How To Trade In Stocks – Jesse Livermore
In this concise book Livermore draws upon his natural ability as a speculator and boy plunger and bares open his genius Livermore Market Key to success.
It is no easier to become the best trader than it is become successful surgeon. Mind has to lend itself to pliability and humility – for market is always right, pride and chutzpah is better left locked up in the basement.
A successful trader has his almanac speaking to him back loudly, while he can’t predict what will happen, he listens to the screen unassumingly, always respectful of market madness. People continue to make the same mistakes as they make in the past.
He strongly advises to keep away from all insider information and “inside tips” will break a man. He urges to to be decisive, for success rides on the hour of decision. If one continues to exercise patience until the facts are general knowledge, the opportunity would have past us by, its imperative to make a decision with in sufficient information.
The fine line is thin between an experienced trader and a long term investor, as a successful trader evolves to hold stocks for long term multi year upwards moves aka trends rather than play on daily moves. Recommended reading.