Jesse Livermore Quotes
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The stock market is never obvious. It is designed to fool most of the people, most of the time.
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If you can't sleep at night because of your stock market position, then you have gone too far. If this is the case, then sell your position down to the sleeping level.
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Disregarding the big swing and trying to jump in and out was fatal to me. Nobody can catch all the fluctuations. In a bull market your game is to buy and hold until you believe that the bull market is near its end. To do this you must study general conditions and not tips or special factors affecting individual stocks.
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It is foolhardy to make a second trade, if your first trade shows you a loss. Never average losses. Let this thought be written indelibly upon your mind.
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People who look for easy money invariable pay for the privilege of proving conclusively that it cannot be found on this earth.
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I don't know whether I make myself plain, but I never lose my temper over the stock market. I never argue with the tape. Getting sore at the market doesn't get you anywhere.
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The market always does what it should do, but not always when
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It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance.
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It is what people actually did in the stock market that counted - not what they said they were going to do.
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There are times when you should be completely out of the market, for emotional as well as economic reasons.
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If a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of ten thousand brothers or cousins of the original.
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I never argue with the tape. To be angry at the market because it unexpectedly or even illogically goes against you is like getting mad at your lungs because you have pneumonia.
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The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.
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In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be. The thing to do is to watch the market, read the tape to determine the limits of the get nowhere prices, and make up your mind that you will not take an interest until the prices breaks through the limit in either direction.
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Never try to sell at the top. It isn't wise. Sell after a reaction if there is no rally.
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The only thing to do when a man is wrong is to be right by ceasing to be wrong.
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The average man doesn't wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn't even wish to have to think.
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"I can't sleep" answered the nervous one. "Why not?" asked the friend. "I am carrying so much cotton that I can't sleep thinking about. It is wearing me out. What can I do?" "Sell down to the sleeping point", answered the friend.
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Without faith in his own judgment no man can go very far in this game. That is about all I have learned - to study general conditions, to take a position and stick to it. I can wait without a twinge of impatience. I can see a setback without being shaken, knowing that it is only temporary.
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The desire for constant action irrespective of underlying conditions is responsible for many losses on Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.
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There is time to go long, time to go short and time to go fishing.
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A market does not culminate in one grand blaze of glory. Neither does it end with a sudden reversal of form. A market can and does often cease to be a bull market long before prices generally begin to break.
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Just remember, without discipline, a clear strategy, and a concise plan, the speculator will fall into all the emotional pitfalls of the market - jump from one stock to another, hold a losing position too long, and cut out of a winner too soon, for no reason other than fear of losing profit. Greed, Fear, Impatience, Ignorance, and Hope will all fight for mental dominance over the speculator. Then, after a few failures and catastrophes the speculator may become demoralised, depressed, despondent, and abandon the market and the chance to make a fortune from what the market has to offer.
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My main life lesson from investing: self-interest is the most powerful force on earth, and can get people to embrace and defend almost anything.