— Starting from Jesse Livermore's first bankruptcy in 1898, at the age of 21, he experienced his first true "zeroing out" in his trading career. It wasn't because he couldn't read the market; quite the opposite—his judgment at the time was correct. The problem lay in one thing: he used all his capital to verify a single judgment. That year, Livermore had already made a lot of money in speculative markets through "order flow and rhythm," and his confidence rapidly inflated. He firmly believed he had captured the essence of the market, so he made a mistake that all new geniuses tend to make: heavy position, full position, betting everything. The market diverged from his judgment in the short term. It wasn't that the trend was wrong; it was that the timing was off. And the market never pays for "late correctness." So, he went bankrupt. The market isn't there to "prove you're right." Many traders still repeat Livermore's mistake from 1898 today. They treat trading as a logic exam: if I judge correctly, I should earn everything; if I judge wrongly, I should be rejected by the market. But the market isn't a judge; it only recognizes the capital curve. You can correctly judge the direction but lose to volatility; you can see the trend correctly but die from a pullback; you can even be completely correct in the long run but be forced out early due to a full position. The most dangerous thing in trading isn't wrong judgment, but using all your capital to verify a single judgment. The primary mission of capital: to stay alive. Livermore later repeatedly emphasized one thing: "The big money is