ZF Capital

When you make a trade, you should have a clear target where to sell if the market moves against you. And you must obey your rules! Never sustain a loss of more than 10% of your capital. Losses are twice as expensive to make up. I always established a stop before making a trade.

– Jesse Livermore, Reminiscences of a Stock Operator

I am fully aware that of the millions of people who speculate in the markets, few people spend full time involved in the art of speculation. Yet, as far as I’m concerned it is a full-time job perhaps even more than a job. Perhaps it is a vocation, where many are called but few are singled out for success.

– Jesse Livermore, Reminiscences of a Stock Operator

I have always played a lone hand. I began that way in the bucket shops and have kept it up. It is the way my mind works. I have to do my own seeing and my own thinking.

– Jesse Livermore, Reminiscences of a Stock Operator

The big money is made by the sittin’ and the waitin’ not the thinking. Wait until all the factors are in your favor before making the trade.

– Jesse Livermore, Reminiscences of a Stock Operator

Among the hazards of speculation the happening of the unexpected – I might even say of the unexpectable – ranks high.

– Jesse Livermore, Reminiscences of a Stock Operator

There is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.

– Jesse Livermore, Reminiscences of a Stock Operator