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The desire for constant action irrespective of underlying conditions is responsible for many losses on Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.

Jesse Lauriston Livermore

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Jesse Lauriston Livermore
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More quotes by Jesse Lauriston Livermore

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Most people, whether bull or bear, when they are right, are right for the wrong reason, in my opinion.
Jesse Lauriston Livermore
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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
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I can't sleep answered the nervous one. Why not? asked the friend. I am carrying so much cotton that I can't sleep thinking about. It is wearing me out. What can I do? Sell down to the sleeping point, answered the friend.
Jesse Lauriston Livermore
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He will risk half his fortune in the stock market with less reflection that he devotes to the selection of a medium-priced automobile.
Jesse Lauriston Livermore
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I have always played a lone hand. It is the way my mind works. I have to do my own seeing and my own thinking. But I can tell you that after the market began to go my way I felt for the first time in my life that I had allies - the strongest and truest in the world: underlying conditions. They were helping me with all their might.
Jesse Lauriston Livermore
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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
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Instead of hoping he must fear and 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.
Jesse Lauriston Livermore
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Never buy at the bottom, and always sell too soon.
Jesse Lauriston Livermore
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Trends come like a series of ocean waves, bringing the high tide when things are good and, as conditions recede, the low tide appears. These trends come unexpectedly, unpredictably, and they have to be weathered with temperance, poise, and patience- good or bad.
Jesse Lauriston Livermore
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If I learned all this so slowly it was because I learned by my mistakes, and some time always elapses between making a mistake and realizing it, and more time between realizing it and exactly determining it.
Jesse Lauriston Livermore
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Money is made by sitting, not trading.
Jesse Lauriston Livermore
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When I'm bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don't buy long stocks on a scale down, I buy on a scale up.
Jesse Lauriston Livermore
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A man must study general conditions, to seize them so as to be able to anticipate probabilities.
Jesse Lauriston Livermore
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There is time to go long, time to go short and time to go fishing.
Jesse Lauriston Livermore
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It isn't as important to buy as cheap as possible as it is to buy at the right time.
Jesse Lauriston Livermore
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Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money.
Jesse Lauriston Livermore
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For instance, let us say that a new stock has been listed in the last two or three years and its high was 20, or any other figure, and that such a price was made two or three years ago. If something favorable happens in connection with the company, and the stock starts upward, usually it is safe play to buy the minute it touches a brand new high.
Jesse Lauriston Livermore
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The stock market is never obvious. It is designed to fool most of the people, most of the time.
Jesse Lauriston Livermore
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If I buy stocks on Smith's tip I must sell those same stocks on Smith's tip. I am depending on him. Suppose Smith is away on a holiday when the selling time comes around?
Jesse Lauriston Livermore
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It took me five years to learn to play the game intelligently enough to make big money when I was right.
Jesse Lauriston Livermore