Many traders refer to Jesse Livermore as the best trader in history. The book "Reminiscences of a stock operator" is a mandatory reading for beginner and seasoned traders. Although Jesse made a lot of money, I believe he was a poor trader. He was a poor trader as he lacked money management skills. The lack of money management allowed him to make huge bets that paid off some of the time and caused him to go bankrupt more than once. At the end he checked out of this world as a poor & broke trader.
The best trader in the world is the one than can have a consistency in returns and very well managed draw downs. Like whom do you ask ?. Well that will be the subject of future posts.