Portfolio Boss

The REAL Hero in Reminiscences of a Stock Operator

Corona Del Mar, CA

Howdy Friend!

Good 'ol Reminiscences of a Stock Operator.

It's a dog-eared classic often found in a trader's library.

Many people believe the book is about Jesse Livermore's checkered career as a speculator -- which is true -- but he's not the real hero of the book.

I'll get back to who the real hero is in a minute.

You see, Jesse Livermore was an erratic trader that ended up putting a gun to his head and pulling the trigger at the Sherry-Netherland Hotel in New York.

He was 60. He made and lost vast fortunes over his career in the most spectacular fashion. His trading seemed to mirror his chaotic lifestyle which had its share of divorces, mistresses, and tragedies.

A precursor to the Wolf of Wall Street.

He was even blamed for the 1929 crash because he had been shorting stocks on the way up and made a fortune during the crash. He is reported to have made $100 million which in today's inflated dollars is $1.5 billion.

Man, that guy could really push it which is probably why he's admired by some...but don't confuse balls for brains.

He seemed to employ a Martingale approach to trading even though he said he used "technical analysis"...Martingale approach is where you come up with a direction you believe the market will go, then keep doubling your bet as it goes against you.

It's a mathematical certainty that you'll eventually blow up your account with that approach as Livermore discovered (Quick aside: This is why they have table limits at blackjack).

And it's very likely that Livermore's use of technical analysis consisted of drawing lines on charts which offers zero scientific credibility (it's completely subjective and not repeatable: anti-science).

Back in those days you could leverage yourself 10:1 in stocks.

He was lucky at first, but eventually his luck ran out and he ended up bankrupt numerous times, eventually losing his seat on the CBOT. Due to his initial fame, he was able to find an abundance of investors who rallied to him in search of a repeat of his youth.

Unfortunately he did not repeat his good fortune before ending his life in the coat check room.

Some speculate that he was murdered by his wife since two of her previous husbands committed suicide...or more likely she was attracted to men that needed "fixing." Livermore's son and grandson also killed themselves...mental illness can run in the family.

Now that I've thoroughly depressed you about Jesse. let's talk about the real hero of the book...the guy that got it right...

...Old Turkey. Mr. Partridge. His favorite tag line: "Why, this is a bull market!"

One of my favorite quotes: "My dear boy," said old Partridge, in great distress "my dear boy, if I sold that stock now I'd lose my position; and then where would I be?"

Old Turkey simply followed the trend and didn't listen to any "tips" or news to shake him out of his positions. He had a plan and stuck to it rain or shine.

I'm not sure if Mr. Partridge was based on a real person, but he was clearly the antithesis of Livermore.

He was more like Charles Dow, the inventor of Dow Theory. 

The tortoise from Aesop's fables. 

Perhaps the trader Jesse wished he was. The hero Jesse wished he became later in life.

For him, it's too late.

For you, perhaps it's not too late to turn your trading around for good.

This Thursday, I'm going to build several trading strategies LIVE using The Boss "SuperAi."

The goal is to create highly consistent "steady Eddie" strategies.

I've experienced the ups and downs of balls to the wall trading, and it's not for me.

Which would you rather have? The emotional roller coaster of winning big and losing big?

Or consistent and predictable profits year after year?

If you said the later, then here are the details: When: Sep 17, 2020 11:00 AM Pacific Time (US and Canada)

Topic: The Boss LIVE Demo. Register in advance for this webinar demo: 


After registering, you will receive a confirmation email containing information about joining the webinar.

See you there!

P.S. Put your credit card away. There's nothing for sale on the demo. I'll show you how to build a working trading strategy from scratch in mere minutes.

P.P.S. I'm planning on building strategies in several ETFs and stock indices. If you have a favorite for trading, let me know while we're LIVE and I'll build one to your specifications!

P.P.P.S. We MIGHT have a day trading demo while we're on the call. My team is slaving away to hit the deadline. My goal is to have a long/short strategy that makes money consistently no matter what the markets are doing. Long/short strategies perform ESPECIALLY WELL during volatile times.

See you there! Register here >>

Trade smart,

Dan "Prince of Proof" Murphy


Disclaimer: The results listed herein are based on hypothetical trades. Plainly speaking, these trades were not actually executed. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under (or over) compensated for the impact, if any, of certain market factors such as lack of liquidity. You may have done better or worse than the results portrayed.

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