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Jesse L. Livermore said it best!

I learned that I have a bearish biased about the market regardless of how far it has continued to rise month after month. Day trading has its place for me inside my toolbox, What was once selloffs a long time ago are not "opportunities" or excuses to buy the market back up with a vengeance. Mentally, it's easier for me to be long a Call option and let it simmer for a week or two, hopefully closing it out for a decent profit. Maybe in 2018 I will have the opportunity to put my bear hat on and go to work with some day trading, until then, I will get in line and look for opportunities to #BTFD with options.

“ It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. ”
- Jesse L. Livermore


  1. I loved that book.

    I remember the part where he was trying to get short the market and every basket trade he made towards the short side lost until he got cleaned out. it was a really important lesson for me in terms of timing.

    Also, the part about the great earthquake of San Francisco was instrumental in how I handled the 2011 earthquake in Japan.

    that book is timeless. I keep a hardcopy and one in my iPhone.

  2. Yup, J Livermore is a must read. I took to heart how he secured his family with financial security, as if he knew the chances of going broke again were high. I don't think it's much of a spoiler on how his life ended... it's a important reminder not to tie our identity to trading, trading success, or the material things/trappings trading success may bring.


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