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We talk about realized "American Dream" when an ordinary man rises to the upper strata of society. In 1891 a fourteen-year-old young person left his home with 5 dollars in his pocket. His name is Jesse Livermore and only twenty years later he was already a legend. He began working as a handyman in the then-known brokerage company Paine Webber. While he was delivering dealers’ orders, the young Jesse noticed some seemingly small things that later would bring him millions. For example, the saying that "fish is fished best in murky water" illustrates very precise the moments of panic among the players. In the crisis of 1907, Livermore made 3 million dollars just for a day, which corresponds to today's 100 million. J.P. Morgan personally asked Livermore to stop with the aggressive "short" sales in order for the market to get recovered.

Jesse believed that successful trading requires good frame of mind and body. He lived in a splendid mansion on Long Island and every morning traveled to Wall Street with his personal yacht. The Great Depression of 1929 brought new opportunities for the great speculator. Hundreds of thousands have been driven to beggary, except for Livermore. When it all ended, he was richer by 100 million dollars! His trading methods were based on two basic elements – the panic and secrecy. When the average player is scared, they try to get rid of their position at any cost. But no matter how many the prices of certain assets go down, at a reasonable diversification they will never become zero. And once the market calms down, the probability for the prices to recover is significant. ЛивърморThe second element is ensuring the security and creating a mysterious aura in the eyes of the competition.
Livermore traded in a mysterious office on Fitch Avenue, where nobody had the right to speak while markets were open. All this brought him exceptional respect, he was called, "The Speculator Boy", "Big Bear", "Miracle on Wall Street," “Cotton King." During his 30-year career he had won over 400 million dollars and became known as "the broker who never lost our money." His favorite quote is "no matter how much money you make on the markets, the important thing is to manage to keep them."
In the past seven or eight years the U.S. dollar is under pressure. It is very much likely that the euro can make one more top, but then its rise seems doubtful. Since 2002 Asian central banks have accumulated over three trillion dollars. Federal interest in the USA of 0.5 percent is at its lowest level since 1958, and when the economy recovers the increase is unavoidable. 

Nowadays many Forex traders hope to make their "strike". Abundantly clear is that in calm times it seems almost impossible task. For the Chinese the other meaning of the word "threat" is "a chance". In the moments when "the crowd" is stressed and is in the grip of their emotion, the fate is looking for those that were born under a"lucky star". Jesse Livermore was one of them; most probably there will be others too… See more in Courses 

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january 17 2020
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