Reflections after rereading this masterpiece of the world:

From Livermore's trading career, I realized that trends are key, and it is crucial to patiently wait for breakthroughs or reversals at critical positions.

He emphasizes following the trend to avoid trading against the market, while also focusing on capital management and psychological control.

Summary of the trading philosophy: prioritize 'position', capture the starting point of the trend with volume-speed confirmation, and strictly set stop losses.

Respect market rules and avoid greed and impatience.