Why is Jesse Livermore a respected trader given his track record of blowing up?

[qxr1011]

Jesse Livermore is a respected trader among elite traders. Given his track record of blowing his trading account a couple of times, why is this so? Furthermore, he ended up blowing himself up with a gun to his head. Why is he considered a great trader? What are the mistakes that he made to have such a tragic ending?

I do not know what kind of trader Jessy was
I even did not read his book

based on some of his quotes I have a sense that he got something right about the market... but so do many other people, who were not able to trade for a living.

but one should keep in mind that the fall of the trader is not necessary indicative of his ability, and should not see him as a total failure... we all have our limitations (and so do our methods), and not everyone can stand back time after time after another fall....

plus, a luck plays an important role: and there is a good luck and a bad luck....

so all in all I would refrain from calling somebody a great trader or a failure - we just do not know everything, we were not there, we did not see the trades, we do not know the method.

if he traded for a living using only his own money in my book he was a trader.. with some talent of expressing his thoughts

 

[Al_Bundy]

It just dawned on me, the great Richard Dennis blew up big style a couple of times (late eighties, and late nineties, it's documented in Covel's book) yet he's still considered one of the all time greatest trend followers