Jesse Livermore

Quote from a529612:

The guy blew his account a few times. How did he make his comeback starting with nothing?
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He's a homerun hitter and giving him money at the right time is like puting in a homerun hitter as pinch hitter in the 9th inning with bases loaded.. Trading in places like bucket shops was much different than todays market but nevertheless the book itself is a great read for anyone who likes the drama of going from rags to riches on these streets of dreams so to speak..

Obviously the market was much more currupt back then.. When wallstreet started not everyone was allowed to even own stock.. Today anyone with some bucks can trade in the market.. Livermore was a genious of his time..
 
Quote from andrasnm:

I am confused...some of you are criticizing Livermore for being a bad father/husband and liked his booze? I thought this was a trading forum not a morality, "born again in the name of Jesus" forum.
I agree that Livermore could have been a better person and I suspect he was quoting on that effect when uttered.
"my life has been a failure", not his career as a trader. We should be careful of not moralizing and throwing stones at others unless we are immaculately clean. Are you Steve?
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He's not a good trader in my opinion.
Although he made a large sun of money, he also lost a whole of sum of money and was forced to bankruptcy. his risk management is just abysmal.

However that isn't the reason we shouldn't learn from him. Learn his good parts. Take out his bad parts. Learn from his mistakes. Don't follow in his footsteps. Then you will be more successful more him.
 
Quote from WmWaster:

He's not a good trader in my opinion.
Although he made a large sun of money, he also lost a whole of sum of money and was forced to bankruptcy. his risk management is just abysmal.

However that isn't the reason we shouldn't learn from him. Learn his good parts. Take out his bad parts. Learn from his mistakes. Don't follow in his footsteps. Then you will be more successful more him.
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This guy makes a billion dollars in 2006 dollars speculating from nothing and you call him a bad trader. LOL. Anyone who makes a billion dollars is a good trader even if he pisses every last cent away on women, homes, gambling, and trading.
 
People suffering from clinical depression are far more likely to engage in risky behavior than those with solid mental health.

While this is pretty self-evident IMO, the fact has also been proven via the scientific method... so it's all a package deal.

I have a question for those who are knowledgeable about Livermore: Was he ever prescribed heroin or morphine for his depression, as was the common medical practice until the mid 1950's?

I wonder if he neglected to try the one thing that could have actually make him better.

My site, on opiates for depression:

WWW.Prohibition-Kills.com
 
Quote from Johnny Walker:

This guy makes a billion dollars in 2006 dollars speculating from nothing and you call him a bad trader. LOL. Anyone who makes a billion dollars is a good trader even if he pisses every last cent away on women, homes, gambling, and trading.
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But you miss the point that he also lost "a billion" and went bankrupt SEVERAL TIMES.

If you read just that part, you may feel he is the worst trader in the world.

What's the point of having billions if you are going to give back later on?

Risk & money management is what he suxks.

There're other trader who are better than him and never run into bankruptcy.
 
Quote from steve46:

I don't see any reason to venerate Livermore.

There are many people out there who have lived nice clean lives and have taken care of business. They have worked hard, learned a profession and managed not to shoot themselves or their family members in the process. I realize it doesn't make for an exciting book or a movie of the week, but I will bet you could learn just as much from one of those folks.

Poor old Livermore was a clinically depressed alcoholic pansy who had a talent for making (and losing) money in the stock market. His personal life was a total train wreck. Frankly I the only impressive thing about him was his endurance. I bought the book and it was the dumbest thing I have ever done. End of story.

Steve
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Agree 100%. It seems to me the people who are drawn to the Livermore story are the same types who will talk of blowing out accounts as though it were a Purple Heart.

You see this same phenomenon in advantage gambling circles. Some people are drawn to a kind of fatalism, and admire the guys who make millions playing poker and blow it all sports gambling or making ridiculous high stakes side bets of various kinds. This is kind of behavior is pathological, and is nothing to be admired.

Fletch
 
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