Core Viewpoint - The article emphasizes that the key to successful trading lies not in market conditions but in managing human psychology and emotions, particularly after achieving profits [3][10]. Group 1: Historical Context - Jesse Livermore's trading journey began with the 1907 stock market crash, where he made significant profits by shorting the market, but ultimately lost most of his wealth due to overconfidence and emotional mismanagement [5]. Group 2: Challenges in Trading - Earning money in trading is easier than preserving it, as many traders fail to maintain their profits due to psychological weaknesses that emerge after initial successes [6][8]. - Common pitfalls include overestimating one's abilities after a win, mistaking luck for skill, and neglecting risk management [7][10]. Group 3: Livermore's Principles - Livermore developed three key rules for traders to maintain their wealth: 1. Reframe profit perception as "market's temporary loan" rather than guaranteed income, fostering respect for the market [13]. 2. Establish clear exit strategies for every profitable trade to secure gains and manage risks [13]. 3. Allocate at least half of earned profits into low-risk investments to safeguard wealth [13]. Group 4: Long-term Perspective - Trading is portrayed as a marathon rather than a sprint, with the focus on long-term survival and discipline rather than quick riches [14]. - The article concludes that mastering one's emotions and maintaining discipline are essential for enduring success in trading [14].