Many traders idolize the late Jessee Livermore. Search engines yield plenty of sites about his life and how successful he was, there is no need to reiterate here. However seems like every time I read about him and his trading principles, my trades fell in shambles.
I have had winning trades everyday since Aug 7 on RUT, until two days ago (Aug 21) I lost 2 days in a row. I read excerpts of Mr Livermore's principles before I started to trade on Aug 21 and then I lost, it did not clean me out, fortunately. But it stifled my confidence.
Comes to look at it. I have too much to loose on every trade. I don't have enough stake to stay on my convictions either. I can't follow his principles, and found myself losing and losing again. It happened last time and it brought me to my knees in my trading account.
Yes, I am early in my trading career and yes, I am inexperience. But there is much to say about my consecutive winnings then anything else. My rules fit me. No anyone else's.
With all due respect to the "greatest trader of all time", I have a different idea of life. I love my wife and I can't see myself with another woman (Mr Livermore has three wives), I love my son and I don't want him to lose track of his life. I also don't think swallow a bullet in a hotel room is a good way to end my life.
So long Mr Jessee Livemore. I shall only read of you when I am on vacations and away from the market.
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