Jesse Livermore: The Legend Of Wall Street Who Died A LOSER

Jesse Livermore is still remembered as one of the greatest traders to have ever lived. For the 20th century, he defined what it meant to be a successful stock market trader on Wall Street. And yet he went bankrupt, divorced, ignored by his children and finally committed suicide. Why did Livermore’s life turn from an adventure success story to a classic tragedy? Let’s find out.

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Jesse Livermore got his first job as a chalk boy for a brokerage firm called Paine Webber while he was still just fourteen. This was an ideal job for him because of his love of numbers. Prices would come through the ticker tape and be called out. He would then write them all on the chalkboard for the customers to see.

While he was working at this job, he became so fascinated with the way that prices moved that he started keeping a little notebook. Since he could clearly remember all the numbers at the end of the day, he would write these out in his notebook and observe the patterns in the price movements.

Jesse Livermore started using his system to play at the bucket shops during his lunch hour and the first profit he made was just over $3. It wasn’t long before he was making more than he was in his day job, so he quit this to focus on his hobby full time. At fifteen years old Jesse had made $1,000 from trading at the bucket shops, which is roughly the equivalent to 15 Lakh Rupees in today’s money.

But this led to Jesse Livermore getting banned by most Bucket shops so he started disguising himself, or shifting locations and eventually by the age of 20, Jesse took his savings of $10,000 and decided to move to New York and enter the arena of legal trading on NYSE.

In New York, it wasn’t long before Jesse gained a reputation for being a winning trader. But soon after, he lost his money again. It seemed his winning formula was only designed for winning at bucket shops and not for the real stock exchange.

So he started learning and understanding the stock market again. He studied technical analysis and charts and patterns. He secluded himself in one room and didn’t leave or trade until he had enough confidence.

And then finally in 1907 came Jesse’s breakthrough that made him somewhat famous too. In 1907 the market panicked leading to a crash, which was sensed by the brilliant Jesse Livermore. He managed to earn $1 million on the day of the crash. He made his money by shorting the market as it crashed. By the end of the crash, he was worth $ 3 million.

Jesse Livermore began noticing certain patterns occurring in the market leading up to 1929. These were similar patterns to those he had observed in the build-up to the crash of 1907. Feeling confident about his hunch, he began opening short trades in anticipation. At one point he was even living in his office just so he could keep placing trades in the lead-up to what he expected to be a large negative movement.

And once again the Wizard of Wall Street was right.

Then came the day when Jesse Livermore became a legend. And it was the worst day ever in the history of the American stock market. It was Oct 29th 1929 when Wall Street crashed and America was thrown into a prolonged period of the Great Depression.

Livermore's Second wife Dorothy and his mother started crying at home when they heard that America has gone bankrupt in a day because they thought that Jesse will lose everything.

Instead, Jesse Livermore came home with a profit of 100 Million dollars which would be today 2 Billion dollars. And thus Jesse became a LEGEND forever. But he ended up committing suicide, why? Watch till the very end and find for yourself.

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