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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (6486)	7/4/2002 4:24:52 PM
From: Raymond Duray	Respond to of 33421

enigma, Re: these little pearls While NotMorgan is enjoying his market hiatus and psychological breakdown, I'll share some market pearls with you and the thread: 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 its 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.