Jesse Livermore's Wisdom Part 2

Let us continue with the second part of Jesse Livermore's nuggets of wisdom.

I believe that having the discipline to follow your rules is essential. Without specific, clear, and
tested rules, speculators do not have any real chance of success. Why? Because speculators without a plan are like a general without a strategy, and therefore without an actionable battle plan. Speculators without a single clear plan can only act and react, act and react, to the slings and arrows of stock market misfortune, until they are defeated.

I believe that anyone who is intelligent, conscientious, and willing to put in the necessary
time can be successful on Wall Street. As long as they realize the market is a business like any other business, they have a good chance to prosper.

Remember, it [the market] is designed to fool most of the people most of the time.

I believe that uncontrolled basic emotions are the true and deadly enemy of the speculator;
that hope, fear, and greed are always present, sitting on the edge of the psyche, waiting on the sidelines, waiting to jump into the action, plow into the game.

I never try to predict or anticipate. I only try to react to what the market is telling me by its behavior.

The game taught me the game. And it didn’t spare me rod while teaching.