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Politics : The Tuesday Club
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To: Raymond Duray who wrote ()3/6/2000 2:16:00 PM
From: Raymond Duray  Read Replies (2) of 302
 
Jessie Livermore's Rules For Capital Gains:

One of the greatest speculators of the Twentieth Century got his start as a stock boy in the 1890's. From a humble beginning and no capitalization at all, Jesse Livermore built a large fortune, lost it and rebuilt it. I'm not sure how many times. Here are some of his most important insights into the Art of Speculation:

1.Nothing new occurs in the business of speculating or
investing in securities.
2.Money cannot consistently be made trading every day or
every week during the year.
3.Don't trust your own opinion and back your judgment until
the action of the market itself confirms your opinion.
4.Markets are never wrong; opinions often are.
5.The real money made in speculating has been in
commitments showing a profit right from the start.
6.As long as a stock is acting right, and the material is right, do
not be in a hurry to take a profit.
7.One should never permit speculative ventures to run into
investments.
8.The money lost by speculation alone is small compared with
the gigantic sums lost by so-called investors who have let
their investments ride.
9.Never sell a stock because it seem s high-priced.
10.Never buy a stock because it has had a big decline from its
previous high.
11.I become a buyer as soon as a stock makes a new high on
it's movements after having had a normal reaction.
12.Never average losses.
13.The human side of every person is the greatest enemy of
the average investor or speculator.
14.It is not well to be too curious about the reasons behind price
movements.
15.Wishful thinking must be banished.
16.Big movements take time to develop.
17.It is much easier to watch a few than many.
18.If you cannot make money out of the leading active issues,
you are not going to make money out of the market as a
whole.
19.The leaders of today may not be the leaders two years from
now.
20.Do not become completely bearish or bullish on the market
because one stock in a particular group has plainly reversed
it's course from the general market trend.
21.Few people ever make money on tips. Beware of inside
information. If there was any easy money lying around, no
one would force it into your pocket.
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