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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.
Jesse Livermore -
I know from experience that nobody can give me a tip or a series of tips that will make more money for me than my own judgment.
Jesse Livermore
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When everyone thinks alike, there isn't much thinking taking place. Get out when you can, not when you have to.
Jesse Livermore -
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.
Jesse Livermore -
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.
Jesse Livermore -
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.
Jesse Livermore -
The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.
Jesse Livermore -
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.
Jesse Livermore
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The only thing to do when a man is wrong is to be right by ceasing to be wrong.
Jesse Livermore -
There is time to go long, time to go short and time to go fishing.
Jesse Livermore -
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.
Jesse Livermore -
It takes a man a long time to learn all the lessons of all his mistakes.
Jesse Livermore -
"On Pat Hearne - He made money in stocks, and that made people ask him for advice. He would never give any. If they asked him point-blank for his opinion about the wisdom of their commitments he used a favorite race-track maxim of his: "You can't tell till you bet.""
Jesse Livermore -
Never try to sell at the top. It isn't wise. Sell after a reaction if there is no rally.
Jesse Livermore
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For instance, let us say that a new stock has been listed in the last two or three years and its high was 20, or any other figure, and that such a price was made two or three years ago. If something favorable happens in connection with the company, and the stock starts upward, usually it is safe play to buy the minute it touches a brand new high.
Jesse Livermore -
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.
Jesse Livermore -
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.
Jesse Livermore -
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.
Jesse Livermore -
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.
Jesse Livermore -
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.
Jesse Livermore
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There is the plain fool who does the wrong thing at all times anywhere, but there is the Wall Street fool who thinks he must trade all the time.
Jesse Livermore -
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.
Jesse Livermore -
It is what people actually did in the stock market that counted - not what they said they were going to do.
Jesse Livermore -
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.
Jesse Livermore