Memoirs of a Stock Operator essence.

 Some time ago I finally bought the book I always wanted to see errors and mood. now the essence of the original quote from review as to the history of one of the greatest masters of Jesse Livermore speculative tribute there is no new thing. Wall Street can not have new things, because speculation is like that old mountain. what happened today, the stock market has gone before, the future will happen again. I never forget that. I think I really try to remember what is when and how to happen, I remember this way the fact that the method I use experience. Chapter In fact, if I begin to trade, sure I correct, I will always make money. beat me, the mind is not enough, insist that I am good at the game mm, and only operate in the precursor to my advantage, so I was satisfied when the venue. to do all the things to be about timing, but I do not know it. In Wall Street, there are so many people can not be a fool, but failed, precisely because of this. fool them, there is a complete idiot, in any place, any time will do something wrong, but there is a stock market fool, these people think they have to deal at any time. No one can always have adequate reasons for buying and selling stocks mm every day and no one has enough knowledge to be able to operate sophisticated each time. Chapter one takes a a long time to learn from all his mistakes all the lessons. Some people say that everything has two sides, but only one side of the stock market, not the bull side or bear side, but the right side. Let this etched in General my mind, the time spent far more than stock speculation level of the game most of the more technical things. If a person wanted to test the game (speculation) to live, have to believe in themselves and their own judgments. No one can consider other told him to how TAL hairpin? speculation is very hard, very consumption of spirit, speculators must always be hard, otherwise there will be soon what kind of job he had. If someone told me that my method does not work, I will be completely anyway try to make myself sure. because I am wrong, only one thing is losing mm mm can make me believe that I was wrong. just to make money, I was right be considered. That is speculation. Fourth Chapter I make the first 20 years of age 1 million dollars, a loss of money out again. But I know why and how to lose it's because I ignored mm season, year-round trade, because I can not follow its own system, not ** Research and experience in accordance with the system transactions are still entering gambling. I hope the win, do not know when winning at all desirable. Nothing in the world, more than exhausted all teach you what not to do . so you know what not to do in order not to lose, you start learning what to do to win money. The fifth chapter with a problem, I have to tell myself it clear, I think that when you find a solution I have to prove they are right. I know only one way to prove that with my own money to prove. Here, let me say one thing: After so many years on Wall Street, earning millions of dollars, and lose a few millions of dollars, I want to tell you this: I never thought for me earn a lot of money, I always insist on not making big money move for me, understand? I insist on not moving! no less than the market determine the correct surprising. you will always find in the bull market started on the long on many of the people, in the bear market will start to find many people who make empty. I know a lot of time to determine the appropriate right people, they began to buy or sell, the price is the price should appear on the greatest profit. They all experience the same with my mm that is, they do not make real money from. to simultaneously determine the right and insist on not moving people are very rare, I found that this time the most difficult thing to learn. But the hand of the stock is only really understand this, he can make big money. This is true, then the hand know how to make millions of dollars, when the ignorant than he want to make is easier for a few hundred dollars. The reason is that a person may see clearly and distinctly, but calm in the market, as he prepared to go that direction will be when he becomes impatient or suspected up. Wall Street have so many fools do not belong to the class of people, not even a fool who belong to the third level, it will lose money, the truth is here. market does not beat them. They beat themselves, although they brains , but can not insist on not moving. old turkey is doing what he was doing, and stick to it when it is correct. he not only have the courage to stick to their beliefs, but also very smart and have the patience to stick with it. ignore large fluctuations, trying to get into the climb out deadly scourge for me. No one can catch all of the ups and downs, in the bull market, your approach is to buy and squeeze until you believe the bull market will end up. To do this you must study the entire trend, not of winning numbers, or special factors affect individual stocks, then you have to forget about all your stocks, never forget! mm or until you see that you like, until you think you see mm market reversal, the trend began to reverse stops. To do this you must use your mind and vision, or my advice will tell you the same idiot buy low and sell