By Richard Smitten

Explains method and psychology of 1 of the world's most renowned investors - in particular helpful in contemporary marketplace

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The Pivotal Point Trading theory allowed Livermore the chance to buy at the right time. But this also required him to have patience and wait for the perfect trading situation to develop. If all the right conditions did not coincide on a particular stock he was following, he didn’t care, because the proper pattern would sooner or later appear on another stock. Patience . . patience . . patience—wait for the perfect trade—that was his key to timing success. Livermore always considered time as a real and essential trading element.

Because he was following the current trend direction, and his records signaled him to go ahead. It was a safe trade. The Livermore trading system insists that it is foolhardy to make a second trade, if your first trade shows you a loss. As an ironclad Livermore rule, never average losses. Let that thought be written indelibly and forever upon your mind. Some 2004 examples of blue chip stocks reinforce Livermore’s own words. ) There are no good stocks—only 20 TRADE LIKE JESSE LIVERMORE stocks that make you money.

The rest of the market kept moving in its upward spiral. Livermore lost his shirt on these trades. But at the same time he was piling up huge profits on his copper and motor short sales. Overall, he was about breaking even. He persisted in his short positions on the entire market and continued to lose on these trades. He spent the next six months of 1929 trying to find the top of the utility group, another key bellwether group. Eventually, this and other industry groups reached their peaks. By that time, Anaconda copper was selling 50 points below its previous high and the motor stocks were in close to the same ratio.

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Trade Like Jesse Livermore by Richard Smitten
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