Endless, newbies should be made to read "Reminiscences of a...

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    Endless, newbies should be made to read "Reminiscences of a Stock Operator" the life story of Jesse Livermore before they are even allowed to open a trading account. It was recommended to me years ago. I read it but didn't fully appreciate it at the time but I do now. Livermore was one of the greats from the early Wall St days and yet he went broke several times. The book is an account of his successes as well as an honest analysis of his failures...mainly falling in love with his positions. It is refreshing to realize that even the greats are human like us and vulnerable to the same temptations and weaknesses. We should all be reminding ourselves of this folly on a daily basis. There might be far less need for a fighting fund if people realized that it has been ever thus in the market....

    Your post the other day that had everyone is stitches about the stock threads around HC hit the nail on the head and I must confess that when I first came to HC I was guilty once or twice of the same tribal behavior before learning that it is in my own best interests to be as faithful as a pussy cat to any one stock. It now astounds me as I go from thread to thread putting out fires that I see the same behavior over and over and so many never seem to learn. My theory is that it is a primeval survival instinct. The tribe must stick together to survive and fight off intruders (intruders being another word for shorters, chartists and other contrarians). Even if people can't admit it to themselves filling the deep need to be accepted and to be part of a group is more important to them than making money. Once people become consciously aware of the behavior they are partaking in and why they are doing so, then they can be liberated.
 
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