“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: it never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight!
Those who can both be right and sit tight are uncommon. I found it one of the hardest things to learn.”
Jesse Livermore
Add to this one of his other great quotes “never mistake brains for a bull market.”
As you know, Jesse committed suicide. Making and losing millions can be very strenuous on the psyche. His ‘sitting’ also caused him to lose it all.
Jesse is always referenced and idolized by the Wall St. admirers (Buy and Hold).
Maybe Jesse should have used a Stop Loss.
Be sure to sit it out during the upcoming crash.
30, maybe 40, years from now you will have regained your losses and might start making a gain again.
Just like in ’29.