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Reminiscences of a Stock Operator , one of the most popular trading books of all time, is based on the life of Jesse Livermore who was born in Jesse also wrote a book called How to Trade in Stocks , outlining his main methods of trading. Here some famous quotes from Jesse, with additional commentary when applicable. I forget it overnight. But being wrong — not taking the loss — that is what does damage to the pocketbook and the soul.
Most traders view a loss as something bad. Assuming you have created a trading plan and have developed precise strategies to trade, all you have to do is follow your plan. That is the right thing to do, and is the only thing that will produce consistent results. While you can learn from others and seek help, eventually trading becomes a solitary endeavor. Only you can make the trades, deciding when to exit and enter. All the knowledge in the world is useless if you never learn to implement your strategies with real money and in live market conditions.
The game schools you into learning the game, and you must learn, or the dream ends. To become a true trader, independent and not reliant on others, you need to forge your own path. Many new traders have a decent system, whether they bought it, read about it or created it. If it wins 6 or 7 times out of 10, or even less than that if you make more on your average winner than your average loser, that is a winning system and you can be very successful with it.
But amateurs always try to reduce the number of losses they take, and thus destroy the profitability of the overall system.
Trust a winning system to do what it does: It was always my sitting. Anyone can make big money on a few trades. Skill is being able to not only make money, but not lose it when conditions change. Skilled traders wait for opportunities, opportunities that their systems dictate.
Instead, wait for only good opportunities so you can add to your capital, instead of drawing it down. Despite the advent of computerized trading and the ability to trade online with instant information and quotes, markets have not fundamentally changed since the times of Jesse Livermore. Markets will always rise and fall, and most will lose money. Follow a plan; see that as the only right thing to do.
It is the only way to beat the game and become one apart from the herd. Final Word Despite the advent of computerized trading and the ability to trade online with instant information and quotes, markets have not fundamentally changed since the times of Jesse Livermore.