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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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Jesse Lauriston Livermore
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More quotes by 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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Experience has proved to me that real money made in speculating has been in commitments in a stock or commodity showing a profit right from the start.
Jesse Lauriston Livermore
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The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.
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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It took me five years to learn to play the game intelligently enough to make big money when I was right.
Jesse Lauriston Livermore
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I don't know whether I make myself plain, but I never lose my temper over the stock market. I never argue with the tape. Getting sore at the market doesn't get you anywhere.
Jesse Lauriston Livermore
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Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.
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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There is time to go long, time to go short and time to go fishing.
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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Never try to sell at the top. It isn't wise. Sell after a reaction if there is no rally.
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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If somebody had told me my method would not work I nevertheless would have tried it out to make sure for myself, for when I am wrong only one thing convinces me of it, and that is, to lose money. And I am only right when I make money. That is speculating.
Jesse Lauriston Livermore
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One of the most helpful things that anybody can learn is to give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.
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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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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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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It never was my thinking that made the big money for me. It always was my sitting.
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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A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don't believe in tips.
Jesse Lauriston Livermore