Jesse and his friends scraped together five dollars to buy Brilington stock, and Livermore checked his notebook, looked at its recent trading patterns, and believed that the price must have gone up.

So, he bought and sold stocks for the first time when he was 15 years old, and he ended up with a profit of $3.12!

After that, Livermore continued to trade for a few months before making his first $1,000 in his life.

When Livermore stacked a wad of cash in front of his mother, her eyes were filled with awe.

She said that she wanted Livermore to deposit the money in the bank, lest Livermore not resist the temptation;

His mother said she had never heard of a 15-year-old child who could earn so much money empty-handed;

She didn't even believe it was real money;

She is often worried and worried about this.

But for Livermore, as long as he can keep playing and prove his predictions right, nothing else matters.

Use your brain to make the right predictions, which is what I like to do.

If you buy 10 shares and it turns out to be right, then buying 100 shares of Livermore is 10 times more correct!

Livermore is a very filial child, and now every year on Mother's Day, Livermore Securities will also give special Mother's Day gifts to old customers who have been active in trading for a long time, so that customers can also remember to be filial to their parents from time to time, and often go home to see the warmest love for their parents.

A talent for numbers and a special knack for "index" gambling allowed Livermore to make a lot of money, but to the detriment of shell brokers' profits.

When he was 20 years old, he was banned from trading by shell brokers in Boston and New York, but he still traveled back and forth between the two shell brokers.

If you are found in one city, jump to another city to operate.

Because of the success of the operation, some people called him "Desperate Saburo".

The shell broker doesn't want to have anything to do with him, and he doesn't want to see him use the manipulation of winning money to keep making money from their company.

Satisfied, Livermore decided to go to New York and operate the stocks listed on the New York Stock Exchange.

After all, it was a place where heroes gathered, and he was ready to try his hand in this vast world.

He chose a securities brokerage firm to open an account and used $2,500 as the capital.

In the past, when I operated stocks in a shell brokerage, the funds in my account were as high as $10,000.

The hard-earned profits slowly lost away, and Livermore tasted the bitterness, finally realizing that the operation may not always be easy.

Therefore, he began to analyze what mistakes he had made that caused losses.

A detailed analysis of past mistakes became one of Livermore's most important success traits in the future, and it was one of his best learning tools.

Livermore did not make a name for himself in New York, and within six months, he not only lost all his money, but also raised $500 from a securities brokerage firm.

He took the money back to the shell brokerage to get the principal.

He found that shell brokers had always quoted immediately, while New York had delayed their quotes.

His way of doing it at that time was to trade quickly based on real-time quotes.

Two days later, he returned to New York with $2,800 and returned $500 to the agency.

However, after returning to New York, he found that it was still much more difficult to operate than he imagined, and he could still barely make a draw, so he had to return to the shell brokerage for the last time.

Livermore disguised himself to enter the market, and the money in the account quickly increased to $10,000.

At this time, the boss of the shell brokerage finally found him again and forbade him to enter the door forever.

In 1901, when the stock market went on a strong bullish run, Livermore operated stocks listed on the New York Stock Exchange in New York, and bought shares of the North Pacific Company in a long way, and $10,000 turned into $50,000 in the blink of an eye.

Then, he thought that the stock market was about to pull back for a short time, so he opened two short positions (first borrowing the stock from the broker to sell, and then buying it back at a lower price to earn the difference), and the profit that had already been made was quickly thrown back.

Although these two operations lost money, his original opinion was right, but unfortunately because of the huge trading volume, which caused delays, as soon as the stock price reversed, he immediately lost money.

At this time, he also discovered the element of time. The time factor of stock trading refers to the need to be patient when operating, and over time, there will be something to gain.

It's the same as most of life's endeavors.

Another meaning of this is to understand how stocks are traded.

The time element of shell securities firms is very short and urgent, because the way they are established and operated has a strong game component.

The time element of the New York Stock Exchange is more delayed and not immediately traded.

