So, since December I have focused almost exclusively on cost-averaging down on my precious metal junior stocks, with no sizeable purchases of NOT. Now, I have made some nice gains and I face the decision to either funnel some of the money back into NOT whilst it remains at a stock price below my cost average, or to sell all/some of my NOT holdings and play the momentum gain of those same precious metals stocks...

...OR just sit tight with all of my NOT and precious metals holdings...I suppose Jesse Livermore would choose the latter...

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Here are nine surprising things Jesse Livermore said regarding excessive trading:

1. “Money is made by sitting, not trading.”

2. “It takes time to make money.”

3. “It was never my thinking that made the big money for me, it always was sitting.”

4. “Nobody can catch all the fluctuations.”

5. “The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money everyday, as though they were working for regular wages.”

6. “Buy right, sit tight.”

7. “Men who can both be right and sit tight are uncommon.”

8. “Don’t give me timing, give me time.”

and finally, the most important thing:

9. “There is a time for all things, but I didn’t know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class. There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. Not many can always have adequate reasons for buying and selling stocks daily – or sufficient knowledge to make his play an intelligent play.”

http://thereformedbroker.com/2013/08/03/nine-surprising-things-jesse-livermore-said/