Jesse Livermore Quotes Page 3

“Instead of hoping he must fear and instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.”

“It is absolutely wrong to gamble in stocks the way the average man does.”

“It is almost as important to know what not to do as to know what should be done.”

“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.”

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

“It is significant that a large part of a market movement occurs in the last forty-eight hours of a play, and that is the most important time to be in it.”

“It is what people actually did in the stock market that counted – not what they said they were going to do.”

“It isn't as important to buy as cheap as possible as it is to buy at the right time.”

“It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine–that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.”

“It takes a man a long time to learn all the lessons of all his mistakes.”

“It took me five years to learn to play the game intelligently enough to make big money when I was right.”

“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.”

“Limit interest in too many stocks at one time. It is much easier to watch a few than many.”

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

“Money is made by sitting, not trading.”

“Most people, whether bull or bear, when they are right, are right for the wrong reason, in my opinion.”

“My game was to anticipate what was going to happen in a big way.”

“Never average losses by, for example, buying more of a stock that has fallen.”

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

“Never buy at the bottom, and always sell too soon.”

“Never meet a margin call – get out of the trade.”

“Never try to sell at the top. It isn't wise. Sell after a reaction if there is no rally.”

“No one ever went broke by taking a profit.”

“No trading rules will deliver a profit 100 percent of the time.”

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

“One should never permit speculative ventures to run into investments.”

“One should never sell a stock, because it seems high-priced.”

“Only enter a trade after the action of the market confirms your opinion and then enter promptly.”

“Patterns repeat, because human nature hasn’t changed for thousand of year.”

“Play the market only when all factors are in your favor. No person can play the market all the time and win. There are times when you should be completely out of the market, for emotional as well as economic reasons.”