The man who made and lost, many times has a few words to remind you.
"One of the most helpful things that anybody can learn is to give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world. They have cost stock traders, taken together, enough millions of dollars to build a concrete highway across the continent."
"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!"
"The desire for constant action irrespective of underlying conditions is responsible for many losses on Wall Street, even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages."
"Tape reading was an important part of the game; so was beginning at the right time; so was sticking to your position. But my greatest discovery was that a man must study general conditions, to size them so as to be able to anticipate probabilities."
"Every once in a while you must go to cash, take a break, takes a vacation. Do not try to play the market all the time. It cannot be done, too tough on the emotions."
- Jesse Livermore
COMMENT: The market has fallen hard and fast. The leverage has done damage you can not see, it will take some months before the supply dries up. Buyers time to take a vacation, come back in Nov 2015. Any bounce may be a great short. Those with RTT Plus service can follow our RTT Market Timer to help guide you back in to the market. Just like all the other pullbacks over the last 30 years.