It`s the change in the major trend that hurts most speculators. Jesse Livermore traded through dozens of bull and bears markets. He noticed that the average trader is slow to adapt to changing market conditions. This was true in his time, and still holds true today. Why? Because, there is nothing new under the sun.
Recommended Reading:
Reminiscences Of A Stock Operator by Edwin Lefevre
How to Trade in Stocks by Jesse Livermore
