Here is the full quote: "It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon." -ROASO I think he meant taking a position and holding. Many people can pick the same levels but few can see the trade to its potential. I think thats what he's saying when talking about sitting tight.
Again, this is a good thing to do, however thats not what the quote means either. Because Livermore says that many men have entered at the same prices he did, but his ability to sit tight with the position while others took their small profits is what made him the big money. So while where he got in was important, where he got out (ie large profits) was the real key. I agree waiting for the proper entry and being patient is important, Livermore emphasized not only getting good prices but holding for longer than others did.
Having read Livermore aka Lefevere's book a couple of times I think you are both right. Wait for the right trade at the right time and hold for max gain. A friend of mine trades just the way and does quite well for himself. He only trade 2-3 times a day and goes for 4-1 R to R and uses a loose trailing stop.
Different things, although I know he does a bit of DAX trades. As far as I know he would trade anything with the right price volume patterns. And No it' not Spyder or Jack I am referring to.
Haha, thanks Dan. I figured there might be a couple more successful traders out there than the ones you mentioned