In addition, when you buy shares on the New York Stock Exchange, you really own a stake in a company.

There is a time difference between how the NYSE operates and how shell brokers operate, so market participants will have to react more to the time ahead. This requires patience.

Over the years, patience became one of Livermore's hallmarks, and several operations made a lot of money.

The time factor also proved to him that the road to success in stock speculation will take a considerable period of time, and market participants will not get rich overnight.

He was convinced of this, because the funds in his hands had been up and down several times.

With the accumulation of experience, his strategy began to bear fruit, and by the age of 30, he was more comfortable with it.

At the end of 1906, when the market's upward trend was difficult to sustain, Livermore used the strategy to short, and as the price fell, the size of the short position grew.

In the early stages of the short market in 1907, he was very profitable from his short selling, and before the age of 31, he was already a millionaire.

In 1906, overnight he became a monopoly because of his good work.

At the time, he was in Atlantic City with a girlfriend, after all, the ballroom was arguably the hippest hangout on the East Coast.

Livermore stumbled into a brokerage hall and took a quick look inside. At that time, stocks were rising and it was a truly bullish market.

One of those companies caught his eye, and that was the Union Pacific Railroad.

Its share price was very high, and he decided that the stock would fall, so he offered to sell 3,000 shares, but the stock continued to rise, and he sold another 2,000 shares the next day.

It was April 18, Livermore was short 5,000 shares, and Union Pacific Railroad stock remained high.

On this very day, San Francisco was devastated by an earthquake.

The railroad was in turmoil, Union Pacific Railroad's stock plummeted, and by the end of the evening, Livermore had become a millionaire.

Livermore spotted the 1907 crash and flattened and covered his short position on October 24, earning $3 million in a single day.

In October 1907, Morgan, the most influential financier, injected the necessary liquidity into the market to keep it afloat and save Wall Street from the brink of collapse.

Morgan even personally greeted Livermore directly, asking him to stop letting go.

Even the big names. Morgan also acknowledges Livermore's power in the market, which shows Livermore's reputation and influence on Wall Street.

By this time, Livermore had indeed become a well-known figure on Wall Street.

Livermore found that big money was made by large market fluctuations.

His short position was a big hit in the 1907 stock market crash, earning him the nickname "The Great Wall Street Short".

During those lucrative years, Livermore repeatedly said he believed in the need to consistently do stock market analysis, which was essential to operational success.

After the Battle of 1907, Livermore was joined by . Morgan forged a deep friendship and admired each other.

Although later. Morgan-controlled brokerage. Morgan and Jesse Livermore's Livermore Securities are both top-tier brokerages, but they have long respected each other.

Morgan is mainly engaged in sponsoring investment banking business, and Livermore Securities is mainly engaged in securities trading and underwriting business, which also inherits Livermore's outstanding talent for securities trading!

Of course, you can't be lucky all your life, and Livermore has his bad luck.

In 1908, he lost $1 million in a cotton hoarding speculation.

But the First World War, which brought him huge profits on steel and gasoline.

He correctly judged that the ugly country would benefit from the war and promote the prosperity of industry, and he was long during that time. at

And when the armistice agreement was signed, he turned short again, because he knew that the soldiers returning home would inevitably lose their jobs, and that would inevitably disturb the overheated economy.

After conquering the stock market, Livermore also made a big splash on the commodity market.

He hooked up with Parcy Thomas, who was known as the Cotton King at the time.

However, by the time Livermore began to associate with Thomas, Thomas had already lost all of his fortune due to several failures.

Unfortunately, Livermore's ears were made of cotton at this time, as he valued Thomas's previous success and is still regarded as a legend in the cotton world.

Thomas convinces Livermore to build a cotton part, and Livermore soon discovers that his cotton long part has been heavily damaged.

The main reason for losing millions of dollars in this cotton trade was that he broke many of the rules of market operation that he had spent a lot of time developing in his early years.

