Modern Economic Nonsense — A Wall Street Legend

xuanling11
Coinmonks
Published in
3 min readMay 30, 2022

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Everyone believes that Wall Street is a heaven for investments 😇. At least all movies and promotional news portray it to be.

Unfortunately, it is not 🥺.

There are full of traders that try to beat the market — day traders 🤯.

One of the legendary day traders is Jesse Livermore. He is the guy who invented the technical analysis.

Have you ever heard about technical analysis? Sounds fancy 😉?!

It is a fortune teller’s skill to try to predict the market 🔮. Sometimes they were called chart analysis.

An old saying is that 90% of day-traders lose their money because technical analysis is complicated to master 🤑.

However, the real reason is that day trading is 90% of the time not working!

😏 Should I risk betting on that 10% which works?

You should not because only 0.1% of that 10% will make your success. And the rest of 9.9% is just pure luck!

Still don’t convincing?!

Let’s take a look at the legendary life of Jesse Livermore.

Young Jesse is very good at betting. He is not investing or format trained. He was just very good at betting intuitively.

His first bet at age 15 earned him 62.4% of profits.

At 16, he bought a house from his full-time day trading job.

At 23, he turned his $10K into $50K in five days. That is 500% gained in 5 days!

Again, at the age of 24, he turned $10K into $500K. That is 5000% gained in one year! That is equivalent to $7.5M in one year of income!

He did not stop from here and retire. On the contrary, he got even crazy successful from here.

At the age of 30, he won another bet of $250K, and at the age of 31, his other bet won him $1M in one day!

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