"livermore never considered himself an investor;
he was a speculator.
he didn't mind being long or short,
he just wanted to be correct.
his approach was to figure out
what the path of least resistance was
and then go with the flow.
he didn't believe in picking tops or bottoms;
he waited for a trend to be confirmed
and then jumped in,
thus never fighting the tape.
livermore never traded out of boredom
or solely for the sake of the excitement it brought to him.
he knew that he could get rich
by following a defined trend
and thus calmly waited on the sidelines
when the market was directionless.
had livermore been alive today
he would certainly be
a momentum / price action based trader."
--
review of
Reminiscences of a Stock Operator
by tradingmarkets.com
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