January 16, 2019

The Story Of Jesse Livermore

Jesse Livermore is considered by many has the best speculator that has ever lived. His book, Reminiscences of a Stock Operator was the most recommended book among the market wizards interviewed by Jack Schwager in his books. 

Inside Reminiscences of a Stock Operator you will find some of the most brilliant quotes about the stock market, trading and investing. Here's a few:

"Blunders by incompetent speculators cover a wide scale. I have warned against averaging losses. That is a most common practice." 

“I have long since learned, as all should learn, not to make excuses when wrong. Just admit it and try to profit by it. We all know when we are wrong. The market will tell the speculator when he is wrong, because he is losing money.” 

“Let me warn you that the fruits of your success will be in direct ratio to the honesty and sincerity of your own effort in keeping your own records, doing your own thinking, and reaching your own conclusions.” 

“The real money made in speculating has been in commitments showing in profit right from the start.” 

"Rome was not built in a day," and no real movement of importance ends in one day or in one week. It takes time for it to run its logical course. 

"Remember that stocks are never too high for you to begin buying or too low to begin selling. But after the initial transaction, don’t make a second unless the first shows you a profit." 

"A speculator should make it a rule each time he closes out a successful deal to take one-half of his profits and lock this sum up in a safe deposit box." 

"Definitely is not safe to try to keep account of too many stocks at one time. You will become entangled and confused." 

“A speculator without cash is like a store owner with no inventory. Cash is your inventory, your lifeline, your best friend. Without cash you’re out of business.” 

“The market will tell the speculator when he is wrong, because he is losing money.”