Livermore violated the rule of operating alone and not taking the word of others lightly.

He also violated the rule of quickly conceding to play and continued to cling to the losing parts.

This experience made him emotional, and in order to get the money back, he desperately operated and ended up losing even more.

Livermore is now mired in debt, with several creditors.

He became more depressed and began to lose confidence, and this state of mind is the killer of stock traders.

It took several years for Livermore to return to profitability.

Livermore, Fight to Fame!

In 1917, Livermore restored its prominent reputation on Wall Street.

On May 13, 1917, an article in the New York Times stated: "Wall Street's pompous and untrue traders exit: the speculators of the present are more like students and economists than the market speculators who fanned the flames of the past."

The article singled out Livermore and Baruch and further highlighted them as market players and influential and successful stock traders on Wall Street.

Although the Securities and Exchange Commission had long since made various regulations on short positions, at that time, Livermore was such a large short-seller that the mere rumor that he was short would cause a certain stock to fall.

Livermore's office is located on the top floor of the 18th floor of the Hkher Building, 730 Fifth Avenue, New York.

Livermore is particularly fond of the top floor, which has the pride of being at the top of the mountain, and Livermore Securities' headquarters in Heung Kong is also on the top floor of the Cheung Sha Wan Building. The janitor downstairs in the Hkher Building took his money, so when Livermore's unwanted visitor came to visit, the janitor said:

"There's never been a guy named Livermore here."

If a visitor comes by appointment, the janitor will look at the list of visitors booked by Livermore.

Visitors arrive at the door of Livermore's room, and a bodyguard will come to conduct a security check.

There are about 60 people in the room who look after the telephone, the telegram and the automatic stock quotes, and they also have large stock market tickers that reflect the latest prices.

It was the most sophisticated command of its time, providing Livermore with an up-to-date internal analysis of stock market movements, as well as the latest news on Wall Street as a whole.

From the winter of 1928 to the spring of 1929, the bulls were in full swing.

Livermore went long all the way and made a considerable profit.

He then began to pay attention to whether the head of the market would be formed.

At the beginning of the summer of 1929, he flattened all his long positions and changed them to sell whenever they rose.

He also thought that the market had gone too far, and after he saw that the market had risen sharply, he began to move sideways in a trading pattern, and instead of the original surge trend, he began to send spies to the bears to investigate the situation.

Throughout the 20s, Livermore made money by going long in the stock market.

But in 1929, when Hoover became boss, Livermore felt that the uncertainty of the country's economy had made the stock market look too good to be seen before.

One day in March, he was short in industrial stocks, then switched to railroads, and when rumors were made that he was going to fight here, he turned to oil company stocks.

The next day, when the stock plummeted, he bought and sold the stock, and in this three-hour sortie, he made $200,000.

Throughout the summer of 1929 and into the fall, the economy continued to soar. People call this time a good time, and more and more money is being poured into Wall Street.

In the past, money flowed mainly from Europe, but now that British investors are desperately trying to defend themselves under the Labour Party, British money is flowing into the stock markets of ugly countries less quickly.

Still, money poured into Wall Street from all corners of the ugly country.

The stock market has become a national pastime, and admission to the stock market is no more than the price of a newspaper.

An army of customers withdraw their $100, $200 or $300 deposits from the bank and put them into the stock market.

But Livermore was not as blindly optimistic as everyone else was, and he tried to see the truth in the economic boom, so he searched the financial press and compared his own sources of intelligence with the analysis in the press.

Livermore predicted that the industry of the ugly country was about to go into trouble, and the banking industry of the ugly country was about to go into trouble, and the economy of the ugly country would not be able to prosper without some ups and downs.

To provide you with the fastest update of the king of the Atlantic who loves the big god deer and chubby, in order for you to see the fastest update of this book next time, be sure to save the bookmark!

Chapter 423: Meet the Legend (2) Free Reading.