So thats what Jesse says…
What do you say???
Change in the major trend does hurt speculators. Since a lot of forex trading is dependent upon speculation, this statement seems agreeable.
Jesse Livermore might have put a gun to his own head after going broke but he will always be the king when it comes to market aphorisms
Did he ? There is a lot written about Livermore - and yes he did lose it all - more than once if memory serves - but I thought he shot himself when he was doing well - and on the basis that there was No challenge left for him ! - Personally I prefer that litlle romantic notion ! 
You make a good point. I too have heard he wasn’t broke. If you have heard of Jim Sinclair ’ of Js mineset he states that his grandfather use to run with Livermore and Jesse going broke wasn’t true
Instead Livermore suffered from bi polar.
I have no idea but the general narrative is he went broke or at least could not trade in the conditions after the crash of 29
Let’s listen to the man! Take breaks from your systems and watch out for any trend reversals.
Never overtrade!
Never revenge trade either.
One should NEVEL SELL a stock because it seems HIGH priced. NEVER BUY a stock because it has had a big decline. 
Stocks do NOT move alone when they move. “Never look at only 1 stock, track 2. Why? Because stocks in the same group always move together”