Jesse Now~ Livermore Lessons, not Ventura Ventures

March 9th, 2010 by Rich

[Greed]

It took me five years to learn to play the game intelligently enough to make big money when I was right.

In order to trade correctly, one must have a definite basis for that trade…

If we think a trade may move in a certain way, we enter it as early as possible after the market confirms our judgment.

Whenever I have had the patience to wait for the market to arrive at what I call a Pivotal Point before I started to trade; I have always made money in my operations.

[The pivotal point is what some call The Box, the channel, the support or resistance line, the beginning of a change in trend from sideways to UP or DOWN, sometimes called a breakout or outside market.

THAT is the time to act with confidence.]

http://en.wikipedia.org/wiki/Nicolas_Darvas

Speculation is far too exciting.

Most people who speculate hound the brokerage offices…

[or stare at the screens all day.]

…(ticker) prices are always on their minds.

They are so engrossed with the minor ups and downs,

they miss the big movements.

One of the most helpful things that anybody can learn is to give up trying to catch the last eighth – or the first.

These two are the most expensive eighths in the world.

They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.

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This entry was posted on Tuesday, March 9th, 2010 at 7:08 pm and is filed under Market Psychology. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Jesse Now~ Livermore Lessons, not Ventura Ventures”

  1. Vahram Says:
    March 11th, 2010 at 9:34 pm

    rich write a book, i’ll be the first one to buy it.

  2. Rich Says:
    March 16th, 2010 at 7:43 pm

    Thanks Vahram.
    Wrote Four:
    A.Mind, Money, Market 1981
    (Syllabus for Stanford Investment courses taught by Five years of Academic Senate Appointment)
    B.The Politics of Prosperity 1994
    (Plan for renewing Constitutional Government)
    C. The Gift 2008
    (Predicted the Panic and what to do to protect capital and income)
    D. The Tortuga eManual 2009
    (Bottom line lessons from over 50 years in the market, starting with pulling weeds for silver dollars)
    Spring Portfolio of TopTen Closely Held Dividend Discounts comes out this weekend.
    Big4 Asset Allocation Portfolio comes out every Weekend.
    Regards*Rich

 

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