Reminiscences of a Stock Operator...
- Thread starter alanack
- Start date
Yes, he was a great trader - even when he went broke some times.
Quote from dbs119:
Hahaha, i am sure you can't take money out of the markets every day. Everyone that claims that is either lying or he is plain lucky.
Even Marty Schwartz, the "pit bull" says in his interview that he manages to be break even 200 days in an year, and only those 50 remaining days make his money ..When Gary Smith used to daytrade the index futures, he did not trade every day.
Of course i might be wrong.. I myself do not trade the ES every day..Otherwise i get massaged really badly(
As for Jesse Livermore, didn;t he say in his first book, that later he stopped being a daytrader and saw that the big money are in the big movements/trends?
Wasn't he the one that bought some commodity/ forgot which one
I also think that his 1906 shorting was a very brave move, but the way he describes it is very interesting to analyse He says that after the earthquake in 1906 the market did not go down.. Yet he went short on those news.. So he played on NEWS. He was an amateur..A lucky one.. The sharp decline was just luck in my opnion. After making this killing, he lost his fortune..
Also after 1934 he could not make a lot of money because SEC was introduced and he could not make money..Remember the last 2 chapters where he talks about cornering stocks..Driving stocks prices artificially higher..The public steps in..He sells..The stock crashes.. Or he makes an interview lying about his positions. He says the market is gonna increase, everyone buys, he sells short) Or in one interview in his first book he was short something/ again forgot what
All traders - even the best - lose money. Just ask George Soros. But their winners are bigger than their losers. Livermore? Well, he made fortunes - and lost them again, because it was very hard for him to follow his own rules. But we can learn a lot by reading his books.
forex_king
Global Futures Exchange <br>& Trading Company
...turned me about 180 degrees inside out....everything I learned from charting to fundamentals were dumped after I read the last page in that book...
I guess that would be the equivalent of having a catholic priest turn into a buddhist monk....thats how profound this book had an effect on me....
I guess that would be the equivalent of having a catholic priest turn into a buddhist monk....thats how profound this book had an effect on me....
forex_king
Global Futures Exchange <br>& Trading Company
Trading did not kill himself....syphilis and mental illness contributed to that in that time period they did not have a cure....So before you make a off-handed comment like that know your facts....
That first line is the same as written in Toa te Ching:
Those who know do not speak
Those who speak do not know
Block the passages
Close the door
Blunt the sharpness
Untie the tangles
Harmonize with the brightness
Identify with the way of the world
And another that I like a lot from Roald Amundson, the great explorer (1927):
Victory awaits those who have everything in order - people call it luck.
Defeat is certain for those who have forgotten to take the necessary precautions in time - people call that bad luck.
Sherlock
forex_king
Global Futures Exchange <br>& Trading Company
Bravo...that is on trading should be approached...very nice quote...