Richard Smitten根据Livermore的私人文件和对其家人的访谈,提供了他对Livermore交易方法的深刻看法。
Richard Smitten总结了Livermore的交易秘诀。一个成功的交易者应该永远学习3件事情:(1)市场时机,(2)资金管理,(3)情绪控制。Richard Smitten在他的著作中总结了Livermore的市场规则、时机规则、资金管理规则,且明确指出:投机者必须控制的最大问题就是他的情绪,情绪控制是市场中最重要的因素。
5、《Trade Like Jesse Livermore》,Richard Smitten(2004年)。
Jesse Livermore买进建仓的细节操作:
Let us suppose, for example, that I am buying some stock. I'll buy two thousand shares at 110. If the stock goes up to 111 after I buy it I am, at least temporarily, right in my operation, because it is a point higher; it shows me a profit.
Well, because I am right I go in and buy another two thousand shares. If the market is still rising I buy a third lot of two thousand shares. Say the price goes to 114. I think it is enough for the time being. I now have a trading basis to work from. I am long six thousand shares at an average of 111 1/4, and the stock is selling at 114. I won't buy any more just then. I wait and see. I figure that at some stage of the rise there is going to be a reaction. I want to see how the market takes care of itself after that reaction. It will probably react to where I got my third lot.
Say that after going higher it falls back to 112 1/4, and then rallies. Well, just as it goes back to 113 1/4 I shoot an order to buy four thousand at the market of course. Well, if I get that four thousand at 113 1/4 I know something is wrong and I'll give a testing order that is, I'll sell one thousand shares to see how the market takes it.
But suppose that of the order to buy the four thousand shares that I put in when the price was 1131/4 I get two thousand at 114 and five hundred at 1141/2 and the rest on the way up so that for the last five hundred I pay 115 1/2. Then I know I am right.
It is the way I get the four thousand shares that tells me whether I am right in buying that particular stock at that particular time for of course I am working on the assumption that I have checked up general conditions pretty well and they are bullish.
I never want to buy stocks too cheap or too easily.
Livermore的破产有多个原因:
(1)有一次是他的broker倒闭了,连累了他,还有另一个大牛江恩。Livermore东山再起后,把自己的钱散给很多人,包括江恩。江恩在自己回忆录中说Livermore是个noble的人。后来Livermore倒霉,江恩也回报他。
(2)Livermore的position太大。他做成功时,他的对手用非市场手段阻止他。比如股市暴跌时,华尔街老大JP摩根劝他别卖空了。他有次做棉花期货,搞得威尔逊总统要他以国家利益为重让他收手。一战中他做咖啡期货,政府以发国难财产为名把他的头寸作废,导致他又一次破产。如此故事太多了,神仙也扛不住。
(3)股市外的投资失败。他在how to trade in stocks中提到他在股市外的投资全亏掉。
(4)开销大。全国多处豪宅。自己经常住一个岛上,每天坐自己的300英尺游艇去纽约上班。家里经常开百人宴会。去佛罗里达度假有自己专列。喜欢女人,开销无数。
(5)自己在股市犯错误。