Jesse Livermore was touted as the World's Greatest Trader.
Why? Is it because of his successes in becoming the World's Richest Man from zilch?
Or from his successful bear raids?
Or cornering of many commodity markets?
Perhaps. But to me, the title was worthy but for a different reason.
Jesse Livermore was perhaps one of the earliest to lay down the rules of trading.
Never risk more than 20% of your capital.And he did so with much glory and pain as well. His phenomenal rise and fall is all summarised and offers a great learning to us all. I believe it even paved the way to the emergence of Money Management Concepts.
Do not buy a stock because it has had a big decline from its previous high.
Profits always take care of themselves, but losses never do.
Never average losses.
Markets are never wrong —opinions often are.
Reminiscence of a Stock Operator
How To Trade Stocks
How To Trade Like Jesse Livermore
Legacy of Jesse Livermore
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