high. Anyone who can learn the most helpful thing is to give up trying to catch the last mm or the first file of a file. This two steps is the world's most expensive things. In total, these two steps so that shares of the Friends of millions of dollars spent, more than enough to the construction of a cement road across the American continent. a man of no confidence in their own judgments, in which the game could not walk far. These are probably all that I learned of the overall situation mm, following a site, and stick to it. I can not at all impatiently waiting, we can see that would be down, but wavering, that this is a temporary phenomenon. I have been emptying 10 million shares, see the big bounce is coming. I decided mm mm identified correctly in my opinion, this rebound to be inevitable, even healthy, in my book profit, and will cause 100 million difference. I still steady as a rock, looking at half of the book profit has been washed off, did not consider the first covering the rally again when venting practices. I know that if I do, I may lose my position, and thus lose the opportunity to determine the big money, big fluctuations in order for you money. Bankruptcy is a very effective educational institutions. VI I took this class Tell a friend thing, some friends told me that this is not a sixth sense, but subconsciously, it is the creative soul to play a role. It is this spirit of artists to make some things do not know how they can do these things. Perhaps for me, this is a lot of little things accumulated effect of these little things meant nothing to the individual, very powerful together. may be unwise to see my friends more than attitude, inspired me to deny the spirit of I picked the Union Pacific Railroad, because the stock had been rendered so much. I can not tell you a sixth sense, what possible reason or motive. I only know that when I rose again, shorting the shares of Union Pacific Railroad 3000 , is not afraid to Chapter VII. If I tell people I see more or look empty, I never hesitated. But I never tell anyone to buy or sell any stocks. In all of the stocks in bear market will decline in the bull market in stocks are rising. I always say that buying in the rising market is the most secure way to buy stocks. focus is not quite as much as possible to buy cheaply, or when high venting, but at the right time to buy or sell. I see empty and sell the stock, each selling price must be lower than the previous. When I buy just the opposite case. I must undertake the gradually upward. I Buy stocks for a long time, not downward but upward to undertake to buy. Remember, the stock is never too high to start so you can not buy, and will not sell low to not start. But in the first transaction, unless the profits of the first there, or do not do the second pen. to wait and see. This is your ability to play a role when Jie Pan, so you can determine the right time to start. a lot of things success depends on is entirely the right time in the beginning. I spent a lot of years to understand the importance of this point. It is also cost me several hundred thousand dollars. VIII I always observed from the fact I find my own conclusion. This is my conclusion the only way. I can not see from the fact that people call me to find conclusions. Those are not my own facts. I began to understand to make big money must be earned in large fluctuations. whether to promote large fluctuations What factors may start, facts are a large wave continues, not speculation or insider financiers skills group result, but on the basic situation. No matter who is against big fluctuations will be according to the driving force behind the , do our best to quickly move to the end. Obviously, you should do is to see more in the bull market, bear market seen in the air. sounds funny, right? but I have to deeply understand the general principles can be seen that this principle should be implemented. The real significance is the possibility to predict. I spent a long time before they learn to trade according to these principles. I've always found the error of their profit will allow me . so I finally found in the bear market, do not lose your short position is indeed perfect, but always offer the potential should be studied to determine the timing for operation. If you start on the right, you will not see their profits parts that are seriously threatened, then stick to it you will find no difficulty. I can not wait, did not stop the power to determine whether the time for venting. in my ability to read the tape should help, I did not do so. I'm just so acupuncture points : Even if a person in the bear market started to correct in bearish market outlook, the best have to wait until certain that no danger of engine backfire before starting a lot of venting. If a person does not make mistakes, he will within one month with the world. But if he can not benefit from the mistakes, he absolutely can not have anything nice. the beginning of the longer time delay, after the start of the collapse will be more serious. This time I was very calm and correct, and not as the first Six or good sense to read the tape, because my analysis of the impact of the overall stock market conditions. I'm not guessing, but forecast an inevitable situation. shorting the stock do not have any