Quote: Jesse Livermore – New leaders

„Just as styles in women’s gowns and hats and costume jewelry arc forever changing with time, the old leaders of the stock market are dropped and new ones rise up to take their plaees. Years ago the ehief leaders were the railroads, American Sugar, and Tobacco. Then came the steels, and American Sugar and Tobacco were nudged into the background. Then came the motors, and so on up to the present time. Today we have only four groups in the position of dominating the market: steels, motors, aircraft stoeks, and mail orders. As they go, so goes the whole market. In the course of time new leaders will come to the front; some of the old leaders will be dropped. It will always be that way as long as there is a stock market. Keep mentally flexible. Remember the leaders of today may not be the leaders two years from now.“

Jesse Livermore, größter Spekulant aller Zeit

Quote: Paul Tudor Jones – Keep winners, sell losers

“If I have positions going against me, I get right out; if they are going for me, I keep them… Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.”

Paul Tudor Jones, Hedge Fonds Manager und Multimilliardär

Quote: Mark Minervini – Downside

“Being wrong isn’t a choice, but staying wrong is. To play any game successfully, you have to have some skill, an edge, but beyond that it’s money management. That’s true whether you’re playing poker or investing. In either case, the key is managing the downside. Good traders manage the downside; they don’t worry about the upside.”

Mark Minervini, U.S. Investing Champion

Quote: Jesse Livermore – Sitting Tight

“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! It is no trick at all to be right on the market. I’ve known many [traders] who were right at exactly the right time, and began buying or selling stocks when prices were at the very level that should show the greatest profit. And their experience invariably matched mine; that is, they made no real money out of it. [Traders] who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make the big money.“

Jesse Livermore, einer der erfolgreichster Spekulanten aller Zeiten