The King of Speculation - Livermore's classic quotes, investment wisdom worth chewing over k times!

[About Human Nature]
1. The money bag will change, speculators will change, stocks will change, but Wall Street never changes, because human nature never changes.

2. Speculation, the most utterly captivating and magical game in the world. However, this game cannot be played by those who are too lazy to think, those who are psychologically unfit, or adventurers who seek to get rich overnight.

Once these people recklessly get involved, they will ultimately end up destitute.

3. About 98% of traders' wealth flows to 2% of traders.

4. A person cannot spend years on the same thing and still fail to develop the correct attitude towards work; this is precisely what distinguishes professionals from amateurs.

5. Once you mix hope and fear into your speculative endeavors, you will face extremely terrifying dangers, as you often become confused by these two emotions, thereby reversing their positions - feeling hopeful when you should be afraid and feeling anxious when you should have hope.

6. Ordinary people are unwilling to be told whether this is a bull market or a bear market; they just want to know which specific stocks to buy and which to sell. They hope to profit without effort and are even reluctant to think.

7. Both bulls and bears can make money, but pigs get slaughtered.

8. People always seek comfort and tend to believe in those things that bring them joy.

[About Risk Control]
1. The market has only one direction; it is neither bullish nor bearish, but rather the correct direction.

2. There is only one thing that can make me admit I am wrong, and that is losing money. Similarly, only making money can prove that I am right.

3. If you want to make money from speculation, you should buy and sell products or stocks that show a profit right from the start. Items that result in a floating loss after buying or selling indicate that you are making a mistake. Generally, if there is still no improvement within three days, you should immediately get rid of it.

4. I will not argue with the market. Because the market can be unexpectedly against you, or even illogically contrary, which can be frustrating, just like blaming your lungs when you have pneumonia.

5. Never average down your losses; always remember this principle.

6. Always be aware of potential danger signals.

7. There is nothing that teaches you what not to do better than becoming completely broke. When you understand what you should not do to avoid losing money, you have actually started learning how to make money.

8. Certain losses will not bother me, but if I fail to stop losses in time, that will cause real harm to my wealth and spirit.

9. When I see a danger signal, I don’t argue with it; I avoid it! A few days later, if everything still looks fine, I will come back. This way, I save a lot of trouble and also a lot of money.

[About Strategy]
1. Focus on doing things right, rather than focusing on making money.

2. The wealth flow of occasional get-rich-quick traders pursues the long-term micro-profit traders.

3. Frequent trading is a strategy for losers and will not lead to significant success.

4. In this game, what can truly provide you with stable dividends is experience, and what can give you reliable information is observation.

5. If you want to play this game, you must believe in yourself and trust your judgment.

6. My approach is to look at the big picture and predict what is about to happen.

7. Ignoring the overall trend and being fixated on the small fluctuations of stocks is fatal; no one can catch all the fluctuations. The secret in this industry is to buy stocks during a bull market and sit tight until you think the bull market is nearing its end.

8. Before entering a trade, the most important thing is whether the minimum resistance line aligns with your direction.

9. It is very rare to find someone who can judge correctly and remain calm at the same time. I have found this to be one of the most difficult things to learn. However, a stock trader can only make big money if he has a firm grasp of this skill.

10. After the price enters a clear trend, it will automatically run along a specific path that runs through its entire trend.

11. As long as you recognize where trends emerge and steer your speculative boat with the flow, you can benefit from it. Don't argue with the market; the most important thing is not to compare yourself with the market.

12. My experience is that if I don't enter a trade close to the beginning of a trend, I will never make much profit from that trend.

13. If the stock price rises from 10 dollars to 50 dollars, do not be in a hurry to sell; consider whether there are further reasons that could drive it from 50 dollars to 150 dollars.

[About Timing]
1. Excellent speculators are always waiting, always patient, waiting for the market to confirm their judgments. Remember, do not fully trust your judgments until the market itself confirms your views.

2. Buying at the right time is more important than whether you bought as cheaply as possible.

3. Keep this in mind: while you do nothing, those speculators who feel they must buy and sell every day are laying the groundwork for your next speculation, and you will find profit opportunities in their mistakes.

4. The secret to making big money for me is not about how I think, but about being able to sit still and do nothing. Do you understand? In the stock market, there are very few people who can buy correctly and remain still. I find this to be the hardest thing to learn.

5. Before you buy or sell, you must study carefully and confirm whether it is the best time for you to enter the market. Only in this way can you ensure that your position is the correct position.

6. Whenever I lose patience and enter the market just for a small profit without waiting for the key price level to be broken, the final result is losing money.

7. You can predict the market psychologically, but do not act impulsively. Wait until you receive confirmation from the market that your judgment is correct. Only then, and only at that time, can you use your money to trade.