EP15🔆The Jesse Livermore Trading System

傑西·李佛摩的交易哲學根植於對市場行為的深刻觀察與紀律，強調時間、耐心、趨勢追蹤以及風險管理的重要性。他將投機視為一門商業，而非賭博。1. 李佛摩的四大基本「應做與不應做」不攤平虧損（Do Not Average Losses）：◦股票下跌的速度遠快於上漲。◦沒有投機者能承受攤平虧損的壓力。2. 翻倍原始資本時，取回一半利潤（When You Double Your Original Capital, Draw Out Half Of Your Profits）：這是為了「觸碰你的錢」（touch your money），將部分利潤鎖定在保險箱中。3. 賺錢需要時間：給自己「時間」（It Takes Time To Make Money: Give Yourself "Time"）4. 不要不耐煩。時間是股票交易中最重要的元素不要過度交易（Do Not Overtrade）。傑西·李佛摩投資哲學的精髓「想快速致富的冒險家將會死得很窮」 (Get-rich-quick adventurers will die poor)。•「時間是股票交易中最重要的元素」 (Time is the most important element in stock trading)。•「投機是一門生意，而非賭博」 (Speculation is a business, not a gamble)。•「無法每天或每週持續從股票交易中賺錢」 (Money cannot be made consistently trading in stocks every day or every week during the year)。•「正確的投機是對即將發生事件的預期，而最好的預期是預測某些預期新聞對公眾心理的影響」 (Speculation is correct anticipation of coming events and the best anticipation is that of the psychological effect that certain expected news will have upon the mind of the public)。•「不要相信自己的意見...而是讓市場的行動來確認你的意見」 (Do not trust your opinions... but let the action of the market confirm your opinions)。•「市場永遠是對的。意見才是錯的」 (Markets are never wrong. Opinions are)。•「在投機中賺到真錢，是在操作從一開始就盈利時」 (Real money in speculating is made when you show a profit in your operations right from the start)。•「一次專注於一個大機會。不要試圖對多個機會感興趣」 (Concentrate in one jackpot at a time. Do not try to have an interest in more than one)。•「只要股票表現良好且市場正確，就不要急於獲利」 (As long as a stock is acting right and the market is right, do not be in a hurry to take a profit)。•「利潤總會自己照顧自己，但虧損永遠不會」 (Profits always take care of themselves, but losses never do)。•「投機者通過承受第一次小額虧損來避免巨大的損失」 (Speculators insure themselves against large losses by taking the first small loss)。•「沒有投資。只有投機」 (There are no investments. There is only speculation)。其他重要規則與格言...•「投機者損失的錢相較於投資者損失的錢，只是微乎其微的一小部分。投資者才是真正的大賭徒」 (Money lost by speculators is a microscopical fraction when compared with the money lost by investors. The investors are the big gamblers)。李佛摩還提到，投資股票可能轉變為投機股票，反之亦然。•「不要因為股票從之前的高點下跌而買入。那隻股票可能仍然太高」 (Do not buy a stock because of a decline from its previous high. That stock may still be too high)。•「在他的交易方法中... 他會在股票創新高後買入」 (In my method of trading... I BUY after a stock makes a NEW HIGH...)。•「從不在反彈時買入」 (I never buy on rallies...)。•「從不在反彈時做空」 (I never go short on rallies...)。•「當股票進入趨勢時... 它會自動沿著某些線路運行」 (When a stock enters into a trend... it works automatically along certain lines...)。•「永遠不要害怕正常波動；要害怕異常波動」 (Never be afraid of the normal movements; be fearful of the abnormal...)。•「不要讓股票閒置」 (Do not let a stock go stale on you...)。•「試圖從每日小幅波動中獲利的投機者，永遠無法收穫大波段」 (Speculators who try for profits from daily minor movements will never reap the major when they occur...)。•「真正的波動不會在它們開始的那天結束」 (Real movements do not end the day they start)。•「如果你無法從主要活躍股中賺錢，那麼你整體上就無法從股市中賺錢」 (If you cannot make money out of the leading active issues, you are not going to make money out of the stock market as a whole)。•「跟隨領頭羊」 (Follow the leaders)。•「來自經紀人唯一確定的提示是：追繳保證金通知。當你收到它時：平倉你的帳戶」 (There is only one sure tip from a broker: the margin call. When it reaches you: close your account)。•「投機者的現金就像商人貨架上的商品」 (Cash to the speculator is as merchandise on the shelves of the merchant)。•「偶爾感受一下自己手中的錢」 (Feel the money in your own fingers once in a while)。•「當股票達到 50、100、200 甚至 300 點時，隨後幾乎總是會出現快速而直接的波動」 (When a stock reaches 50, 100, 200 and even 300 a fast and straight movement almost invariably occurs after such points)。•「當上述情況沒有發生時：那就是危險信號」 (When the above does not occur: that is a danger signal)。•「隨身攜帶筆記本：記下有趣的市場資訊」 (Keep a notebook with you: jot down interesting market information)。•「永遠不要在市場開盤前設定指定價格的訂單」 (Never place an order at a specified price before the market opens)。•「研究成交量以判斷自然反彈和自然回調的開始」 (Study volume to decide the beginning of Natural Rallies and of Natural Reactions)。•「永不賣出價格看似過高的股票」 (Never sell a stock because it seems high priced)。•「永不因為大幅下跌而買入」 (Never buy because of a big decline)。