Top positive review
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Powerful summary of Livermore's methods
on August 24, 2007
When I first opened the package that contained this "book" (It more resembles a pamphlet)I was disappointed by its paper cover and brief 32 pages. However I was not disappointed by its content. This book contains articles written by the legendary trader Richard Wyckoff for his Magazine of Wall Street from interviews with Jesse Livermore. Written around 1921 it a treasure because of the knowledge presented by these two legends. This book covers all the most important principles of successful stock trading quickly and clearly:
1. Only trade the strongest stocks in the strongest industries.
2. Stocks have seasons and know which ones are currently in fashion.
3. Anticipate future trends.
4. Get plenty of sleep.
5. Have a full understanding of the current economic situation.
6. Stay away from other people and influences to keep your mind clear.
7. The big money is in the long swings.
8. He let the ticker tape tell him what was really going on accumulation or distribution.
9. Only trade a stock with a potential 10 point swing coming with a reasonable time.
10. Get out of a stock if it moves against you 3 or 4 points.
11. Pyramid buy your wins not your losses. Adding to winning positions for the first few points,
12.Sell stocks that are not moving up and buy the current best prospect, keep your capital liquid and working.
You will also get details on Livermore's office set up and personal tendencies. Who better to learn from than a man you made millions several times from nothing?