesse Livermore - What people actually did in the stock market wasn’t what they said they would do.
Jesse Livermore - Play the market only if all factors are in your favor. People can’t always play and win the market. There are times when you should be completely out of the market for sentiment, as well as economic reasons.
Jesse Livermore - Regardless of the underlying conditions, the desire for sustained action is costly, even among professionals who feel compelled to take their money home every day, much like working for regular pay on Wall Street.
Jesse Livermore - Do not use the words “bully” or “bear” these words fix a firm market direction in your mind for a long time. Instead, use “uptrend” and “downtrend” when you ask what direction the market is heading. Simply put: “The line of least resistance is either upward or downward at this time.” Remember, don’t fight the tape!
Jesse Livermore - The game of speculation is the most uniformly fascinating game in the world. But it’s not a game for the stupid, mentally lazy, inferior emotionally balanced person, or the get-rich-quick adventurer. They will die poorly.
Jesse Livermore - He would risk half of his fortune in the stock market with less reflexes devoted to choosing a mid-priced car.
Jesse Livermore - The only thing a person can do when something is wrong is to stop doing what is wrong. Cut losses quickly without hesitation. Don’t waste your time. When a stock moves below a mental stop, sell immediately.
Jesse Livermore - Emotional control is the most important factor in regenerating the market. Never lose control of your emotions when the market moves against you. Don’t be too confident through your wins or too discouraged through your losses.
Jesse Livermore - In a narrow market, the price cannot be talked about anywhere, but it makes no sense to predict what the next big move will be when it moves within a narrow range. All you have to do is look at the market, read the tapes to determine the limit of the price you get anywhere, and make up your mind that you won’t be interested until the price breaks the limit in either direction.
Jesse Livermore - Pat Heune – he made money in stocks, the people asked him for advice. He will never give anything. He used his favorite racetrack aphorism when they asked him point blank for his opinion on the wisdom of his promise: “You can’t speak until you bet.”
Jesse Livermore - Always people behaved and reacted basically the same way in the marketplace: greed, fear, ignorance, hope. In other words, numerical formations and patterns are the reason why they recur on a certain basis.
Jesse Livermore - Few men can sit right and tight. I found it one of the most difficult things to learn. But only after the stock operator firmly grasps that he can make big money.
Jesse Livermore - Experience has shown that the real money made by speculation was in the promise of a stock or commodity that showed a profit from the outset.
Jesse Livermore - There is time to go long. There is a short time to go. I have time to go fishing.
Jesse Livermore - I can rise only by knowledge, and if I fall, it must be due to my own mistakes.
Jesse Livermore - Take a look at the market leaders, the stocks that drove the rising rates in the bull market. That’s where the action is and the money is made. When the leader goes, so goes the whole market. If you make money in the manager, you are not going to make money in the stock market. Seeing the leader limits your universe of stocks, keeps you focused, and more easily in control. Jesse Livermore
- One of the most useful things anyone can learn is to give up trying to catch the last eight or first. These two are one-eighth the most expensive in the world. They cost stock traders millions of dollars to build concrete highways across the continent.
Jesse Livermore - I don’t make myself mediocre, but I don’t lose my temper for the stock market. I never argue with the tape. Getting sick on the market doesn’t get you anywhere.
Jesse Livermore - It’s often a mistake not to take advantage of unexpected luck in the stock market.
Jesse Livermore - There is nothing new to Wall Street or stock speculation. What happened in the past will happen again, and again, and again. Because human nature does not change, it is human emotion, firmly built on human nature, that always gets in the way of human intelligence. Of these, I am sure.
Jesse Livermore