Just remember, without discipline, a clear strategy, and a concise plan, the speculator will fall into all the … - Jesse Lauriston Livermore

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Although all the good arts serve to draw man's mind away from vices and lead it toward better things, this function can be more fully performed by this art, which also provides extraordinary intellectual pleasure.

Jesse Lauriston Livermore

Just remember, without discipline, a clear strategy, and a concise plan, the speculator will fall into all the emotional pitfalls of the market - jump from one stock to another, hold a losing position too long, and cut out of a winner too soon, for no reason other than fear of losing profit. Greed, Fear, Impatience, Ignorance, and Hope will all fight for mental dominance over the speculator. Then, after a few failures and catastrophes the speculator may become demoralised, depressed, despondent, and abandon the market and the chance to make a fortune from what the market has to offer.

Abandon, Emotional, Fall, Fighting, Ignorance, Reason

Same Author Quotes

The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.

Business, Die, Emotional, Speculation, Stupid, World

Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.

Greed, Human, Money, Pockets, Wall

To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.

Giving, Patient, React, Signal, Signals, Speculate

They say you never grow poor taking profits. No, you don't. But neither do you grow rich taking a four-point profit in a bull market. Where I should have made twenty thousand dollars I made two thousand. That was what conservatism did for me.

Dollars, Profit, Should Have, Taking, Twenties, Two

The stock market is never obvious. It is designed to fool most of the people, most of the time.

Fool, Market, Obvious, People, Stock