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Jesse Livermore: Lessons From A Legendary Trader. [ Ссылка ] PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! Let's look at some trading lessons from Jesse Livermore particularly we can learn a lot from his trading mistakes and downfalls. Why is Jesse Livermore a respected trader given his track record of blowing up?
Well in brief its because his book 'Reminiscences of a Stock Operator' shows clear understanding of the market. It is also well written and witty and Jesse goes into detail on his mistakes and downfalls.
What we can learn from Jesse Livermore; let's look at his downfalls. (reading Reminiscences of a Stock Operator):
This is a famous trader of long ago that people like to read about and in a number of ways he was a great trader for the time. He went about sharing his downfalls as a trader with the public at large.
1) Letting losers run - Jesse used to let losers run a number of times; these were his demons and this tends to creep up in modern trader as well.
2) Overtrading - he had a tendency to trade for the sake of trading. Trading for the sake of trading or keeping on looking for inexistent market opportunities won't work.
3) Following tips - if you follow the tips of someone else you're unlikely to have the same conviction so its unlikely to work out in the long term.
4) Risk of ruin - so many times he was worth billions in money of the present day and then going down to zero!
5) Position Sizing - You need to protect your mental capital and financial capital at all times.
6) Discipline - trading discipline; I cannot emphasise this enough.
7) Mental risk of ruin - this is probably the most important one. His ups and downs were probably so challenging that he ended destroying himself. Trading can exaggerate both your positive and negative emotions.
We recommend the following books about Jesse Livermore:
- Reminiscences of a Stock Operator by Edwin Lefèvre
- How to Trade in Stocks by Jesse Livermore
- Jesse Livermore: World's Greatest Stock Trader by Richard Smitten
- Jesse Livermore Boy Plunger by Tom Rubython
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