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By Richard Smitten

Explains procedure and psychology of 1 of the world's most famed investors - specially priceless in trendy industry

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Trade Like Jesse Livermore

Explains process and psychology of 1 of the world's most famed investors - in particular necessary in state-of-the-art industry

Extra resources for Trade Like Jesse Livermore

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There is no question that stock market traders have lost money. But Livermore believed that the money lost in the long run was small compared to the gigantic sums lost by so-called investors who have let their investments ride. The same is true in the current 1999–2004 stock market, as illustrated in the market charts at the end of this chapter. From Livermore’s viewpoint, the investors are the big gamblers. They make a bet, stay with it, and if it goes wrong, they lose it all. The trader might buy at the same time.

The converse to this premise, of course, also works for playing the short side of the market: When a group goes out of favor for a common basic set of reasons, just as it went into favor, it will include all the stocks in that industry group. 1 This is the first in the series of industry group charts, all showing the general direction of the group. This is the Internet Group. 2 This is the second in the series of industry group charts, all showing the general direction of the group. This is the Broker/Dealers Group.

He spent the next six months of 1929 trying to find the top of the utility group, another key bellwether group. Eventually, this and other industry groups reached their peaks. By that time, Anaconda copper was selling 50 points below its previous high and the motor stocks were in close to the same ratio. So the profits on these short sales continued to climb, offsetting his losses, but not by much. The lesson to impress upon your mind is that when you clearly see a move coming in a particular industry group, act upon it.

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