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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts
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To: Real Man who wrote (43004)11/13/2021 1:21:18 AM
From: Sun Tzu1 Recommendation

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ajtj99

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Re: nearly all Great traders died broke and were making a living selling their system rather than trading

This is from the new annotated version of the reminiscences book:


One of Edwin Lefevre’s key messages in Reminiscences was that the stock market is an unbeatable game that chews up players without remorse. And judging from the trader profiles written as annotations for this edition, it’s easy to agree with that conclusion. Most could be shortened to read: “Born in poverty. Made a fortune. Lost it all. Died in poverty.”

It was a rare player who could out-think and out-work his competitors, win big on a titanic scale, and exercise enough risk control to secure a generational fortune. Harriman, Rockefeller, Morgan and Baruch were able. Livermore, tragic hero of the saga, was not—though paradoxically his insightful ruminations on his flaws have proven to be a rich legacy.
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