The Boy Plunger/Great Bear
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...Jesse Livermore
Jesse Livermore, perhaps the most famous stock trader in history has been chronicled in Reminiscences of A Stock Operator and in several less well know books by Richard Smitten. Livermore made millions during the great stock crash of 1929( thus his nickname The Great Bear. Many actually BLAMED him for the stock market crash....hmm a one man anti-PPT ( interesting?)
It is said that he made and lost four multimillion dollar fortunes during his 30 years as a speculator.
Apparently the thing that Livermore did not "get" was that you had to actually take money out of the markets and keep it out before you can say that you actually made it. He did not know how to keep his winnings. Lesson for traders: you never go broke taking a profit, but you definitely go broke if you take them and then turn around and lose more. Jesse, apparently, did not know the meaning of keeping what he made. Trading is NOT GAMBLING and the stock market is NOT A CASINO...unless you treat them in that manner. Once again, it is up to you. You are the problem and you are the solution..........Read more
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