“It seems incredible that knowing the game as well as I did and with an experience of twelve or fourteen years of speculating in stocks and commodities I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. It was an utterly foolish play, but I can say in extenuation is that it wasn’t really my deal, but Thomas’. Of all speculative blunders there are few greater than trying to average a losing game. My cotton deal proved it to the hilt a little later. Always sell what what was so obviously the wise thing to do and was so
well known to me that even now I marvel at myself for doing the reverse. And so I sold my wheat, deliberately cut short my profit in it. After I got out of it the price went up twenty cents a bushel without stopping. If I had kept it I might have taken a profit of about eight million dollars. And having decided to keep on with the losing proposition I bought more cotton! If that isn’t a supersucker play, what is? I accumulated four hundred and forty thousand bales before I relised what I was doing. And then it was too late. So I sold out my line. I lost nearly all that I had made out of all my other deals in stocks and commodities.” –Jesse Livermore
>>>“It seems incredible that knowing the game as well as I did and with an experience of twelve or fourteen years of speculating in stocks and commodities I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. It was an utterly foolish play, but I can say in extenuation is that it wasn’t really my deal, but Thomas’. Of all speculative blunders there are few greater than trying to average a losing game. My cotton deal proved it to the hilt a little later. Always sell what what was so obviously the wise thing to do and was so well known to me that even now I marvel at myself for doing the reverse. And so I sold my wheat, deliberately cut short my profit in it. After I got out of it the price went up twenty cents a bushel without stopping. If I had kept it I might have taken a profit of about eight million dollars. And having decided to keep on with the losing proposition I bought more cotton! If that isn’t a supersucker play, what is? I accumulated four hundred and forty thousand bales before I relised what I was doing. And then it was too late. So I sold out my line. I lost nearly all that I had made out of all my other deals in stocks and commodities.” –Jesse Livermore
well known to me that even now I marvel at myself for doing the reverse. And so I sold my wheat, deliberately cut short my profit in it. After I got out of it the price went up twenty cents a bushel without stopping. If I had kept it I might have taken a profit of about eight million dollars. And having decided to keep on with the losing proposition I bought more cotton! If that isn’t a supersucker play, what is? I accumulated four hundred and forty thousand bales before I relised what I was doing. And then it was too late. So I sold out my line. I lost nearly all that I had made out of all my other deals in stocks and commodities.” –Jesse Livermore
>>>“It seems incredible that knowing the game as well as I did and with an experience of twelve or fourteen years of speculating in stocks and commodities I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. It was an utterly foolish play, but I can say in extenuation is that it wasn’t really my deal, but Thomas’. Of all speculative blunders there are few greater than trying to average a losing game. My cotton deal proved it to the hilt a little later. Always sell what what was so obviously the wise thing to do and was so well known to me that even now I marvel at myself for doing the reverse. And so I sold my wheat, deliberately cut short my profit in it. After I got out of it the price went up twenty cents a bushel without stopping. If I had kept it I might have taken a profit of about eight million dollars. And having decided to keep on with the losing proposition I bought more cotton! If that isn’t a supersucker play, what is? I accumulated four hundred and forty thousand bales before I relised what I was doing. And then it was too late. So I sold out my line. I lost nearly all that I had made out of all my other deals in stocks and commodities.” –Jesse Livermore
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