courage, in addition to fell outside, I do not see will any other situation, I must act according to this point, right? I can do other things? I remember the old favorite white pure odd to say this is a bull market mm, mm You know, it seemed wise enough to people, this sentence is good news enough, as a matter of fact as well. I always operate independently. transaction number from his beginnings in the air, I did. and it has been maintained this way. This is the operation of my mind way. I must own observation, think for themselves. but I can tell you that the stock market's direction as I began, when the first time in my life that I have a lot of the world's strongest ally in mm, the most true friend, and that is the basic situation. these allies best to help me. I do not read the tape to get my skills or sixth sense betting on luck. Logic can not change the situation for me is to make money. It is important to correct, that they are right, and according to this action. Chapter I right that I must use my old method mm only with money to prove it. a stock for the first time exceeded 100,200 or 300, the stock will not be stopped in the integer points, but will up a large section again. So if you buy when the stock cleared a key hurdle, almost certainly going to make profits. timid people do not like another record high price to buy. But I have such a history of volatility guide me. I'm careful, because the people through the adversities, the taste will be like in good times, even though he has not fully climb to the peak, as well. to make money is to make money. big money is in the right time was right. In this line, one must consider the theory and practice. speculators must not be just a student, he must be a student and speculators. Jie Pan is important in this part of the game in the right Since when is also important to stick to their positions just as important. but my biggest finding is that one must study and assess the overall situation in order to predict the possibility. I no longer blindly gambling, no longer concerned about how proficient operating skills , but about relying on efforts to study and clear thinking, to win their own success. I also find that no one can operate free from the risk of committing stupid. A person operating stupid, we should pay the price for the stupid. I know there are always One day I will find the wrong place, it will not make mistakes. At that time I not only have the will to do things right, but also to ensure that some correct knowledge. And so on behalf of the authority. unless you can get all possible benefits from, what is the correct use? day after the close of my net worth of more than 100 million. master of my greatest glory is not in money, but the intangible things: I did the right thing, and I look forward, and follow a clear plan. I learned to make big money have to do, I'll level out of the gamblers, and finally learn how to smart to do big-budget deal. This is my most important day of life. Chapter X will not let me lose money is the most disturbing thing. I think after the loss, the loss never bothers me. The next day I forgot. But the error does not recognize losses mm mm is what hurt the pocket and mind. In all of the game, really need to study before playing a game , just that Americans do not normally accustomed to using a very high degree of vigilance and preparation to join the smart one of the game. he would bring half the family property in the stock market risk, but consider the choice of a mid-priced cars is less than that much. 看盘not the face of it less complicated. Of course you need experience. But more important is to remember in the heart of some of the basic elements. read the tape is not for you telling. tape will not tell you next Thursday, 13:35 There worth your how much. read the tape was designed to determine first, how to trade, and the second, when trading mm that is, whether to buy than to sell for, regardless of the stock, cotton, wheat or corn or oats, exactly the same reason. your attention to the market, that is, pay attention to price movements recorded in the broader market, have a goal in mind, to decide the direction, that is, determine the price trend. We know that the prices will increase or decrease the resistance encountered. In order to facilitate understanding, we say the price, like all other things, will be conducted along the line of least resistance. prices will take the easiest path, so if the resistance increases than decreases in resistance, prices will rise, and vice versa. after the commencement of the market appropriately, no one should not know that it is a bull market or bear market. for having an open mind and intellect, clear vision of the people, the trend is clear, for the speculators, the get yourself to see the facts, rigidly applied in their own theory , it is definitely not smart. The people should know that a bull or bear market, if he knew it, he knows should buy or sell. So the beginning of the operation, a person need to know is, they should buy or selling. One should not rely on appearance transactions. tell him he should wait until the time is ripe for the broader market when trading began. In fact, many people buy the stock price seems cheap, or because the price seems expensive, and sell the stock, this practice