“We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons.” - Jim Rohn
Try and recall all the big losses you ever had. Then remember that every one of them – without exception – could have been avoided if you had been wise enough to accept a small loss when the stock went against you.
If your stock is not acting the way it should, then get out. It doesn’t matter how good the stock looked yesterday, what matters is what the stock is telling you now. Remember, pay close attention to price and volume and act accordingly.
After spending many years in Wall Street and after making and losing millions of dollars, I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! - Jesse Livermore
It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance. - Jesse Livermore
The only certainty in trading is the ability to look back at a chart and see the ideal trade. Everything else is uncertainty. Once you accept uncertainty, you begin to accept risk. Once you learn to manage risk, then and only then do you learn how to trade.
90% of people think they understand the market and 90% of people rely on the news!
This is purely a mental business – Ruled by emotions.
You need to train your mind to overcome your emotions. That’s a critical part of becoming a successful trader.
If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money. I don’t think you can consistently be a winning trader if you’re banking on being right more than 50 percent of the time. You have to figure out how to make money being
If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money. The best traders know that patience is the key to making successful trades. Don’t trade too often and avoid overtrading.
You should either make a business of trading or else not try to be a trader. You cannot be successful at trading any more than you can be at mining, manufacturing, doctoring or anything else, unless you are trained for it.
Want to be in the 1% money earners? Have the patience to wait for the right setups and sit tight. Patience is so hard for most traders to learn but enough losses and we finally learn. Patience and discipline are missing for most that lose money. Be accountable to yourself.
Jesse Livermore used to only focus his attention on the (leading stocks). Stocks that trade $100.00+ or higher with an average daily volumes in the millions of shares are the ones that institutional traders are trading.
The BIG MONEY is made going long the market leaders.
90% of people think they understand the market and 90% of people rely on the news!
This is purely a mental business – Ruled by emotions.
You need to train your mind to overcome your emotions. That’s a critical part of becoming a successful trader.
Try and recall all the big losses you ever had. Then remember that every one of them – without exception – could have been avoided if you had been wise enough to accept a small loss when the stock went against you.
Try and recall all the big losses you ever had. Then remember that every one of them – without exception – could have been avoided if you had been wise enough to accept a small loss when the stock moved against you.
You may think that trading is all about making money. Yes, the ultimate goal is to make money, but you can’t make a dime if you lose your capital. So, the primary goal is to protect your capital.
The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor. - Jesse Livermore
Try and recall all the big losses you ever had. Then remember that every one of them – without exception – could have been avoided if you had been wise enough to accept a small loss when the stock went against you.
The only certainty in trading is the ability to look back at a chart and see the ideal trade. Everything else is uncertainty. Once you accept uncertainty, you begin to accept risk. Once you learn to manage risk, then and only then do you learn how to trade.
Markets are driven by two emotions – Fear and Greed. When the market is greedy, you get an uptrend. When the market is fearful, you get a downtrend. And when the market is undecided, you get a consolidation or basing markets.
The average man doesn't wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn't even wish to have to think. - Jesse Livermore
When a trader struggles, it’s usually because your conviction is weak. You aren’t sure. Successful traders live and die by their conviction. Very rarely do they take trades against their trading plan.
You should either make a business of trading or else not try to be a trader. You cannot be successful at trading any more than you can be at mining, manufacturing, doctoring or anything else, unless you are trained for it.
When a trader struggles, it’s usually because your conviction is weak. You aren’t sure. Successful traders live and die by their conviction. Very rarely do they take trades against their trading plan or against their bias opinion.
The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think. Jesse Livermore
There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win.
Failure is not a single, cataclysmic event. We do not fail overnight. Failure is the inevitable result of an accumulation of poor thinking and poor choices. To put it more simply, failure is nothing more than a few errors in judgment repeated every day.
“Don't wish it was easier, wish you were better. Don't wish for less problems, wish for more skills. Don't wish for less challenge, wish for more wisdom.”
What if a pro soccer player skipped every practice – would he succeed? Same with trading – you must constantly be studying charts, doing your homework. Rookies want to jump into a trade because it is up for the day instead of doing their homework. I’ve learned in this biz once
Take full responsibility for what happens to you. it's one of the highest forms of human maturity, accepting full responsibility. it's the day you know. you've passed from childhood to adulthood.
Every day, stand guard at the door of your mind, and you alone decide what thoughts and beliefs you let into your life. For they will shape whether you feel rich or poor, cursed or blessed.
Let others lead small lives, but not you. Let others argue over small things, but not you. Let others cry over small hurts, but not you. Let others leave their future in someone else’s hands, but not you. - Jim Rohn
Let others lead small lives, but not you. Let others argue over small things, but not you. Let others cry over small hurts, but not you. Let others leave their future in someone else's hands, but not you.
It’s important you stick to your winning strategy, in good times and bad. When the market is not acting right. Overtrading is one of the most difficult issues to overcome even for the most seasoned traders.
The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think. Jesse Livermore
The minute you become emotionally attached to your money or allow it to dominate your thinking – you will lose sight of the bigger picture or what’s going on in the market.
Gratitude is a feeling of thankfulness. It is the practice of noticing and appreciating the positives in the world and particularly our own personal lives. Focusing on what we do have rather than what we don’t can have profound influence on our lives. Enjoy this holiday season.
The only certainty in trading is the ability to look back at a chart and see the ideal trade. Everything else is uncertainty. Once you accept uncertainty, you begin to accept risk. Once you learn to manage risk, then and only then do you learn how to trade.
“Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to
There are those who think they are studying the market - what all they are doing is studying what someone has said about the market. Not what the market has said about itself.
There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win. Jesse Livermore
The most valuable form of discipline is the one that you impose upon yourself. Don’t wait for things to deteriorate so drastically that someone else must impose discipline in your life. Think about your life at this moment. What areas need attention right now?
The only certainty in trading is the ability to look back at a chart and see the ideal trade. Everything else is uncertainty. Once you accept uncertainty, you begin to accept risk. Once you learn to manage risk, then and only then do you learn how to trade.
"If we lost, I didn't go out. I stayed in my house, pulled out our old film projector, and looked at all the mistakes we made, I learned from failure. I have NEVER learned from winning." Fran Tarkenton
Corrections are great as long as you don't ride them down. Nothing better than stocks coming down for an extended period of time - creating great looking charts and huge moves.
Many well known professional traders have certain common characteristics.
They understand their markets, forwards and backwards.
They understand themselves as traders.
They are disciplined.
They know exactly what they are looking for in the markets for their trades
They have
It really takes focus, determination, homework, concentration and a lot of hours that you have to put in. If you’re not willing to put in the hours – don’t quit your day job.
When a trader struggles, it’s usually because your conviction is weak. You aren’t sure. Successful traders live and die by their conviction. Very rarely do they take trades against their trading plan or against their bias opinion.
Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. _ Jesse Livermore