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  • saram1500 saram1500 Feb 19, 2013 10:50 PM Flag

    Jesse Livermore’s Trading Rules Written in 1940

    Thought you guys might like some thoughts to ponder...

    1. Nothing new ever occurs in the business of speculating or investing in securities and commodities.

    2. Money cannot consistently be made trading every day or every week during the year.

    3. Don’t trust your own opinion and back your judgment until the action of the market itself confirms your opinion.

    4. Markets are never wrong – opinions often are.

    5. The real money made in speculating has been in commitments showing in profit right from the start.

    6. At long as a stock is acting right, and the market is right, do not be in a hurry to take profits.

    7. One should never permit speculative ventures to run into investments.

    8.The money lost by speculation alone is small compared with the gigantic sums lost by so-called investors who have let their investments ride.

    9. Never buy a stock because it has had a big decline from its previous high.

    10. Never sell a stock because it seems high-priced.

    11. I become a buyer as soon as a stock makes a new high on its movement after having had a normal reaction.

    12. Never average losses.

    13. The human side of every person is the greatest enemy of the average investor or speculator.

    14. Wishful thinking must be banished.

    15. Big movements take time to develop.

    16. It is not good to be too curious about all the reasons behind price movements.

    17. It is much easier to watch a few than many.

    18. If you cannot make money out of the leading active issues, you are not going to make money out of the stock market as a whole.

    19. The leaders of today may not be the leaders of two years from now.

    20. Do not become completely bearish or bullish on the whole market because one stock in some particular group has plainly reversed its course from the general trend.

    21. Few people ever make money on tips. Beware of inside information. If there was easy money lying around, no one would be forcing it into your pocket.

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    • saram - nice tips!

    • TY Saram, A lot of those rules make sense, or are so ambiguous that they could, but times change and so do the rules. I hear so much about great traders that lose all their money, I then hear of one trader who calls one event and makes millions as great also. GO FIGURE. I think I like to be more like the lucky stiff. Thanks for posting

      Sentiment: Strong Buy

    • Thanks for the post, I'll copy it. He was a great trader, I've read THE BOOK six times, I'm inherently more of a value investor though who likes to buy panic sell offs, such as when the shorts started rumors and drove QCOR to 18.

      I'm still amazed at how much money Jessie lost from 1929 starting with 100 million to bankruptsy five years later, and he lost the 1907 fortune too. He played heavily on margin and momo stocks were his game.

      By the way, I bought 10,000 shares of SNFCA, if you like panic sell offs in solid companies, the p/e is now only 10, for a company which is growing like a weed. They lost 35% of their value in a week, oddly I sols just before that happened, all that tape reading skill that Jessie loved.

      He was the master.

      Good luck in your trades.