Hello all great board you have here. Thought I would cross post my review here as well.Thank you INHIM for posting link to this book on the net.Pretty interesting, those were some very different/interesting times. Also noted how somethings never change.He made millions and went broke too many times for my taste.==============================================Livermore's trading style in a nut shell.Assess the market for direction never trade against the market.Wait for conditions to be right and don't enter too soon.Tip toe into market, if original position show profits start adding to it. He would probe the market with orders to see how easily they would be taken up and entering with 20% at a time.Only trade after a position has moved out of its trading range.Take profits on the way down from the peak.=====================================================Livermore quotes.What beatme was not having brains enough to stick to my own game -- thatis, to play the market only when I was satisfied that precedentsfavored my play. There is a time for all things, but I didn'tknow it. And that is precisely what beats so many men in WallStreet who are very far from being in the main sucker class.There is the plain fool, who does the wrong thing at all timeseverywhere, but there is the Wall Street fool, who thinks hemust trade all the time. No man can always have adequate reasonsfor buying or selling stocks daily or sufficient knowledge tomake his. play an intelligent play.+++++++++++++++It takes a man a long time to learn all the lessons of allhis mistakes. They say there are two sides to everything. Butthere is only one side to the stock market; and it is not thebull side or the bear side, but the right side. It took melonger to get that general principle fixed firmly in my mindthan it did most of the more technical phases of the game ofstock speculation.+++++++++++++++++++Always sell what shows youa loss and keep what shows you a profit. That was so obviouslythe wise thing to do and was so well known to me that even now Imarvel at myself for doing the reverse.++++++++++++++++Tothe investor Imperial Steel therefore remained a speculation. Tothe speculator it was a dead one -- the kind that makes aninvestor of you against your will by the simple expedient offalling into a trance the moment you go long of it. The chap whois compelled to lug a corpse a year or two always loses morethan the original cost of the deceased; he is sure to findhimself tied up with it when some really good things come hisway.++++++++++++++++++General wisdom is less valuable than specific savvy.++++++++++++++++++The speculator's deadly enemies are: Ignorance, greed, fearand hope. All the statute books in the world and all the rulesof all the Exchanges on earth cannot eliminate these from thehuman animal. Accidents which knock carefully conceived planssky high also are beyond regulation by bodies of cold bloodedeconomists or warm-hearted philanthropists. There remainsanother source of loss and that is, deliberate misinformation asdistinguished from straight tips. And because it is apt to cometo a stock trader variously disguised and camouflaged, it is themore insidious and dangerous.+++++++++++++++++It is a case of the Wall Street philanthropist operatingagain, but the wise trader bewares of the Greeks bearing gifts.++++++++++++++++++good trades,fsandy
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