A Wall Street Legend

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! 

All his five bets made him $300M in total or $1.5B equivalence to today's money.

Wait a minute, I thought you wanted to convince me that day trading is bad but look at this guy! 🧐

And Jesse was a self-taught billionaire at the age of 31! What a Wall Street Legendary!

End of the story! 😅

But...wait...

He lost everything in the next five years, and before his death, his net worth was negative $2.5M or $37.5M debt nowadays😭! 

It only took him another five bad trades to lose everything after all. 

During those bad trades, his mental health declined eventually got suicide in 1940 at the age of 63.

Today, there are so many Jesse Livermore wanna-be in the market. 

People remembered the early part of the legendary journey but forgot how it would end. 

To sum it up:

To be a successful day trader, you need:

✅ start gambling as early as possible

✅ win at least five bets consecutively

✅ self-taught genius

If you got all three above, you would likely become a successful day trader 💯!