Thanks epiktetos, i know it's all nonsense at a very basic level, but it's funny what some people come up with.
I disagree. On average, it is at least 66.6% losing against at most 33.34 winning. I can prove it. We are assuming risk is less than reward. The majprity of readers who tried (paper or real) trading will know that it is true. If you did not notice it yet, go back to your records, and you will find that I am right.
Exactly, his fatal flaw. A great trader nevertheless, IMO. He also lost millions in business ventures, time after time. Something wrong there.
One move Livermore claimed he used was buying on a breach of strong resistance & selling on a breach of strong support. Pretty simple. In "Reminisces..." there's a few paragraphs about a wheat trade where he prob. used stops to open on new highs... He was also a nut. But he had the Support & Resistance part right. Happy holidays!!
NeoRio1, Thank you for your post. Well if Jesse Livermore's "How to Trade in Stocks" is the only book you have read I consider it to be a real classic. It is "my personal opinion" that Mr. Livermore either wrote under a pen name of Edwin Lefevre or had Mr. Lefevre edit his first book. The book is "Reminiscences of a Stock Operator" by Edwin Lefevre. This is a true classic. And the great thing is that it is available on CD as an AUDIO BOOK as well as paperback. For anyone wanting to do any reading or research on Mr. Livermore I would recommend the following books in the following order. 1. "Reminiscences of a Stock Operator" - Edwin Lefevre 2. "How to Trade in Stocks" - Jesse Livermore (1940) - or Richard Smitten's later updated and expanded version. 3. "Jesse Livermore - World's greatest Stock Operator" - Richard Smitten. Everything that you had said in your response I basically agree with. Thanks again.