ZF Capital

The tape never lies.

– Jesse Livermore

It is the big swing that makes the big money for you.

– Jesse Livermore

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 Livermore, Reminiscences of a Stock Operator

Of course there is always a reason for fluctuations, but what the tape does not concern itself with the why and wherefore. It doesn’t go into explanations. The reason for what a certain stock does today may not be known for two or three days, or weeks, or months. But what the dickens does that matter? Your business with the tape is now – not tomorrow. The reason can wait. But you must act instantly or be left.

– Jesse Livermore, Reminiscences of a Stock Operator

In a narrow market, when prices are not getting anywhere to speak of but move in a narrow range, there is no sense in trying to anticipate what the next big movement is going to be — up or down.

– Jesse Livermore, Reminiscences of a Stock Operator

A speculator must not merely be a student, he must be both a student and a speculator.

– Jesse Livermore, Reminiscences of a Stock Operator

Money does not give a trader more comfort, because, rich or poor, he can make mistakes and it is never comfortable to be wrong. And when a millionaire is right his money is merely one of his several servants. Losing money is the least of my troubles. A loss never bothers me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does the damage to the pocketbook and to the soul.

– Jesse Livermore, Reminiscences of a Stock Operator