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Date Posted: 03:17:23 06/28/03 Sat
Author: peter wong
Subject: Re: notes on Jessy Livermore's Trading Guidelines
In reply to: peter wong 's message, "notes on Jessy Livermore's Trading Guidelines" on 03:11:29 06/28/03 Sat

Livermore¡¦s rules are often based on thinking against the grain:
- Cut your losses quickly.
- Be sure to confirm your judgment before you take your full position
- Let your profits ride if there is no good reason to close out the position.
- The action is with the leading stocks, which change with every new market.
- Keep the number of stocks you follow limited in order to focus.
- New all-time highs are to be bought on breakouts.
- Cheap stocks often appear to be bargains after a large drop. They often continue to fall, or have little potential to rise in price. Leave them alone!
- Use pivotal points to identify changes in trends and confirmations in trends.
- Don¡¦t fight the tape!

The stock market is a study in cycles; when it changes direction, it remains in that new trend until the momentum weakens ¡V a body in motion tends to stay in motion. Remember, don¡¦t buck the trend. Don¡¦t fight the tape.

In a free market system, prices fluctuate. They never go up all the time, and they never go down all the time. This is good for the alert speculator, since either side of the market can be played.

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  • Re: notes on Jessy Livermore's Trading Guidelines -- peter wong, 03:34:07 06/28/03 Sat
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