has caused the loss of millions of people do not. speculators than investors. His goal is not to rely on high interest rates, so that their funds are paid stability, but rely on speculation profit target price up or down. So what is to decide when to trade a speculative line of least resistance, he should wait to determine this is the time line of their own, because it is he started a busy signal. I am here to say is, when ** own line of least resistance judgments made to determine market direction, my experience is that accidents will always walk in my direction of the market, that is unexpected or unforeseen events total I have to do is to help the market direction. stock will not can not buy high, or low can not sell. the price we have identified themselves with the route of least resistance has nothing to do things. If you approach trading as I say, you will find In the actual situation, the stock market opened the next day between the closing and any important news, usually with the line of least resistance. In the news release the money, the situation has been established, in a bull market, bad news will be ignored, Lee and more message will be exaggerated, and vice versa. I said, you only need to read the tape, establish your level, as long as you decide upon the route of least resistance, ready to trade along this route, sounds easy. But in the actual conditions, a person must be careful to guard against many things, the most important thing is to be careful mm that is to be careful of his own humanity. This is why I always say the right has two basic situation and the power mm mm in helping the wrong person him. in a bull market, negative factors are always neglected. This is human nature, but everyone was shocked on this point. A Mindanao Mindanao in the commodity futures market operation, must not allow a fixed opinion about. He must have an open mind and flexibility. ignore the market's message is not smart, regardless of crop conditions or you have any views on the possible demand. I remember I missed a major operation, simply because I try to launch the expected signal. I situation is very determined, so I think do not have their own contemporary line of least resistance set, I even thought I could help this line appears as it seems with a little help to become. Too many traders have this experience too many times , so I can set the following this rule: Narrow fluctuations in the market, price fluctuations are modest, but the time at narrow circle to predict the next big wave is up or down, meaningless. should do is observe the market, reading the tape, determine the price of narrow upper and lower pieces of hovering, decided to break any direction in the price limit, not to take any action. speculators to make money from the market must pay attention to, rather than insisting on the broader market must be consistent with your views. forever not with the broader market theory, or questioned the market's reasons or explanations. after the autopsy for the stock market will not receive any dividends. you want to blindly gambling, expect to get huge profits, or want to speculate intelligently, are relatively small, but the possibility of much larger profit? I told you, I observed a long time of wheat. months, wheat prices are in U.S. dollars between 1.1 and 1.2 and downs, there is no specific trend. Well, sir, one day more than the closing price of wheat $ 1.19. I am prepared to deal. Sure enough wheat to 1.2050 opened the next day, so I bought. wheat continue to rise to 1.21,1.22,1.23, and then rose to 1.25, I am way overweight. I know that when wheat exceeded $ 1.20, must be because finally accumulated gains strength, and promote maximum price break, but there are certain things happen. In other words, breaking the $ 1.20 price of wheat on behalf of established line of least resistance. then the situation is very different. I have to tell you something illustrate the essence of my trading system, offer the potential of this system is based. I just get to know the direction the price is most likely to move. I also use additional tests to review my transactions in order to determine important psychological moment . then I began to operate, I was used to observe the price action the way to do this. I said I do for a long time to buy stocks, like paying high prices, then I am shorting stocks, are worth the low price, or simply hold space Surprisingly, there are so many experienced traders to hear such things, the showing incredible look. If traders always stick to their weapon mm is waiting for speculative line of least resistance on its own, must wait until the broader market that rose, began to buy, or fall further, said the broader market, began to vent, and overweight should be all the way to make money is not difficult. For example, the first to buy one-fifth of all holdings. If this part of the profit does not appear must not increase the stake, because he was apparently wrong, he was wrong, at least temporarily, at any time, make mistakes will not be profitable. the broader market that will rise, not necessarily a lie, simply because the broader market now is that not that time. 100 shares. and nothing more. He has said that he was asked to play the game than others to make money, so he will be the final purchase price