JESSE LIVERMORE'S TRADING RULES FROM 1940

 Jesse Livermore's trading rules from 1940.

1. Nothing new ever occurs in the business of speculating or investing in securities and commodities. 

2. Money cannot consistently be made trading every day or every week during the year. 

3, Don't trust your own opinion and back your judgment until the action of the market itself confirms your opinion. 

4. Markets are never wrong — opinions often are. 

5. The real money made in speculating has been in commitments showing in profit right from the start, 

6. At long as a stock is acting right, and the market is right, do not be in a hurry to take profits. 

7. One should never permit speculative ventures to run into investments. 

8. The money lost by speculation alone is small compared with the gigantic sums lost by so-called investors who have let their investments ride. 

9. Never buy a stock because it has had a big decline from its previous high. 

10, Never sell a stock because it seems high-priced.