That quote about markets wending their way to fair prices through greed is money. Livermore's repeated pattern of ignoring his own rules feels less like gambling addiction and more like self sabotage, especially given the bipolar angle. Reminds me of traders I've seen blow up not from lack of knowledge but from inability to execute disapline when it matters. The "gradually then suddenly" bankrupty line nails it, happens over and over in markets.
Excellent and lively writing about the various episodes of trading by Jessie Livermore.
That quote about markets wending their way to fair prices through greed is money. Livermore's repeated pattern of ignoring his own rules feels less like gambling addiction and more like self sabotage, especially given the bipolar angle. Reminds me of traders I've seen blow up not from lack of knowledge but from inability to execute disapline when it matters. The "gradually then suddenly" bankrupty line nails it, happens over and over in markets.
I read it about 10 years ago. Its sobering knowing how it ended up for him. It should be compulsory reading on every trading desk.