Quotes of Livermore

"All through time, people have basically acted and reacted the same way in
the market as a result of: greed, fear, ignorance, and hope. That is why the
numerical (technical) formations and patterns recur on a constant basis."

"I absolutely believe that price movement patterns are being repeated. They
are recurring patterns that appear over and over, with slight variations. This
is because markets are driven by humans -- and human nature never
changes."

Don't take action with a trade until the market, itself, confirms your
opinion. Being a little late in a trade is insurance that your opinion is
correct. In other words, don't be an impatient trader.

A prudent speculator never argues with the tape. Markets are never wrong--
opinions often are.

Few people succeed in the market because they have no patience. They
have a strong desire to get rich quickly.

When you make a trade, "you should have a clear target where to sell if the
market moves against you. And you must obey your rules! Never sustain a
loss of more than 10% of your capital. Losses are twice as expensive to
make up. I always established a stop before making a trade."

"The big money is made by the sittin' and the waitin' -- not the thinking.
Wait until all the factors are in your favor before making the trade."