Imagine preaching the advice of his saying not to book profits in a bull run as you won't be able to get back in?? The guy traded between 1907-1939 for Pete's sake!! I can imagine it was a bit more difficult/took a longer time to get a trade executed than it is today!! Believe me you WILL not be banned from placing a buy order if you just booked :)
This guy basically made his money shorting the 1907 & 1929 crashes and being long during the roaring 20's, that must of been real hard!! Then he went on to lose everything each time (probably when he had to attempt trading), and committed suicide after the last time going bankrupt in 1940. Definitely someone who's ideas you want to follow!!!!
DYODD guys, don't follow cheerleaders!!
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Interesting Wikipedia article on the guy.
http://en.wikipedia.org/wiki/Jesse_Lauriston_Livermore
This is a "hero" of Ax? Can't Be.
dont get me wrong here, imvho i believe this guy was a genius. he just let emotions get in the way a lot of the time, which he himself has admitted to. but to be very honest again, i believe in this market, and possibly for the next 2-3 years joe, the booking method will be golden. i was usually of the type of buy and hold, just as axe. but the more i think about it the sheer amount of volatility i see ahead between traders reacting to fundamentals and the ppt propping it back up (and subsequent engineered short covering rallies) buying low and booking as we trend higher is sounding very smart. (just stick to fundamentals, which seems you do anyway with short financials and long gold:))
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