One thing we must understand about this book... that is what the author THINK Mr Jesse Livermore did, author's interpretation.
Mr Livermore didn't say his method except for #1 when he was at the bucket house, he read the tape, so he is the tape reader. #2 he jots down the price - and the pattern like reactionary moves, and he loves something which he called pivot but never explain what is pivot. But since he no money management, so his rise was phenomenal and so was his fail. Although Livermore did say never risk more than 20% capital in one trade, he never follow himself, he admited that. Then on the emotional, Jesse Livermore was an emotional person, in the book Reminiscense can see that very clearly.
Mr Livermore bankrupt 3 times in his life.
ReplyDeleteRemarried 3 times in his life too.
Killed himself with a gun at 50 years old.
Stopped speculating around 45, had to manage money for others after he bankrupt again... had to have a job.....
Broke himself because of overleverage, hit by margin.
Do you want to be like him?
Do you want him to be your hero?
Things like that makes me questions whether it is logical to speculate or not.
Things like this makes me question should I still be in futures or not.
He is an interesting person. But he is not my hero.
他的成功之处，是交易的方法；
ReplyDelete他的失败之处，是理财的态度。
他的长处很值得大家去学习，
他的短处很值得大家去警惕。
一个人，无论长处与短处都那么精彩，
不是很值得我们去推崇吗？^.^
One thing we must understand about this book... that is what the author THINK Mr Jesse Livermore did, author's interpretation.
ReplyDeleteMr Livermore didn't say his method except for
#1 when he was at the bucket house, he read the tape, so he is the tape reader.
#2 he jots down the price - and the pattern like reactionary moves, and he loves something which he called pivot but never explain what is pivot.
But since he no money management, so his rise was phenomenal and so was his fail. Although Livermore did say never risk more than 20% capital in one trade, he never follow himself, he admited that. Then on the emotional, Jesse Livermore was an emotional person, in the book Reminiscense can see that very clearly.