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Livermore�s exploits were recorded in the greatest book on speculation
of all time.  Originally published in 1923, it is called
�Reminiscences of a Stock Operator� and was written by a gifted
financial journalist named Edwin Lefevre.  

Jesse Livermore�s words and experiences are so endearing and powerful
because he presents himself as just another mere mortal like you and
I, with hopes, fears, and frailties.  He is brutally honest in
critiquing his own evolution as a speculator and thoroughly explaining


(Chapter III) � �It took me five years to learn to play the game
intelligently enough to make big money when I was right.�

Unfortunately many new speculators grow discouraged after their first
losses.  The evolution of a speculator is not an easy process and
takes a great deal of time and effort.  Jesse Livermore claimed it
took him five years before he arrived at the point where he could play
the game well and harvest large profits.  In my own speculation
history I have experienced the same thing, that at least several years
of �training� via actual real-world trading is necessary to build up
one�s core speculation skills sufficiently to start winning big.

New speculators today need to realize that it will take them 3 to 5
years to start getting competent at speculation.  If you are a new
speculator with less experience than that and you are discouraged
after some recent losses, have no fear and keep learning and playing
the game.  Every speculator must pay his dues before he starts winning
consistently and it truly does take years to educate yourself as a
speculator.

(Chapter III) � �Speculation is a hard and trying business, and a
speculator must be on the job all the time or he�ll soon have no job
to be on.�

It always strikes me as funny that non-speculators see trading as an
easy way to make a living.  They couldn�t be farther from the truth!
Speculation is immensely challenging and the markets will find and
exploit every conceivable chink in your emotional armor.  All your
personal weaknesses will conspire to mercilessly work against you in
concert to thwart your evolution as a speculator.

Livermore also points out that casual speculators are not often
successful.  If you want to speculate, do your homework and do it
right, even if it is not your primary job.  Speculating as a hobby is
fine, but even hobby speculators must learn the same lessons and
approach the game with the same diligence, seriousness, and zeal as
full-time professional speculators.  The markets take no prisoners.

(Chapter III) � �The game taught me the game.  And it didn�t spare the
rod while teaching.�

Not surprisingly the best way to learn the art of speculation is not
to read a book about it, but to actually speculate yourself.
Regardless of how little capital a new speculator starts out with, he
must actually bet some of it in the real-world markets to learn and
grow as a trader.  Just as one has to play football in order to become
a good football player, one has to actually speculate in the real
markets with real capital in order to become a good speculator.  There
is no other way.

 And Jesse Livermore wisely points out that real-world trading is the
school of hard knocks, that �it didn�t spare the rod while teaching�
him.  Nevertheless, a speculator should embrace his losses and the
tough lessons they taught him so he can continue to grow in knowledge
and wisdom and become a superior speculator in the future.

 
Go buy and read �Reminiscences of a Stock Operator� today!  I can
almost guarantee it will forever change your life as a speculator!
Jesse Livermore�s quotes are even more impressive in proper context
and are delightful to read and digest.  This essay format can�t even
start to do them justice.

Excerpt from story by Adam Hamilton, CPA

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