Why Jesse Livermore never managed others' money?

I knew a trader who was genetically gifted...his life was a shambles though..he did not sleep regular and took drugs...

but his brain...oh his brain....he was brilliant and a documented genius...for some reason I get to know the geniuses and like to hang with them, when I myself am just a little above average...but not genius...

I am not a gambler, but I identified with the biography, more so than the geniuses I have met and hung with...

I do not feel inferior for that and I have been depressed in times in my life...

I think it is a great read and I love to read about those bucket shops...I am there with him...I swear...it was so great to escape in that book...and it continues to be over and over again...

Mr. Livermore was a Trader through and through.
Michael B.

The Americas Cup today is won a different way...but that should not detract from racing.

and.....

If you look at NASCAR they had to slow those puppies down....where are the real drivers?

 
<i>"Austin this is not a defensive post or posture towards you...I am neutral...but I have had the chance to read the book and would recommend it personally to any trader that has a passion for trading...whether they use some of the reflections in the book or do not use them is up to them..."</i>

<b>ES</b>... I've read the book more than once myself, and am a better person for it.

I love world history... the History Channel captivates me for hours sometimes. Have read books about every time period of man and every continent, it all fascinates me.

I'd much rather have lived the life of Alexander The Great or CrazyHorse than Livermore's. The former two died too young, but lived remarkable lives. I'm envious of all NFL cornerbacks and wide receivers... would love to have enjoyed those careers.

"Reminisces" is a fascinating book about a gambler, the life he led and lessons he presumably learned. Recommended reading? Absolutely! Deify the man as a trader by definition? Individual decision.
 
Well ok..he was a gambler I concede...but he also had some trading precepts...

now others here will disagree with us...

but maybe the book captivates me for the right reasons...


Quote from austinp:

<i>"Austin this is not a defensive post or posture towards you...I am neutral...but I have had the chance to read the book and would recommend it personally to any trader that has a passion for trading...whether they use some of the reflections in the book or do not use them is up to them..."</i>

ES... I've read the book more than once myself, and am a better person for it. I love world history... the History Channel captivates me for hours sometimes. Have read books about every time period of man and every continent, it all fascinates me.

I'd much rather have lived the life of Alexander The Great or CrazyHorse than Livermore's. The former two died too young, but lived remarkable lives. I'm envious of all NFL cornerbacks and wide recievers... would love to have enjoyed thos careers.

"Reminisces" is a fascinating book about a gambler, the life he led and lessons he presumably learned. Recommended reading? Absolutely! Deify the man as a trader by definition? Individual decision.
More...
 
I think Jesse could take losses too and bail out of some convictions...his cotton trades may be an example...

I would not walk into some of the pits without repeating Livermores name without Mr. in front of it...

Mr. Livermore...I salute you...If you hear me, may God bless you..

If there is any relation reading this archive now or in the future, hold your head high...Mr. Livermore has inspired many a' trader..

Michael B.
 
Excuse me..I just got an email from Ekaterina from Russia....she needs my help.

Should I send her money?

But I digress...

Making and losing money is trading...


Michael B.
 
Jesse is considered the greatest. Could he trade? yes. Could he trade today? well if you read how trading was done in the days of the bucket shops, it makes you wonder. Things change when theres a level playing field.... and towards the end Jesse never got an edge that enabled him to repeat his great feats of earlier days. He shot himself because of depression.... not because he was broke. (he actually wasn't penniless when he died by the way)
 
I went to go live in Europe for 5 or 6 years in the 1990's and was told that Edison did not create the light bulb and Columbus did not discover where I was from...

I thought that I had all of the answers...

but no matter what Mr. Livermore accomplished in life...it was his life...and he was a trader. History goes on and I will admit that depression can be devastating...I know it...I have felt it....I can identify with gamblers and their hopes and ways. Jesse traded....did he hope and pray...did he gamble...well yes the book brought out some intimate thoughts...why did he trade?

you know I have had a lot of money...but this is not about me so much...the point is that life does not get better...it can be an impediment...so all of you gamblers out there...why do you gamble?

Jesse was a trader more than a gambler...I just think that...but all I have is the book...and after reading it I truly would have liked to meet Jesse Livermore and sometimes I live with him and have lunch with him when I read his book...over and over again...


ok nuf' of this Jonathon Livingston Seagull crap...Just Fly traders...FLY!
Michael B.
 
Back in early 2005, I traded an emini account from $5,000 down to $800 in a couple of weeks.

Did I suck as a trader? You decide

*

From that $800 I traded one-lot ER leveraged up to one-lot per $1,500 balance all the way to $64,000+ in less than seven weeks. What annual % return is that?

Was I a superstar trader? You decide

**

From that equity peak I lost -$10,000 in the very next session, and then bled the remaining balance away in less than a month

Did I super-suck as a trader? You decide

===

Same person, different stages of achievement (or lack thereof) depending on circumstance.

The money was made in higher volatility swings and trends. I would make money in the morning, place bigger position size in the afternoons. That worked great when price action was moving... not so good when the following price contraction ensued.

There was no way to separate the gains from the loss. Exact-same manner of high risk money management to create the eye-popping gains likewise resulted in mirrored, eye-gouging loss.

I'm on pace to make more than $1mil day trading this year, and if I manage myself correctly it could be much more than that. If I make emotional = judgement mistakes, it could result in dramatic loss.

Talent, skill, genius as a trader without correct emotional ~ money management will always result in loss. Part of being a successful trader is keeping what we earn. Anyone can make lightening strike to run up big gains. Those who learn to repeat that consistently regardless of all else around them are my definition as "traders".

There are more than a few right here in ET who are far more complete traders than Livermore ever became. Some have never posted, some have. They are here, and there is no reason anyone else cannot join that rank.
 
A traders lifetime is his. Who really is better? Austin you are a teacher of traders are you not? I have read your stuff and I am no match to debate with you...

The Journey for some is just different...you know this...

We agree more than we disagree...

Management of the emotion, I can also agree with...We have emotions ...we are not learning to be robots...

Some of us are more creative than others...some of us are more disciplined than others...and yes I too agree some of us can also be great traders with our weaknesses...Jesse Livermore had been there and done that and reminiscing with him was a delight not only for me but for many...

We all fight our weaknesses and strengths in different ways and Jesse had both and there is a little bit of that great trader in all of us, that call ourselves traders...

I just do not want you guys (not you Austin) to go into denial and say that you are not like Jesse Livermore...because EVERY GREAT TRADER is...

They say that your mentor should be consistently profitable...but I would pay anything to trade with Jesse as explained in that book....(you know I was standing there with him when that quote changed and he snuck that order to the clerk :))

Michael B.


There are more than a few right here in ET who are far more complete traders than Livermore ever became. Some have never posted, some have. They are here, and there is no reason anyone else cannot join that rank.
 
Jesse in his bucketshop days was like Lawrence Revere in his blackjack days...both were discovered and banned...(those were two different generations too!)

They were in a rigged casino and Jesse never quit...where some of us did...

Austin is a different trader...he is a new generation in a different world...I hope he becomes a great trader too...and I hope I am alive to read his book :)

Your heart lies where your treasure is. I believe that. The Book that represented the "thoughts" of a great trader sure did shine through in the "Reminisence".

And I believe some precepts are carried through from generation to generation...no matter the end...as one ET poster said...we die with nothing...but Jesse left something behind...

Michael B.
 
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