Jesse Lauriston Livermore Quotes
It never was my thinking that made the big money for me. It always was my sitting.
To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.
Don't take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct. In other words, don't be an impatient trader.
The stock market is never obvious. It is designed to fool most of the people, most of the time.
The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.
A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.
Every once in a while you must go to cash, take a break, take a vacation. Don't try to play the market all the time. It can't be done, too tough on the emotions.
It isn't as important to buy as cheap as possible as it is to buy at the right time.
Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.
Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.
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.
Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money.
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.
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.
There is only one side to the stock market; and it is not the bull side or the bear side, but the right side
Experience has proved to me that real money made in speculating has been in commitments in a stock or commodity showing a profit right from the start.
There are times when you should be completely out of the market, for emotional as well as economic reasons.
He really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend.
People who look for easy money invariable pay for the privilege of proving conclusively that it cannot be found on this earth.
A loss never bothers me after I take it. I forget it overnight. But being wrong - not taking the loss - that is what does damage to the pocketbook and to the soul.
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.
There is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.
It took me five years to learn to play the game intelligently enough to make big money when I was right.
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.
When everyone thinks alike, there isn't much thinking taking place. Get out when you can, not when you have to.
I cannot fear to be wrong because I never think I'm wrong until I am proven wrong. In fact, I am uncomfortable unless I am capitalizing my experience.
At long as a stock is acting right, and the market is right, do not be in a hurry to take profits. One should never permit speculative ventures to run into investments.
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.
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.
A man must study general conditions, to seize them so as to be able to anticipate probabilities.
Never try to sell at the top. It isn't wise. Sell after a reaction if there is no rally.
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.
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.
I never hesitate to tell a man that I am bullish or bearish. But I do not tell people to buy or sell any particular stock. In a bear market all stocks go down and in a bull market they go up.
Professional traders have always had some system or other based upon their experience and governed either by their attitude towards speculation or by their desires.
A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don't believe in tips."
I began to realize that the big money must necessarily be in the big swing.
The only thing to do when a man is wrong is to be right by ceasing to be wrong.
It is what people actually did in the stock market that counted - not what they said they were going to do.
Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.
"If I buy stocks on Smith's tip I must sell those same stocks on Smith's tip. I am depending on him. Suppose Smith is away on a holiday when the selling time comes around?
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.
Most people, whether bull or bear, when they are right, are right for the wrong reason, in my opinion.
