“There is time to go long, time to go short and time to go fishing.” ~ Jesse Lauriston Livermore – Sometimes doing nothing is the right move.

“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” ~ Jesse Lauriston Livermore – Let the market tell you what to do not the other way round.

“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 Lauriston Livermore – Trading for big swings is the best way to convert small pots to big pots, but you have to give the asset the necessary time to do its thing.  One way to buy time is to take half off the table if you are lucky enough to double your money on a deal, then you can give the ‘house money’ more room.

“Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.” ~ Jesse Lauriston Livermore – Or as Old Man Buffett famously put it, ‘be fearful when others are greedy, and greedy when others are fearful’.

“Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.” ~ Jesse Lauriston Livermore – He wrote this 100 years ago and it will be true a hundred years from now.

“A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.” ~ Jesse Lauriston Livermore – Not a few fortunes have been lost because of people thinking they were bigger than the market.

“It is foolhardy to make a second trade, if your first trade shows you a loss. Never average losses. Let this thought be written indelibly upon your mind.” ~ Jesse Lauriston Livermore – Livermore’s main tool for making millions in the market was getting bigger when a trade was going his way.

“It isn’t as important to buy as cheap as possible as it is to buy at the right time.” ~ Jesse Lauriston Livermore – You can make plenty of money on a high-priced stock, if you buy at the moment it breaks out of a trading range and trail your stop.

“There are times when you should be completely out of the market, for emotional as well as economic reasons.” ~ Jesse Lauriston Livermore – This advice applies to normies too, don’t turn your vacation into a workcation.

“If you can’t sleep at night because of your stock market position, then you have gone too far. If this is the case, then sell your position down to the sleeping level.” ~ Jesse Lauriston Livermore – Again, this advice can be applied by anyone.  Keep subtracting distraction and noise from your life until you can sleep like a fat baby every night.

“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 Lauriston Livermore – In crypto, there is a catchphrase called DYOR (do your own research).  Sadly, few heed this sage advice.

“The only thing to do when a man is wrong is to be right by ceasing to be wrong.” ~ Jesse Lauriston Livermore – Again, this is universally applicable.  Reminds me of a similar quote ‘if you find yourself in a hole, the first thing to do is to stop digging’.

“A loss never bothers me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does damage to the pocketbook and to the soul.” ~ Jesse Lauriston Livermore – Being stubborn with your losing positions and other bad habits hurts bad enough financially, but the real damage is what it is does to your confidence and self-esteem.

“It takes a man a long time to learn all the lessons of all his mistakes.” ~ Jesse Lauriston Livermore – Most never get through all the lessons before the final bell rings.