below the 1 point, set the stop loss order form. prices are rising, he just stopped Loss to follow up the shift. met 1% of the pull-back, he stopped playing damage. He claimed both of his original margin, or profit from his book point of view, loss of more than 1 point, he felt no sense . you know, not the pursuit of long-term professional gambler, identified only the pursuit of money. Of course the timing is appropriate, to do long term is also very good. Xien in the stock market not the pursuit of winning numbers, the operation is not expected to seize up the week up 20 points potential, but with enough volume to pursue to make sure the money to enable him to good life. I met tens of thousands of outsiders on Wall Street, Xien is only speculation as to the stock or just Pai Gow games of chance like roulette, but he was sober, to adhere to a very healthy way of gambling. speculators from within the main enemy is always there. human nature can not be separated with the hopes and fears. In speculation, if the market away from you, you want every day is the last day mm and if you do not comply with hope, you will lose more than than the degree should be strong enough to be comparable mm opened large and small, and exploiting the boundary of the hero hero. The market according to Do you mean to go, you afraid of tomorrow will take away all your profits, so you exit the mm back too fast. afraid to make you earn so much money to be earned. successful trader must overcome these two deep-rooted instinct. He must change you can call it something impulsive nature. When he was hopeful, in fact, should be afraid, in fear, he should hope. he must be afraid that he may become a greater loss loss, and that his profit may become a bigger profit. according to the general people do gamble in stocks is absolutely wrong. XI in the speculative market, so one thing to make money or lose money, is his view of things methods. the general public on the operation of their people hold the view just for fun. They prevent excessive self-forming, so they are not thinking deeply or thoroughly. experts concerned about doing things right, and not care about money, he knew that if He is doing other things, the profits will naturally appear. XII speculation in all the wrong, there is no loss of a few than trying to flatten the operation is also stupid. my cotton operation, was most vividly demonstrated this . You always want to sell your losing trades have been profitable to retain the operation, this was wise. learned that he might not have any reason to make a foolish action, for I am a valuable lesson. I spent a few millions of dollars, traders learned that another dangerous enemy: may be Xinsiminjie, charming, articulate people who move. You can not convince a man against his own beliefs, but you can persuade him to enter the hesitations, indecisive state, this situation worse, because it is not that easy to have confidence in the transaction. XIII I learned a lot with stock speculation game-related things, but not so much with the weaknesses of human nature to learn how things related to the role. No human mind could be so like machines that can at all times with the same efficiency of operation, enough to make you rely on. I learned: I can not always believe in yourself at any time, are not subject to other people and unfortunately impact. I sometimes think, if the speculators can learn something, he is not arrogant, not too high to pay any price. some smart people, many serious failure, can be attributed to arrogance, arrogance in any place, any people, is an expensive disease, but on Wall Street where, on speculators who, in particular. the cause is always the cause, I, as speculators, my career is to always support their own judgments. Chapter XIV of traders in addition to the basic situation, remember the precedent of the market, considering the general public's mindset and understand their limitations brokers, but also must know themselves, to the prevention of their own weaknesses. You do not have their own human feel angry. I began to think, to know how to understand themselves and know how to judged as important as the broader market. I have studied, estimates of certain impulses have their own, or active on the market due to some hard to avoid the temptation to react, This study and estimated the mood and spirit of the time, much like the situation I consider crop of earnings reports or the same. a person the opportunity to make money comes, money no stopping it, like there is no umbrella, walked rainstorm, like Otherwise it is difficult to wet. there is one thing to remember is that the market is not in the brilliant glory reached its highest point, not an end in the form of a sudden reversal. The market may, and often before the stock started to decline in general a long time, no longer a bull market. I look forward to a long warning, I noticed the stock market had led one by one, a lot of points from the head retreated, but did not go back to the head, which is many months For the first time in the case. these shares gains apparently has ended, this is clear that my method of trading must be changed. Another thing to remember is this: Never try and head venting, this is not smart, To retreated after the venting does not bounce back. in the bear market, if