Jesse Livermore On Loss and Tips# Stock
m*e
1 楼
最近小青蛙在看利未摩的回忆录,觉得写得挺有意思的。摘抄几段。
With me I must back my opinions with money. My losses have taught me that I
must not begin to advance until I am sure I shall not have to retreat. But
if I cannot advance I do not move at all. I do not mean by this that a man
should not limit his losses when he is wrong. He should. But that should not
breed indecision.
All my life I have made mistakes, but in losing money I have gained
experience and accumulated a lot of valuable don’ts. I have been flat broke
several times, but my loss has never been a total loss. Otherwise, I wouldn
’t be here now. I always knew I would have another chance and that I would
not make the same mistake a second time. I believed in myself.
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. 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? No sir, nobody can make big money on what someone else tells
him. I know from experience that nobody can give me a tip or a series of
tips that will make more money for me than my own judgement.
It took me five years to learn to play the game intelligently enough to make
big money when I was right. I went broke several times, and that is never
pleasant., but the way I lost money is the way everybody loses money who
loses money in Wall Street.
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.
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.
With me I must back my opinions with money. My losses have taught me that I
must not begin to advance until I am sure I shall not have to retreat. But
if I cannot advance I do not move at all. I do not mean by this that a man
should not limit his losses when he is wrong. He should. But that should not
breed indecision.
All my life I have made mistakes, but in losing money I have gained
experience and accumulated a lot of valuable don’ts. I have been flat broke
several times, but my loss has never been a total loss. Otherwise, I wouldn
’t be here now. I always knew I would have another chance and that I would
not make the same mistake a second time. I believed in myself.
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. 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? No sir, nobody can make big money on what someone else tells
him. I know from experience that nobody can give me a tip or a series of
tips that will make more money for me than my own judgement.
It took me five years to learn to play the game intelligently enough to make
big money when I was right. I went broke several times, and that is never
pleasant., but the way I lost money is the way everybody loses money who
loses money in Wall Street.
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.
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.