charttrader
Registered User
- Messages
- 117
My point wasn't that Livermore was always right, rather, I meant that he tended to bet in the direction of the prevailing trend. The bear market that followed the dotcom bubble would have been tailor made for a trader like him.
As for his suicide, the guy did have a lifelong battle with clinical depression. The wikipedia entry points out that "untouchable trusts and cash assets at his death totalled over $5 million" so he didn't die broke. However, I'd be the first to say that Livermore was not, as so many have claimed, the greatest trader ever. He blew up too many times for such an accolade. Trading is hardly an ideal profession for anyone suffering from major depression.
Regarding the book, it does provide that 1920's flavour but it's also quite a timeless work and is still very widely read today. I doubt you'll find a trader on Wall Street who hasn't read it.
As for his suicide, the guy did have a lifelong battle with clinical depression. The wikipedia entry points out that "untouchable trusts and cash assets at his death totalled over $5 million" so he didn't die broke. However, I'd be the first to say that Livermore was not, as so many have claimed, the greatest trader ever. He blew up too many times for such an accolade. Trading is hardly an ideal profession for anyone suffering from major depression.
Regarding the book, it does provide that 1920's flavour but it's also quite a timeless work and is still very widely read today. I doubt you'll find a trader on Wall Street who hasn't read it.