the sudden and complete confusion, cover is always wise. If you operate a large part, this is you can use and fast, and do not have to worry about shrinking profits the way, the book profit into real profit the only way. XV from cradle to grave, life itself is a gamble, because I did not foresee the ability to hit so I can afford to own something, do not feel troubled. the normal commercial risks will not go out to the streets or sitting than train travel is also dangerous. a stock slump, the sell is a natural trend. there must be some reasons mm do not know the reason, but there must be a very good reason; therefore should exit. However, if the pressure drop is the result of the hand thrown, not playing smart, because he stopped to suppress, the stock will rebound. XVI accepted by all winning numbers not because they are stupid, but because they like I said earlier made by the hope that cocktail. I found a simple way, and then follow the implementation. I do not make money is hard. you want to know, I will tell you my secret, that I was never the bottom of the buy, and always sell quickly. XVII I do not need to sit all day before the offer billboards, always expect exit signals. horn sounded before the withdrawal unless there is an unpredictable mm disaster, otherwise the market would hesitate mm before, or in other ways, so I'm ready to cope with a sudden reversal of the speculative situation. Of course, a huge number of shares held by, you must always pay attention to looking for opportunities to book profits into real money. In this process, he should try to minimize the loss of profits. experience tells me that a person can always find opportunities, the profits into real money, this opportunity is often the main trend end there. This is not the ability to read the tape, or a sixth sense. Chapter XVIII of my business is trading mm in front of which is to follow the facts, rather than follow someone else I think should be done. XIX stock speculation success is based on the assumption that the future will continue to commit all the mistakes before. Chapter James. Jean has a speculative success must have the most superior minds, to be successful in any local speculation. He obviously does not follow the broader market against. He has a full fearless, but definitely not rude. if he finds himself wrong, he can look back at the twinkling of an eye, and will do so immediately. In fact, a provision of speculation you'd better remember the simplicity of this Jean and some of the provisions clearly capable predecessors. is the highest price the stock to try to Scoop, and then all the way down, scattered to the public. The first step in a stock bull is a bull trend is propaganda launched by the facts. sounds funny, is not it? In fact, the most effective way is to claim that you sincerely want the stock to become active and strong. After all the words to say, all things to do done, the world's most PR is the power of the machine stock and the most effective advertising media is the plate potential. I do not have to launch any promotional documents for clients, do not tell the newspaper the value of the stock, or urge the Finance reports that the company's outlook. I do not need to follow the masses. I just have to become very familiar with each stock, we can achieve these things I am very eager to complete. stock closing prices, naturally, someone will asked to explain. Of course, this point that the necessary reason they will come out, but fortunately the media published no need to I did help. I speculation, met the same problems and operations. for the hand can not let the stock fluctuations according to their meaning, all the hype to be over. You take care of some speculation in the stock is not the case fluctuations, immediately sell off. Do not talk to the broader market theory. Do not expect to save back the profits, but also sell off in the time and can be cheaper to sell off, quickly get away. the twenty-first chapter, I guess Bulan Di and thousands of laymen, as there is a misconception that the hand of the almighty, anything can. for hand no such capability. He can not do. twenty-second chapter I told you before, we have bear market. In this market, the only way to sell may not be desperate, but do not really count must be sold for. In addition there can be no other way. twenty-three chapters in addition to trying to decide how to make money , the transaction must also try to avoid losing money. know what should be done, know what not to do with almost as important. in a bull market, especially in the economic boom, people first have to make money, lose the money later out, entirely because linger too long in a bull market. the public should always remember that the twenty-four chapters of the elements of stock trading. a stock go up, do not need to explain why it took the spirit to rise. going to buy will Let shares continue to rise. as long as the stock continued to rise, occasionally slightly retreated naturally, followed by gains go, generally are quite safe to approach. However, after a long-term stability if the stock rises, then gradually began to fall into only occasional rebound, it is clear the line of least resistance has become down from up. were such as to explain why look? fell is likely to have a good reason ...