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Be the guy on the otherside of your losing trades. Sell out of the money options. They expire worthless most of the time. Hedge though.

Get a "real" job during the deal and trade at night. The US equity market is dead anyways. All the real money is made at night.

"Losers average losers"

Why isn't cnbc 24hrs, 7 days a week. I would think there would be a market for such a station. Who wants to watch the apprentice and all the other bs they show at night. Is bloomber 24hrs now?

Until your positions go against. What makes this market so special. In this enviroment, I wouldn't hold anything overnight

Only after a 5% correction. The market is going to crash in the next couple of days.

Some of those replies were funny, especially the one from the dope dealing trader.

Can you please PM me too. I was the one that orginally asked the question. Just kidding. Thx

How can I do that? How much capital do I need? Any other advice?

Well, you never know. When I make it big and am in Market Wizard III, I will give my opinion on JL. Then someday new traders can quote me as a source who thought JL was overrated.

I read on of his real biographies, a more accurate portrayal of his life, and it wasn't that good.

My ignorance is blinding? Ok. Go emulate Livermore. Just because someone is quotable doesn't make them an expert on the subject. Everyone is entitled to have an opinion, and I respect all of yours, but I don't think too highly of a man that couldn't follow his own trading rules.

A good trader does not let one's life problems influence their trading. You are all making my argument for me. He lost his fortune countless number of times because he didn't follow his own rules. That makes him a horrible trader.

Why is everyone defending him? The media has romantized his life, but the simple fact of the matter is that he was a horrible trader. He may have been a colorful, likeable man, but anyone that contiounsly blows up is not a good trader. He should have followed his own advice. Instead, he was way...

Yes, I learned tons from the book. I learned more from market wizards, which is grossly under-quoted compared to the amount of times Livermore get quoted.

Well, then the lesson should be: Read Livermore's book to learn what no to do. What good is making money, if you just lose ALL of it back. He sucked as a trader.

Well, best of luck and remember: you can't win if you don't play, and you can't play if you don't have any chips.

Tape reading per se is not outdated, but Livermore's style of tape reading in outdated. The markets move faster and more people are doing it, so his style needs to be adjusted to compensate for that.

Well, whatever works for you, but I wouldn't emulate his trading style. It was unsuccessful and it is now outdated.

I don't think the Iraqis hate the US. They is a rdiculous comment.