Janice Dorn, MD, PhD
Neuropsychological Trading Coach
Janice Dorn, M.D., Ph.D., has been a full-time futures trader since 1994. Doctor Janice holds an M.D. in psychiatry and is board-certified by the American Board of Psychiatry and Neurology in general psychiatry and addiction psychiatry. She holds a Ph.D. in brain anatomy. A graduate of Coach University, she is a pioneer market psychiatrist and financial neurobehaviorist. Doctor Janice has written over 500 articles on the financial markets and coached over 600 traders worldwide. She is the Global Risk Strategist for Ingenieux Wealth Management Group, Sydney, Australia.
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A loss never bothers me after I take it. I forget it overnight. But being wrong - not taking the loss - that is what does damage to the pocketbook and to the soul...Jesse Livermore
Jesse Livermore, perhaps the most famous stock trader in history has been chronicled in Reminiscences of A Stock Operator and in several less well know books by Richard Smitten. Livermore made millions during the great stock crash of 1929( thus his nickname The Great Bear. Many actually BLAMED him for the stock market crash....hmm a one man anti-PPT ( interesting?)
It is said that he made and lost four multimillion dollar fortunes during his 30 years as a speculator.
Apparently the thing that Livermore did not "get" was that you had to actually take money out of the markets and keep it out before you can say that you actually made it. He did not know how to keep his winnings. Lesson for traders: you never go broke taking a profit, but you definitely go broke if you take them and then turn around and lose more. Jesse, apparently, did not know the meaning of keeping what he made. Trading is NOT GAMBLING and the stock market is NOT A CASINO...unless you treat them in that manner. Once again, it is up to you. You are the problem and you are the solution.
In any case, there is no real way to know exactly who he was or how much of what has been written about Livermore is fact vs fiction.
It is my understanding that a movie about the life of Livermore is in production. It should be a must-see for all subscribers to www.trending123.com and anyone else who is fascinated by the financial markets.
Livermore was subject to deep black depressions all his adult life, during success or failure. It is said that he was strikingly handsome and "like catnip to women." This photo was taken on November 26, 1940, two days before "The Great Bear" of Wall Street committed suicide by putting a bullet through his brain.
(photo - Corbis Bettman Archive)
R.I.P. Jesse, and thank you from all of us for many the lessons learned, including teaching us what NOT to do:
Apparently the thing that Livermore did not "get" was that you had to actually take money out of the markets and keep it out before you can say that you actually made it. He did not know how to keep his winnings. Lesson for traders: you never go broke taking a profit, but you definitely go broke if you take it and then turn around and lose more. Jesse, apparently, did not know the meaning of keeping what he made. Trading is NOT GAMBLING and the stock market is NOT A CASINO...unless you treat them in that manner. Once again, it is up to you. You are the problem and you are the solution. Don't let the zero sum game show up as zero on your account balances. If you are going to trade, trade for the joy of it, the mastery of it, the fun of winning and the lessons from losing. If you are depressed or showing any symptoms of the devastating disease of depression, please stop trading and seek professional help.
" The speculators' chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation, when the market goes against you, you will hope that every day will be the last day. It is absolutely wrong to gamble in stocks the way the average man does"...From: Edwin Lefevre, Reminiscences Of A Stock Operator ( an absolute must-read for all subscribers of (www.trending123.com)
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