Jesse livermore




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Jesse livermoreJesse Livermore

Whats so interesting About Jesse Livermore?

Time Magazine described Jesse Livermore as the most fabulous living U. S. stock trader.

His progress from office boy to Wall Street legend his trading lessons his triumphs and disasters is probably the most fascinating of any of Wall Streets stories.

Even today, many stock and commodity traders owe Jesse Livermore a deep debt of gratitude for sharing his experiences.

The techniques he made public have endured through many decades; his trading rules earned him millions of dollars, provided he stayed faithful to them.

Livermore also lost his entire fortune on more than one occasion, when he ignored his trading rules.

Jesse Livermore was a self-made man trading with his own money not other peoples money, like modern investment banks and hedge funds.

Depending how you measure it, his fortune peaked between 1.1 and 14.0 billion dollars in todays money.

Reminiscences of a Stock Operator Stock Trading Strategy

In a series of interviews in Reminiscences of a Stock Operator with Lawrence Livingstone (a pseudonym for Jesse Livermore) the financial journalist Edwin Lefèvre got to the heart of the strategy and psychology of a master stock market trader.

The purpose of this site is to discuss and analyze Livermores experiences and strategies in order to provide useful information for todays novice traders.

To give you a brief taste of where we will go, here are some quotes from Reminiscences of a Stock Operator :

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 man of inferior emotional balance, or for the get-rich-quick adventurer. They will die poor.

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.

There is nothing new in Wall Street. There cant be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.

There are times when money can be made investing and speculating in stocks, but money cannot consistently be made trading every day or every week during the year. Only the foolhardy will try it. It just is not in the cards and cannot be done.

The point is not so much to buy as cheap as possible or go short at top price, but to buy or sell at the right time.

I am tired of hearing the public and papers blame Wall Street for parting fools from their money Its the successful business man who is the biggest sucker of the lot. He has made a fortune in his own line. How? By being on the job for years; by learning all there was to know about it; by taking reasonable chances; by utilizing his knowledge and experience to anticipate probabilities. He wants to increase that fortune at a faster rate and with less effort.

It took me five years to learn to play the game intelligently enough to make big money when I was right.

When some of my stock trading operations are given, you will notice I made my first trade when the force of movement was so strong that it simply had to carry through.

Speculation is far too exciting. Most people who speculate hound the brokerage offices the ticker is always on their minds. They are so engrossed with the minor ups and downs, they miss the big movements.

Stock Trading Rules

Jesse Livermores Trading Rules

Here are the stock trading rules that made Jesse Livermores one of the worlds greatest fortunes. Many successful stock and commodity traders still base their methods on these rules.

Livermore constructed his rules over several years, while learning by trial and error what worked on the markets. He was guided by one of his favorite principles:

There is nothing new in Wall Street. There cant be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.

Stock Trading Rules

Buy rising stocks and sell falling stocks.

Do not trade every day of every year.

Trade only when the market is clearly bullish or bearish.

Trade in the direction of the general market.

If its rising you should be long, if its falling you should be short.

Co-ordinate your trading activity with pivot points .

Only enter a trade after the action of the market confirms your opinion and then enter promptly.

Continue with trades that show you a profit, end trades that show a loss.

End trades when it is clear that the trend you are profiting from is over.

In any sector, trade the leading stock the one showing the strongest trend.

Never average losses by, for example, buying more of a stock that has fallen.

Never meet a margin call get out of the trade.

Go long when stocks reach a new high. Sell short when they reach a new low.

Other Useful Stock Trading Guidance

Dont become an involuntary investor by holding onto stocks whose price has fallen.

A stock is never too high to buy and never too low to short.

Markets are never wrong opinions often are.

The highest profits are made in trades that show a profit right from the start.

No trading rules will deliver a profit 100 percent of the time.