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Jesse Livermore - You can’t beat the market.

- Study mistakes.

-Watch out for the dangers of the urgings of a magnetic personality plausibly expressed by a brilliant mind.

- Take a break at times.

Stock market is never wrong – traders are wrong.

Specific, clear and tested rules are required for success.

Uncontrolled emotions are the enemy of the investor.

Don’t anticipate or predict, react only to the behaviour of the market – what it is telling you.

Classify stocks as money making or non money making stocks.

Greed, fear, hope and impatience will try and defeat the speculator.

Play the market only when precedents favour the play. Be patient.

Never lose more than 10% ever. Know in advance where to sell if market moves against you.

The game will burn you and have no pity for you if you sleep or cause inaction because of greed.

Stocks are never too high to begin buying or too low to sell.

Try and not make the same mistake twice.

Never argue with the tape.

**Accumulate on the way up – buy 1/5 and if that does not increase profits do not buy again you are already behind. Buy only if the share goes up.

There is only one side, not the bear side or bull side, but the right side.

If I’m bearish I sell a stock. If I’m bullish I buy on a rising scale. I don’t buy a stock on a scale down; I buy on a scale up.

Speculate intelligently and get a smaller but more probable profit.

*Big money is not in the buying or selling but, in the waiting.

*Markets are never wrong, opinions are.
Don’t be impatient. Don’t trade until the market confirms your position. It is better to be late to ensure your opinion is correct.

It is foolhardy to make a second trade if your first trade shows a loss. Never average down losses.

Follow the trend, the least line of resistance.

The big money is made by the ‘sitting’ and ‘waiting’ – not the thinking. Wait until all the factors are in your favour before making the trade.

** “I like the averaging up theory, not averaging down. The more I think about it the more it makes sense.”

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