Legendary trader, Jesse Livermore on being wrong in the markets and how to get yourself right. "Cut your losses quickly, without hesitation."
A timeless lesson for tough markets and the inevitable losses that will come your way (in good markets and bad) in the course of speculation. Manage your risk, don't let your ego's need to be proven "right" take over your trading.
Related posts:
1. Jesse Livermore on trading (quotes).
2. Marty Schwartz ("Pit Bull", trader) speaks at Amherst College.
Jesse Livermore on being wrong: "Cut your losses quickly"
April 07, 2014 at 16:32 PM EDT