"Don't be a sucker" Jesse Livermore

«Don't be a sucker» Jesse Livermore

 The best trading quote imo. 
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In Jesse Livermore's time, the stock market was similar to today's — it was full of suckers losing their money (and all too often other people's money too).
Livermore talked frequently about suckers. Several times he admits to actions that lost him a lot of money and which, with hindsight, he realized were the actions of a sucker.
The difference between Livermore and a real sucker, however, was that Livermore mostly admitted his mistakes and learned from them.

He recognized different grades of sucker:

First of all there's the complete beginner who knows nothing about anything and is aware of his ignorance.

Second, and more dangerous, is the semi-sucker. The semi-sucker has read books about trading — usually written by yet higher grade suckers — but he does not realize that reading books is not the same as trading experience. This type of sucker can quote all sorts of wise sayings about the operations of the stock market. He does not lose money as quickly as the beginning sucker because he has learned some of the most rudimentary trading rules. Livermore said:
«It is this semi-sucker rather than the 100 percent article who is the real all-the-year-round support of the commission houses. He lasts about three and a half years on an average, as compared with a single season of from three to thirty weeks, which is the usual Wall Street life of a first offender. He knows all the don'ts that ever fell from the oracular lips of the old stagers-excepting the principal one, which is: Don't be a sucker!»

Нет ничего нового под солнцем и тем более на бирже 

То то и оно, что нет ничего нового, на бирже.