Jesse Livermore

Contrarian Investing

Postby Musicwhiz » Tue Jan 26, 2010 2:53 pm

millionairemind wrote:You know what JL said more than 70yrs ago.

"THE MARKET IS NEVER WRONG, OPINIONS OFTEN ARE" :mrgreen: :mrgreen:


Ah good old JL. :D

A pity how he ended up though, what a waste of talent!
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Re: Contrarian Investing

Postby greenhoney » Tue Jan 26, 2010 3:01 pm

but he still died a millionaire right?
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Re: Contrarian Investing

Postby Musicwhiz » Tue Jan 26, 2010 3:06 pm

greenhoney wrote:but he still died a millionaire right?


Nope, a pauper. I read his life story. He won and lost several fortunes. The last fortune he lost, I guess he could not take it. He shot himself in a toilet.......
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Contrarian Investing

Postby Poles » Tue Jan 26, 2010 8:29 pm

Musicwhiz wrote:
greenhoney wrote:but he still died a millionaire right?


Nope, a pauper. I read his life story. He won and lost several fortunes. The last fortune he lost, I guess he could not take it. He shot himself in a toilet.......


to some it is not the end result , it is the journey that matters......
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Re: Contrarian Investing

Postby greenhoney » Wed Jan 27, 2010 9:25 am

i am actually half way reading an autobiography of him. from what i have read, JL is truly a remarkable man that gain, then lost and repeating the same cycle over and over again. he seems to understand why he lost each time but it never amazes me how much he doesnt know! while he does a lot of reflection and vows never to repeat the same mistake twice, more often than not he does repeat them. (like listening to other ppl to go long when his tape reading is shouting a short order)

maybe that is life, a cycle that educates and humbles you.
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Re: Contrarian Investing

Postby millionairemind » Wed Jan 27, 2010 9:28 am

greenhoney wrote:i am actually half way reading an autobiography of him. from what i have read, JL is truly a remarkable man that gain, then lost and repeating the same cycle over and over again. he seems to understand why he lost each time but it never amazes me how much he doesnt know! while he does a lot of reflection and vows never to repeat the same mistake twice, more often than not he does repeat them. (like listening to other ppl to go long when his tape reading is shouting a short order)

maybe that is life, a cycle that educates and humbles you.


Ya... that is Y we should emulate his success and try not to repeat the same mistakes :D

I read a quote a long time ago that goes something like this.

"Smart ppe. learn from their mistakes, wise ppe. learn from other ppe.'s mistakes" :mrgreen:
Last edited by millionairemind on Wed Jan 27, 2010 9:29 am, edited 1 time in total.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: Contrarian Investing

Postby Musicwhiz » Wed Jan 27, 2010 9:29 am

greenhoney wrote:i am actually half way reading an autobiography of him. from what i have read, JL is truly a remarkable man that gain, then lost and repeating the same cycle over and over again. he seems to understand why he lost each time but it never amazes me how much he doesnt know! while he does a lot of reflection and vows never to repeat the same mistake twice, more often than not he does repeat them. (like listening to other ppl to go long when his tape reading is shouting a short order)

maybe that is life, a cycle that educates and humbles you.


The toughest part is to not repeat the mistakes which you had committed before. Human beings tend to do that, instead of learning from history (e.g. wars). Even for myself, as an investor, it's tough to avoid the same mistakes, which is why I document them on my blog for easy reference.....
Please visit my value investing blog at http://sgmusicwhiz.blogspot.com
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Re: Contrarian Investing

Postby iam802 » Wed Jan 27, 2010 10:35 am

Musicwhiz wrote:
greenhoney wrote:i am actually half way reading an autobiography of him. from what i have read, JL is truly a remarkable man that gain, then lost and repeating the same cycle over and over again. he seems to understand why he lost each time but it never amazes me how much he doesnt know! while he does a lot of reflection and vows never to repeat the same mistake twice, more often than not he does repeat them. (like listening to other ppl to go long when his tape reading is shouting a short order)

maybe that is life, a cycle that educates and humbles you.


The toughest part is to not repeat the mistakes which you had committed before. Human beings tend to do that, instead of learning from history (e.g. wars). Even for myself, as an investor, it's tough to avoid the same mistakes, which is why I document them on my blog for easy reference.....


Or maybe JL should just stick to his proven tape reading and avoid 'Rojak' approach :lol:

He has his own successful system...and he breaks his own rules.
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

TA and Options stuffs on InvestIdeas:
The Ichimoku Thread | Option Strategies Thread | Japanese Candlesticks Thread
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Re: Contrarian Investing

Postby greenhoney » Wed Jan 27, 2010 2:15 pm

JL was way ahead his time in terms of his TA skills and how when later in his life used fundamentals to really 'show hand' and made a killing in shorting some stocks. and he always play a lone ahnd.

i guess we all have stick to our beliefs and hold on for a helluva bumpy ride this year and 2012. cut loss never on fear, but because you are wrong.
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Re: Contrarian Investing

Postby iam802 » Wed Jan 27, 2010 2:19 pm

Actually, if I recall, JL's mental state wasn't that great towards the end. That affected his judgements.

He should at some point just call it quit and look for other things to do (and keep his mind occupied).

He was consumed by the market (and can't get out).
1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

TA and Options stuffs on InvestIdeas:
The Ichimoku Thread | Option Strategies Thread | Japanese Candlesticks Thread
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