There are only few traders who has a reputation as Jesse Livermore. In his book – Reminiscences of a stock operator – he talks about his extraordinary life and how he worked in an old mäklarskola, where he earned and lost millions of dollars. Several times, Livermore lost everything he had to then struggle back to the top.
It is impressive to read his story but his approach and his story is a kind of interval between a crazy spelgeni and brilliant financial speculator. His passion for the trade will all the time. We have compiled the most memorable Jesse Livermore quotes here: Jesse Livermore quotes Respect your trading rules To lose everything you have can teach you a lot, but only if you can fight you back, you have shown that you actually learned from your mistakes. Jesse Livermore speaks a lot about the importance of respecting their rules and learn from failures:
1 – What took killing me is that I don’t have enough brains to keep me to my own games. […] So-called ”Wall Street fool”, who thinks he must trade all the time.
2 – the Request for constant action irrespective of underlying conditions is responsible for many losses in Wall Street among the professionals who feel that they must take home some money every day, as if they were working for a common fastlön.
3 – It was never my thinking that earned me big money. It was always my sitting.
4 – It is almost as important to know what not to do in order to know what should be done.
Rules are important, but if you do not have the courage and the confidence to act on them you will not go far. However, there is a fine line between confidence and arrogance. As a trader you must make trading decisions independently, and be willing to take full responsibility for it.
5 – A man must believe in himself and his own opinion. if he should expect to live in this game. Therefore, I do not believe in tips.
6 – Without faith in his own judgement, no one can go very far in this game.
7 – Courage in a speculator is merely confidence to act on their own decisions. Learning and teaching You can not teach you how to trade in the school or in a högskoleklass. The number of utbildningshandlare spending in the form of losses, however, can be significant. Some of Jesse Livermores most valuable lessons he learned the hard way:
8 – A man can only excuse their mistakes by capitalizing them to his subsequent profit.
9 – the Game taught me everything, but it was a hard teaching.
10 – If I had not made the money any time I had maybe acquired marknadsvisdom faster.
11 – I have studied and tried to find the exact problem with my system that had been responsible for my defeat.
12 – There is nothing like losing all you have in the world to teach you what not to do and when you know what you should not do in order not to lose money, you begin to learn what you must do to win.
13 – A man will risk half his fortune in the stock market with less reflection than he devotes himself to köpvalet of a medium sized car.
Losses and risks
It stands across the whole of the book is that Livermore can manage to lose money exceptionally well. It seems as if he often does not even bother about the involved money:
14 – I was convinced what was wrong with me and not with the market.
15 – Go not against the trend, to be unstable on the market will not give you anything.
16 – A loss bothers me when I get it. I forget it overnight. Best of…
17 – the Market is never too high to buy or too low to sell.
18 – One of the most useful things anyone can learn is to catch the last eighth or the first. These are the two most expensive eighth in the world.
Instead of hoping you must fear; instead of fear, one must hope. Man must fear, and even loss have developed into a much bigger loss and hope that the prize can be a big win.