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Trading Wisdom – Jesse Livermore

  
  Education
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JesseLivermore

Many books have been written by and about Mr. Livermore. He was a fascinating individual who reportedly made $100 million in a single day in the 1929 crash.
Legend has it that during the crash J.P. Morgan personally walked over to the N.Y. Stock exchange to ask Jesse Livermore to stop selling and start buying in order to save the markets.
He was an expert at following the right trend, with the exception of marriage. His wife was married about four times prior to marrying him, and all four husbands killed themselves, as did Jesse eventually. Not quite marriage counselor material, he is nonetheless one of the greatest wells of trading wisdom from which I have quenched my thirst in the past.
I am a much better trader because of Jesse Livermore. Every time I get stuck in a trading rut, I review my notes on his trading philosophies, which I would like to share with you below. (more…)

A Decalogue of Canons for observation in practical life

  
Education, Life
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1. Never put off till tomorrow what you can do to-day.
2. Never trouble another for what you can do yourself.
3. Never spend your money before you have it.
4. Never buy what you do not want, because it is cheap; it will be dear to you.
5. Pride costs us more than hunger, thirst and cold.
6. We never repent of having eaten too little.
7. Nothing is troublesome that we do willingly.
8. How much pain have cost us the evils which have never happened.
9. Take things always by their smooth handle.
10. When angry, count ten, before you speak; if very angry, an hundred.

TRADER’S PRAYER

  
  Education
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Stock and options trading is difficult to master, much like life at times. We all go through times of hardship.  I believe our country (and world) is going through one right now.  But difficult times have come and gone in the past and I have faith that this is just another one of those times.  Here is my prayer for the trader…in and out of the charts.
May the sun always shine bright with energy when rising and glimmer with comfort in descentTRADERS PRAYER
May your charts whisper to your burning ears

May your flowers be full of bees and your weeds choke on fallen nectar
May your wins humble and your losses teach
May still waters massage your aches and clean water quench your thirst
May fear give way to peace and greed surrender to charity
May the eyes of a child sooth the wrinkles of age
May a logical life give new meaning to an illogical chart
May you outlive your mother and father and die honored before your children
May the life within bring beauty to the life without

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