Jesse Livermore, perhaps the greatest stock and commodity trader of all time, who made over $100,000,000 in the 1929 crash, once asked an old friend, Ed Bradley: What do you think it takes to win in the stock market?
Bradley responded: I think it takes 3 things:
TIMING. When to get in and when to get out, or when to hold and when to fold.
MONEY MANAGEMENT. You can’t ever lose your stake, or the entire game is over.
EMOTIONAL STABILITY. Yes; maybe the most important, it takes the ability to control your emotions when you’re in the play.
Livermore and Bradley raised their glasses and toasted people who live by their wits and know when to quit.
Can we make you a millionaire? NO. But if you can get a firm grasp on these 3 concepts, you can manage your OWN money as well or better than the ‘professionals’ who charge you big fees and do not pay your account the attention it requires. And, who knows, you may make yourself a millionaire.
“Death is nothing. But to live defeated and inglorious is to die daily.” – Napoleon