My Favorite Jesse Livermore Quote:

[mrsoul]

My favorite Jesse Livermore Quote:

"It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of ignorance"

Remember this is coming from a trader who made and lost millions a hundred years ago.

What would a million dollars in 1909 be worth now?

So there truly is great hope in this game.

Any thoughts?

 

[TheBramble]

My favorite Jesse Livermore Quote:

"It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of ignorance"

Remember this is coming from a trader who made and lost millions a hundred years ago.

What would a million dollars in 1909 be worth now?

So there truly is great hope in this game.

Any thoughts?

Erm... He also lost millions. He also blew his brains out.

Really, it's about time we got over the Livermore myth.

 

[mrsoul]

Erm... He also lost millions. He also blew his brains out.

Really, it's about time we got over the Livermore myth.

Agreed that Livermore made and lost millions. He actually amassed over
100 million at his apex and that was in 1909 starting with less than $1,000-
Do you know ANYONE who has ever done that- alive or dead?
So, clearly, Livermore was the best EVER at making ALOT of money.

Also ageed that he killed himself.

However, this doesn't invalidate his qote.
Just because he gave back his hundred million doesn't mean that it is not easier
to make millions when you know what you are doing than hundreds when you don't.

Also, the reason Livermore gave back all his money was because he was a seat of the pants trader who went on tilt way too often.

 

[TheBramble]

Agreed that Livermore made and lost millions. He actually amassed over
100 million at his apex and that was in 1909 starting with less than $1,000-

True he started with less than $1000, but he never had anything like $100M in CASH.

Also ageed that he killed himself.
However, this doesn't invalidate his qote.

'scuse me!?!??? He killed himself AFTER making millions....Easier to make millions after you know how to trade..right enough. What about the keeping of those millions, when does that come?

I'd have more respect for a trader that made hundreds...and kept them...without blowing their brains out...than some flash in the pan the got lucky then blanked out.

Just because he gave back his hundred million doesn't mean that it is not easier
to make millions when you know what you are doing than hundreds when you don't.

See above. What's the point of the exercise unless you come through it WITH the money AND your sanity?

Also, the reason Livermore gave back all his money was because he was a seat of the pants trader who went on tilt way too often.

Is that a justification? Would you give this joker as a blueprint to newbies? Really?

Let's drop the Livermore Love-In - he was a lucky streak and a jerk. His only real claim to fame was to exist at a time when his exploits were worthy of recording.

 

[trader_dante]

mrsoul, try and get hold of his Market Key. It might change your life.

 

[Captain Currency]

This Thread would have been a hundred times more interesting if it was called:
My Favorite TheBramble Quotes


Kevin Keegan summed it up best when he said:
"If you're not committed to winning, there's no point in getting out of bed at the end of the day."


Good man Kevin

 

[mrsoul]

True he started with less than $1000, but he never had anything like $100M in CASH.


'scuse me!?!??? He killed himself AFTER making millions....Easier to make millions after you know how to trade..right enough. What about the keeping of those millions, when does that come?

I'd have more respect for a trader that made hundreds...and kept them...without blowing their brains out...than some flash in the pan the got lucky then blanked out.


See above. What's the point of the exercise unless you come through it WITH the money AND your sanity?

Is that a justification? Would you give this joker as a blueprint to newbies? Really?

Let's drop the Livermore Love-In - he was a lucky streak and a jerk. His only real claim to fame was to exist at a time when his exploits were worthy of recording.

First of all, Livermore was no jerk. He was a class act as a person if you read the book clearly.

Next, You are really telling me that someone who started with under $1,000 and turned it into over $100,000,000 was just lucky, a jerk, and someone who doesn't know anything about the markets and has nothing to teach?

Livermore, in "Reminiscinces of a Stock Operator" has more to teach about life and the market than most combined- many highly successful veteran traders would agree.

If one can read well, then the market lessons that Livermore teaches in his autiobiography ar essential for ANY trader- new or veteran.

I agree that giving back all your money and then killing yourself is a horrible way to end.

But seriously, Dante, you can't tell me that someone who starts with under $1,000 and turns it into tens of millions doesn't have something worth listening to.

The main point is that Livermore's quote that: "It is easier to make millions when you know what you are doing than hundreds when you don't" is 100% TRUE.

Just because he lost his money and killed himself doesn't invalidate the quote, which was my original post- and that is great news for newbies, so, right here that quote alone was helpful for newbies.

IMHO I find it one of the best market reads ever.

 

[Calinor]

Dante has a lot of respect for Livermore, so you directed at him when you meant theBramble. I think theBramble is being quite harsh (or purposefully provocative) by saying he was lucky. It is obvious that Livermore had a lot more than luck going for him, but he also had many flaws both personally and in his trading/risk management. Perhaps theBramble objects to the idolisation of Livermore, because this perpetuates the 'get rich quick' attitude that can cause failure, or because although there is a lot that can be learned from Livermore, most wouldn't want to trade in that way or end up in his situation. Dante when he wrote about his Market Key, was that when he had lost it? At some point in his life, he seemed unable to make much money trading any more,and so turned to writing about trading (at least that is what I have read). I'll check out his Market Key anyway.

Anyway, since you asked for quotes:

Anyone who figures that his success is dependent upon chance may as well stay out of the market. His attitude is wrong from the very start.

 

[mrsoul]

Dante has a lot of respect for Livermore, so you directed at him when you meant theBramble. I think theBramble is being quite harsh (or purposefully provocative) by saying he was lucky. It is obvious that Livermore had a lot more than luck going for him, but he also had many flaws both personally and in his trading/risk management. Perhaps theBramble objects to the idolisation of Livermore, because this perpetuates the 'get rich quick' attitude that can cause failure, or because although there is a lot that can be learned from Livermore, most wouldn't want to trade in that way or end up in his situation. Dante when he wrote about his Market Key, was that when he had lost it? At some point in his life, he seemed unable to make much money trading any more,and so turned to writing about trading (at least that is what I have read). I'll check out his Market Key anyway.

