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Author Topic: For everybody who is considering selling - Quote from Jesse Livermore  (Read 3390 times)
AbsoluteZero
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March 21, 2013, 04:19:01 PM
 #1

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it.
Men who can both be right and sit tight are uncommon.
"


So do not be so smart and just sit tight.

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March 21, 2013, 04:20:18 PM
 #2

+1 on that  Smiley

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March 21, 2013, 04:21:21 PM
 #3

It's worked for me so far.

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March 21, 2013, 04:29:07 PM
 #4

+1 Paper wallet really helps with the sitting tight part. One caveat, though, is that Livermore ended up committing suicide, and penniless. Brilliant trader, but he had poor risk management.
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March 21, 2013, 04:33:37 PM
 #5

Brilliant trader, but he had poor risk management.

What an understatement. :-)

I've been meaning to re-read Reminiscences of a Stock Operator. Great read.

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March 21, 2013, 04:47:36 PM
 #6

Brilliant trader, but he had poor risk management.

What an understatement. :-)

I've been meaning to re-read Reminiscences of a Stock Operator. Great read.

Yes, that book is a must read for any serious trader/investor. I loved reading about the old "bucket shops."
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March 21, 2013, 04:56:49 PM
 #7

Men who can both be right and sit tight are uncommon."

It's hard to do nothing and sit on your hands when there's so much action going on in the Bitcoin-sphere.
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March 21, 2013, 06:20:42 PM
 #8

I think I will continue to follow proudhon's advice, he is by far the most accurate financial analyst in world history even though he does not technically follow his own advice.
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March 21, 2013, 06:22:06 PM
 #9

It's worked for me so far.

Likewise.
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March 21, 2013, 06:26:17 PM
 #10

Livermore explained some of the methods he used to buy and sell stocks. One of his methods was to buy as soon as a stock made a new high, which he said will almost certainly bring him profits. Later, he elaborates: “I have often said that to buy on a rising market is the most comfortable way of buying stocks. Now, the point is not so much to buy as cheap as possible or go short at top prices, but to buy or sell at the right time.” He adds that he scales into or out of a stock as it rises or falls.

Livermore closely studied prices for clues to market direction. “Prices, as we know, will either move up or down according to the resistance they encounter. For purposes of easy explanation we will say that prices, like everything else, move along the line of least resistance.”

He warns, however, that although this method sounds easy, you always have to guard against your natural impulses: fear; hope; greed, and, most important, a swelled head.

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March 21, 2013, 06:26:24 PM
 #11

Heh, I was going to post this exact same quote last night. Definitely a must-read book.

Offline wallets + simply deleting your MtGox account help tremendously.
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March 21, 2013, 07:51:42 PM
 #12

There have been so many times this past month I've said "Man, $40/$50/$60 is definitely the upper limit.  I should sell now and buy back in when its cheaper" but I sat on my bitcoins and it's worked so far.
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March 21, 2013, 09:08:06 PM
 #13

Yeah, just as my signature says: Buy & hold Bitcoin is the best policy.

                               
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March 21, 2013, 09:32:44 PM
 #14

A counterpoint:

When few want to sell because they expect the price to climb further, the market is sure to overshoot. So when people say "fools sell", what they are thinking is "I hope I catch the top".

This rally will peak and correct sooner or later. I don't know when, nor how far down it will correct. I doubt anyone else does, either. Given that uncertainty, I don't see how taking some profits is such a bad idea, if it helps you sleep better at night.

Selling out to advertisers shows you respect neither yourself nor the rest of us.
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March 21, 2013, 09:37:48 PM
 #15

I don't see how taking some profits is such a bad idea, if it helps you sleep better at night.

Nah: either I wake up rich as a Saudi prince, or destitute. No half measures.
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March 21, 2013, 09:39:23 PM
 #16

Just for the paper wallet part. I split my coins into several paper wallets and dug these into earth like treasure chests Cheesy I also installed some bear traps nearby, just in case.. no kidding, don't go searching.

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March 21, 2013, 10:04:21 PM
 #17

There have been so many times this past month I've said "Man, $40/$50/$60 is definitely the upper limit.  I should sell now and buy back in when its cheaper" but I sat on my bitcoins and it's worked so far.

Same here. Even now, I'm thinking we will have a good sized pullback before breaching $75, but who knows.
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This bull will try to shake you off. Hold tight!


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March 21, 2013, 11:22:58 PM
 #18

+1 Paper wallet really helps with the sitting tight part. One caveat, though, is that Livermore ended up committing suicide, and penniless. Brilliant trader, but he had poor risk management.


Indeed, sitting tight is required to become considerably richer. But sitting tight is also a way to the poorhouse. 

Hence why I find the 'sit tight' strategy lacking a crucial part, ie: risk management.

Meaning, never risk it all, but do risk some.

Or sit tight - until - it becomes a too large percentage of your capital.

Or, lock in some profits for a 'rainy day'.


I argued this in more detail here.

But agreed with the OP his argument: the best way to speculate in bitcoin is to sit tight. Very difficult indeed.


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March 22, 2013, 12:30:45 AM
 #19

This reminds me of a jim rogers quote:

"I just wait until there is money around the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."

Basically you will see the opportunity and when you do...it will be as easy as walking over and picking up the money laying on the ground.

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March 22, 2013, 03:59:29 AM
 #20

Everyone should read this book. What I want is suggestions for other books of common ilk.

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