Jesse Livermore is a wall street legend. He amassed huge wealth at several points in time but also lost it and filed for bankruptcy three times in his lifetime. The lesson I learnt from him is this → It is as easy to make money from the market, as it is to lose it. So never give back what I got from the market. Anything can happen in the market any time. Always play with in a sound risk managed framework.
Guys, got any different takes ?
making money and keeping money are 2 different things as explained by Morgan Housel
Yes, making money from market is difficult and retaining it is more difficult.
USA has good social security framework and hence people of usa are having high risk apetite because its win win situation for them. If succeed then they become king of the world and if fail then no worries government will take care. So they keep trying again and again and with each attempt they gain experience and when that experience is used it results into success.
But in India, first of all we have to make safety net and then jump.
Never take blind risk, take calculated risk and prosper - that’s my take from the story.