I just borrowed this book, Jesse Livermore: World's Greatest Stock Trader - By Richard Smitten,  from the library yesterday. Basically Jesse Livermore is known as the world's most famous stock trader, having made millions, lost it, and made it again. He's also the inspired character in the book 'Reminiscences of a Stock Operator' which is one of the compulsory read books if you ever want to do trading in an Investment Bank.

Basically the book starts with the idea that there are four simple themes to learn from the life of a Stock Trader.

1) Human nature never changes. Therefore, the stock market never changes. Only the faces, the pockets, the suckers and the manipulators, the wars, the disasters, and the technologies change. The market itself never changes. How can it? Human nature never changes, and human nature runs the market - not reason, not economics, and certainly not logic. It is our human emotions that drive the market, as they do most other things on this planet.

2) The achievement of material goals and career ambitions does not equal the achievement of happiness in life. there is no correlation between success and happiness. There is no automatic balance between worldly success and emotional fulfillment.

3) It is our will that allows each of us to accomplish our goals, not our intellect. Talent is not enough. Luck is not enough. Only the will to suffer hard work and incredible persistence leads to the attainment of the impossible. There are no shortcuts; there is no easy way. Especially, as you'll find out, in the stock market.

4) It is the individual, not the group, that has led to the great discoveries of humanity. The great ideas, the great fortunes, and the giant steps forward in technology, politics, and medicine have all come from individuals, not groups.

Can we really learn and assimilate such life information from a simple book on stocks trading?

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