Ordinary people reading this book should learn discipline instead of speculation Brothers, I do not recommend ordinary people to learn short-term trading, speculation, or trend tracking after reading the book "Memoirs of Stock Masters". Because Livermore was indeed a genius, but his ending was also cruel. He can earn money in the market that ordinary people can never imagine in their lifetime, and he can also repeatedly lose money back. You will find that talent can help a person succeed quickly, but it cannot guarantee their long-term survival. This is particularly important for ordinary investors. After entering the market, many people always feel that what they lack are information, technology, indicators, insider information, and models. It seems that as long as we find a more accurate method, we can continue to make money. But after doing it for a long time, you will find that what really hurts the account is often not that you don't know, but that you knowingly make mistakes. Knowing not to chase high, or being brought in by FOMO. Knowing whether to control the position or to increase it as it rises. Knowing that the losses have exceeded the plan, or fantasizing about a rebound. Knowing that high leverage is not suitable for oneself, one cannot help but want to recoup their investment. Knowing that the fixed investment needs to be executed for a long time, but starting to doubt it because it hasn't risen for several months. This is the most difficult part of the market. It's not about testing your knowledge points every day, but about testing your humanity every day. Bull market tests whether you will be greedy. Are you afraid of bear markets. Will you get tired of the horizontal exam. Will you get high on the test of skyrocketing. Will you collapse during the crash test. So the least that ordinary people should learn when reading this book is' I want to become the next great writer '. Because most people do not have Livermore's talent, nor his trading environment, nor do they have enough time and psychological resilience to repeatedly try and make mistakes. There are three things that ordinary people should truly learn. one ️⃣ Firstly, do not compete with trends. The market is not won by words. If you think it's expensive, it can continue to be more expensive; If you think it's cheap, it can continue to be cheaper. Many losses do not come from making a wrong judgment once, but from not respecting the trend even after making a wrong judgment. two ️⃣ Secondly, don't let one mistake ruin the entire account. The most important thing in investment is not to win every time, but not to lose too much when you lose. As long as you are still alive, as long as the principal is still there, as long as the cash flow is still there, you still have the next round of opportunities. The real danger lies in heavy positions, leverage, and deadweight, turning an ordinary mistake into irreversible damage. three ️⃣ Thirdly, do not mistake luck for ability. It's not difficult to make money in a bull market, but what's difficult is knowing whether you're earning based on your abilities, trends, or the dividends of the times. The most dangerous time for many people is not when they are losing money, but when they are just making a lot of money. Because at that time, it was easiest to feel like you knew the market very well. If you are a long-term investor, you should actually read this book even more. It will make you understand that investing is not something to be done every day. Many times, making fewer mistakes is more important than doing a few smart operations. Fixed investment may seem slow, but it at least helps ordinary people avoid many human traps: no need to guess the top and bottom every day, no need to frequently change directions, no need to bet on a life or death game with one judgment, and no need to overturn long-term plans just because of a candlestick. Of course, regular investment is not omnipotent. It requires selecting the right long-term assets, stable cash flow, position control, and the ability to accept long-term fluctuations. But compared to chasing gains and selling losses every day, it is more suitable for ordinary people to transform investment from an "emotional game" to an "execution system". What Livermore tells us is not that 'speculation is the easiest way to make money'. On the contrary, he spent his entire life telling us: Even if you are smart, without discipline, the market will eventually magnify all your weaknesses. The most important thing for ordinary people to stay in the market for a longer time is not to become geniuses, but to establish a set of rules that they can execute in the long run. People who can make long-term money may not always judge correctly. But it must be less likely to lose control at critical moments.