Jesse Livermore made one of the most famous fortunes in Wall Street history. Then he went bankrupt again. In March 1934, TIME reported that Livermore listed liabilities of $2.26 million against assets of about $185,000. It described this as his fourth financial failure. That wasn’t the first time. His lawyers said he had previously made three very large fortunes and failed three times, paying his creditors in full after those earlier failures. His 1929 reputation came from profiting enormously during the market collapse. The often cited figure is around $100 million, although the precise amount is difficult to independently verify. But this is where Livermore’s story becomes useful to a trader. Making money and keeping the ability to make money are two different skills. A great trade can demonstrate exceptional market understanding. It cannot prove that the same approach will remain profitable through every future regime. That requires something different Knowing when conditions have changed. Knowing when your edge has weakened. And, perhaps most importantly, protecting enough capital to keep participating when your next opportunity arrives. Livermore’s story isn’t simply about how much money a trader can make. It is about whether the trader can survive long enough to make it again.