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Title: methods of the old master
Review: As many people know, Jesse Livermore was the most successful trader early this century. Unfortunately, even the master couldn't hold on to his success. "JL" reportedly made $10 million during the beginning of the 1929 crash, only to lose EVERYTHING in the early 1930s. How did he lose his fortune? Unfortunately, his book does not say. Nevertheless, Jesse does reveal his system that served him well for many years. And even if it went kaput in the early 1930s, I think one can profit from his experiences. The book shows that Jesse often used "pivot points" to time his trades. Basically, "JL" was a mental technician. What has worked in the past may not work in the future. As George Soros had said, "The rules change." That phrase is especially important as we come ever closer to the end of the greatest bull market of this century, the type which wiped out JL himself. So, don't blindly follow JL's methods. Despite JL's subsequent failure, he did write a good book. I recommend it.