Anyway, since you asked for quotes:

Sorry Dante, I meant to respond to Bramble.
What do you mean by Livermore's market key?

 

[mrsoul]

mrsoul, try and get hold of his Market Key. It might change your life.

Sorry Dante, I meant to respond to Bramble.
What is Livermore's market key?

 

[mrsoul]

Dante has a lot of respect for Livermore, so you directed at him when you meant theBramble. I think theBramble is being quite harsh (or purposefully provocative) by saying he was lucky. It is obvious that Livermore had a lot more than luck going for him, but he also had many flaws both personally and in his trading/risk management. Perhaps theBramble objects to the idolisation of Livermore, because this perpetuates the 'get rich quick' attitude that can cause failure, or because although there is a lot that can be learned from Livermore, most wouldn't want to trade in that way or end up in his situation. Dante when he wrote about his Market Key, was that when he had lost it? At some point in his life, he seemed unable to make much money trading any more,and so turned to writing about trading (at least that is what I have read). I'll check out his Market Key anyway.

Anyway, since you asked for quotes:

Calinor,
Could you let me know if you find anything on Livermore's Market Key?

 

[new_trader]

Mine is in my signature. Livermore's "lessons" are as valid today as they were 100 years ago and will still be valid in 100+ years time.

 

[TheBramble]

First of all, Livermore was no jerk. He was a class act as a person if you read the book clearly.

I respect your opinion. As I’m sure you do mine…?

Next, You are really telling me that someone who started with under $1,000 and turned it into over $100,000,000 was just lucky, a jerk, and someone who doesn't know anything about the markets and has nothing to teach?

I’m saying you’re quoting data for which you have no valid source. He never had anything like $100M in CASH. A point I emphasised in an earlier post in this thread. Just like the Elliotts and Ganns of this world – their alleged fortunes grow by 100% each year. LOL.

He painted a picture of trading the markets as they were then. The mechanics, composition, infrastructure and global milieu in which we now ply our trade is a million miles removed. But he knew enough of his world then to provide us with interesting detail and stories. And stories they were. Lefevre was skilled enough to present them without too much journalistic overlay.

Yes, in my view, given his profile, performance and behaviours, he was lucky more than skilled. As are all bright young stars that illuminate us lower mortals briefly, before burning up and regressing to that Ultimate Mean.

It was, and is, and will always be for all sorts of reasons the majority don’t get, a good read. Unfortunately, the majority seem to think this is a paradigm to follow. You need to read between the lines. Not what you think Livermore was saying between the lines (which of course he wasn’t directly), but what he didn’t realise he wasn’t saying. It isn’t autobiographical either so you have another layer to get through to make out what it is that most miss about this work.

Livermore, in "Reminiscinces of a Stock Operator" has more to teach about life and the market than most combined- many highly successful veteran traders would agree.

It tells us about the markets back then – not now. I am a 'highly successful veteran trader' and I'd suggest while the book is worthy of reading, there ain't no substitute for screen time.

If one can read well, then the market lessons that Livermore teaches in his autiobiography ar essential for ANY trader- new or veteran.

As mentioned above, the lessons are unintentionally hidden and require a few re-reads before becoming a little clearer. Plus, it wasn’t autobiographical.

The main point is that Livermore's quote that: "It is easier to make millions when you know what you are doing than hundreds when you don't" is 100% TRUE.

Just because he lost his money and killed himself doesn't invalidate the quote, which was my original post- and that is great news for newbies, so, right here that quote alone was helpful for newbies.

IMHO I find it one of the best market reads ever.

It is also a blindingly self-evident truth in any endeavour. Surely?

 

[TheBramble]

Perhaps theBramble objects to the idolisation of Livermore, because this perpetuates the 'get rich quick' attitude that can cause failure, or because although there is a lot that can be learned from Livermore, most wouldn't want to trade in that way or end up in his situation.

Pretty much. You can't be a Master Trader and an abject failure at staying alive, or any other endeavour.

 

[TheBramble]

Mine is in my signature. Livermore's "lessons" are as valid today as they were 100 years ago and will still be valid in 100+ years time.

"Without faith in his own judgment no man can go very far in this game."

And about 95% of all those who have faith in their own judgement don't go very far either....

I guess it's the belief in glib one-liners being all that's needed that irritate. They detract from the real effort and the work required.

 

[zupcon]

What is Livermore's market key?

The Market Key is described in Livermore's book, how to trade stocks, there are PDF copies floating about.

 

[new_trader]

"Without faith in his own judgment no man can go very far in this game."

And about 95% of all those who have faith in their own judgement don't go very far either....

I guess it's the belief in glib one-liners being all that's needed that irritate. They detract from the real effort and the work required.

The fact that you think they are glib one-liners is what irritates.

 

[TheBramble]

Kevin Keegan summed it up best when he said:
"If you're not committed to winning, there's no point in getting out of bed at the end of the day."


Good man Kevin

I didn't get that first time through. Hilarious!

 

[ian]

I didn't get that first time through. Hilarious!

Maybe Kevin trades the Asian session...

 

[Rossini]

Pretty much. You can't be a Master Trader and an abject failure at staying alive, or any other endeavour.

Ignoring the whole suicide thing- which I believe was nothing to with his trading and should be kept in the context of his personal life, not his trading carrier. Livermore demonstrated massive skill to make money, and obviously had a complete lack of skills to keep it. Two entirely different skill sets.

His downfall trading wise, was that he wanted to completely solve the never ending puzzle of the markets, which even he admitted is not possible.