“You must, I repeat, keep your own records. You must put down your own figures. Don’t let anyone else do it for you. You will be surprised how many new ideas you will formulate in doing so; ideas which no one else could give you because they are your discovery, your secret, and you should keep them secret.”
-Jesse Livermore
I have been following Jesse Livermore's advice for several years and I must admit, it has been the difference between buying and selling at the right times versus, buying or selling at the wrong times. Buying a stock I think has to include not only buying that right stock, but buying it at the right time! That's where keeping records comes in. It is tedious and time consuming not only to make your records, but to study them as well.
This takes a lot of discipline but I believe it to be well worthy it. I encourage anyone trading in the stock market to record everyday price open, price close, days high, days low, and days volume. You will definitely realize emerging patterns which at the moment you see them, is an insight only you may have at that very moment...
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