Why Jesse Livermore never managed others' money?

Quote from austinp:

On another note, I was following your emini ES thread with interest. Any updates on that?
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I am not sure you are complimenting, or just trying to change the subject... :)

But yes, I am still running the thread, the tally is about breakeven for the year, which is to say, underperformig. But to get back on topic, I broke my rules which was to change directions when the market crosses SMA 9 days.
I should have learnt from Jesse not to break my own rules.

Well, if you want to discuss that strategy,let's switch to the Verisimi thread, because it is offtopic here...
 
Quote from Pekelo:

...and another idiot enters the fracas...

Ethics my friend? You are seriously in the wrong business!

This is EliteTRADER, not eliteinvestor....

I have a feeling you are Austin in disguise.... :)
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this post speaks for itself. arrogance is the strategy of the weaker .

you are the first person that i have ever "met" that congratulate herself of being unethical. that tells a lot about your person as well.

no i am not austin but keep on searching for monsters under your bed. i am sure they are there just for you.
 
pekelus is right on, the guy made a frigggin' fortune that everyone here can only dream about. there's no much more to say about it....we are all pickers compared to jesse. period.
 
Quote from asap:


you are the first person that i have ever "met" that congratulate herself of being unethical.
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I take you are young and naive and new to this business. Anyway, if ethics is your horse, Jesse should be your hero. :)

As I mentioned earlier, he was a financial gentleman:

1. He always paid back his creditors even when he wasn't obligated to do so.

2. He stopped shorting the Crash of 1907 when they asked him, so there could be another day for the market.

I am getting tired of this thread, ignorant people making accusations and not being able to back it up. Come back when you have something to say..
 
<i>"I am not sure you are complimenting, or just trying to change the subject..."</i>

I never bluff... that was a serious statement. The general concept of what you are doing there had me look at short-term ES/YM charts in a different perspective, which helped.

Like I noted before, there are only ever 400+ people active in this forum at any given time. Go ahead and check the "logged in" meter at will... this number seldom changes much.

What's that mean? Many things, one being the same few people have the same strong emotional beliefs on this thread's topic. Nothing can be resolved here one way or the other, because it is all merely opinion-based.

For example, I happen to believe Dan Marino was the greatest QB ever. I think he would have won every S.B. Joe Montana was carried to by his stellar teams, and I think Dan would have won John Elway's games, too. For damn sure he'd have won the ring Trent Dilfer wears!

But... that's just my opinion. Stats can prove anything we want, depending on what comparisons and blocks of time in question. The way we each feel about things is not something easily swayed. So, why waste further time on it? The only thing that really matters to me is how I execute next week's trade signals. Everything else is idle entertainment.
 
I'd describe him as someone who had an exceptional market talent, but with a psychological makeup that rendered him vulnerable to blowups & excessive risk. It's like rock stars who blow their career on drugs & booze and never write anything great again. That doesn't mean they sucked and never did anything good in the first place.

Let's just ask, how many of us have wagered gigantic sums on a historic market move and totally cleaned up when everyone else was getting creamed, then repeated this feat on many occasions? How many people have had trading as their sole source of income throughout their life, starting with a grubstake and living large on the proceeds of their speculations?

You can't run nothing up to a fortune, multiple times, just based on luck. Once maybe but not many times over decades in different conditions. It's clear that his failure in the end was a result of personality problems, not lack of trading talent. His son became manic depressive so most likely he had a hereditary problem with depression due to genetics, and that is the most probable cause of his blowups. Anyone who has dealt with depression knows that it is a crippling affliction quite capable of bringing anyone down, no matter how able and talented they are when well.
 
cutten, those are all points well made. I struggled with consistency until I connected chronic depression = anxiety = impulsiveness with trading performance.

Once harnessed, my own volatile equity curves turned methodical overnight. Mental = emotional understanding was in the dark ages during JL's time. Had he worked with Dr. Phil for awhile, might have written a much different ending story. Perhaps autobiography instead.
 
I've been following along for a while thinking about what austinp says verses pekelo. A modern example of this argument could be ripped from the headlines as L&O says. Marylin Monroe comes to mind. Successful for a long period of time. Debatable as an actress. Legend. Idolized. We've made more of her than she was, but she was in fact successful wether by luck or cleverness. Would you advise people to do as she did. Anna Nicole is a modern model of people who only look at the wonders of legend without learning the glaring lessons surrounding their lives.

separately from the above debate. I am so tired of reading crazed posts lambasting AP. Just plain tired. Stop taking up space with venom. I have looked at most of the posts AP has made, read articles he's written, and tried to heed most of his advice. I think he is a stand up guy. The experience and attitude he shares freely are part of the reason I am still here everyday in the market trying to learn what I don't know. If I had $25,000 verses the $6000 I have to start with I would take him up on his mentorship and on going video education program that so many here ridicule. As it is I don't have any expenses to keep papertrading and learning on the internet, so that is what I have chosen and will continue to do. I don't think he is out of line to charge for his service and believe that it would be of benefit to people who can afford it. People get over yourselves. Take what you can from the posts and stop the asinine insults. If you haven't taken a course from him and you have know idea if what he sells works than you are demonstrating the ignorance you accuse him of.

By the way I am not Austin. You can check up on me. I'm still wallowing in the papertrading thread, as I'm starting to believe most of the people here are. Anyway back to my other non-paying career move. Adios

JIM
 
Quote from qll:

Jesse Livermore was only a trader. He never managed others' money. Why?

By the way, he never diversify either. The only money management he used is stop loss.
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Yes he did. He managed other peoples money. The book says he did. He didn't like managing other's money. He said in his book that it didn't pay enough. But he had to do it because he got himself into debt once again and managing other peoples money was a last resort to help pay the bills. Yes he did.

He also did diversify. He was short cotton and long wheat at the same time. He was long railroads and short commodities at the same time. It says it in the book. Yes he did to both of your questions.
 
6months ago pekelo was on another forum begging for crumbs of knowledge now he is genius...my what a quick study...paper trading is his #1 rule....pekelo is a jokester just like 99 percent here..........austinp is okay I think...pretty sure of him...most of the rest are ego tripping....porgie is having fun....seeing thru the clown's of elite forums........
 
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