On the heels of today’s pullback in the gold and silver markets, it is a good time to learn from the wisdom of Jesse Livermore.
July 16 (King World News) – Even with this year’s positive action in the gold and silver markets, what some of the gold and silver community are struggling with at this point is exercising patience. Some have been selling positions and moving to the sidelines, waiting for the next shoe to drop. While there will be pullbacks, KWN readers around the world need to understand that you don’t want to give up your position near the beginning of a new bull market…
Wisdom Of Jesse Livermore
“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: it never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight!
It is no trick at all to be right on the market. I’ve known many [traders] who were right at exactly the right time, and began buying or selling stocks when prices were at the very level that should show the greatest profit. And their experience invariably matched mine; that is, they made no real money out of it. [Traders] who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make the big money.” — Jesse Livermore
The bottom line is KWN readers need to listen to the wisdom of Jesse Livermore and exercise patience. Do not give up your positions in this new gold bull market by trying to get too cute — trading in and out of the metals and the mining stocks. Again, pullbacks will come and sometimes they will be quite dramatic, but trying to time those perfectly can leave people on the sidelines during major advances, and that would probably be more mentally taxing than just sitting through the pullbacks. Remember, in a bull market the big surprises always happen on the upside.
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