72 Quotes by Jesse Lauriston Livermore

The reason for what a certain stock does today may not be known for two or three days, or weeks, or months. But what the dickens does that matter? Your business with the tape is now - not tomorrow! The reason can wait. But you must act instantly or be left.

All through time, people have basically acted and reacted the same way in the market as a result of greed, fear, ignorance, and hope. That is why the numerical formations and patternsrecur on a constant basis. Over and over, with slight variations. Because markets are driven by humans and human nature never changes.

Trader has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.

People who look for easy money invariable pay for the privilege of proving conclusively that it cannot be found on this earth.

Money is made by sitting, not trading.

Don’t take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct. In other words, don’t be an impatient trader.

I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.

It never was my thinking that made the big money for me. It always was my sitting.

The only thing to do when a man is wrong is to be right by ceasing to be wrong.