Jesse Livermore: REMINISCENCES OF A STOCK OPERATOR
Despite "Reminiscences of a Stock Operator" being written in the early 1920s, Reminiscences of a Stock Operator continues to be the most useful and most-loved book ever written on the subject of trading and speculation.
In this novel, LeFevre brilliantly describes the life and times of the books protagonist, Larry Livingston, a pseudonym for Jesse Livermore, one of historys most famous traders.
Livingston never considered himself an investor; he was a speculator. He didnt mind being long or short, he just wanted to be correct. His approach was to figure out what the path of least resistance was and then go with the flow. He didnt believe in picking tops or bottoms; he waited for a trend to be confirmed and then jumped in, thus never fighting the tape.
Livingston never traded out of boredom or solely for the sake of the excitement it brought to him. He knew that he could get rich by following a defined trend and thus calmly waited on the sidelines when the market was directionless. Had Livingston been alive today he would certainly be a momentum/price action based trader.
Although a sizeable portion of the book vividly describes the highs and lows of Livingstons exciting life, the meat of the book comes in the form of trading commandments that every successful trader can likely repeat even while asleep. These are the trading rules that have been passed down from mothers to daughters, fathers to sons, mentors to students, winners to losers.
This is the book from which almost every subsequent general trading book is derived. If you have ever wondered where the trading rule "Never average down" came from, just turn to page 154. Where did the comparison between greed and fear first originate? Youll find it on page 130. Some other rules to live by that were introduced in LeFevres book are:
-The trend is your friend.
-History repeats itself.
-No stock is too high to buy or too low to sell.
-Let your winners run and cut your losses quickly.
For beginners, this book will give you a strong and sturdy foundation on which you can build your successful trading career. It will fill your absorbent trading mind with vitally important trading principles in a clear and understandable manner. For experienced traders, reading this book again will galvanize your mind and refresh your spirit for trading. It brings clarity as to why we trade and how to best go about it. This is a must read for beginners and a must re-read for all others.
(Review courtesy of metastock)
See Below Link For An On Line Version Of This CLASSIC BOOK
Jesse Livermore Reminiscences of a Stock Operator
Regards
Keith
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Comment by Keith Shaw on April 16, 2012 at 12:29am -
Watch The Crash of 1929 on PBS. See more from American Experience.
Watch The Crash of 1929 on PBS. See more from American Experience.
Watch The Crash of 1929 on PBS. See more from American Experience.
Watch The Crash of 1929 on PBS. See more from American Experience.
Watch The Crash of 1929 on PBS. See more from American Experience.
Watch The Crash of 1929 on PBS. See more from American Experience.
Watch The Crash of 1929 on PBS. See more from American Experience.
Watch The Crash of 1929 on PBS. See more from American Experience.
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Comment by Keith Shaw on April 16, 2012 at 12:35am
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The above videos give an excellent insight into the crash of 1929 and some of the trading legends of that time including Jesse Livermore and a few other gentlement who you've probably never heard of but some of their trading techniques and methods are still very much alive today.
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Comment by Steve Patterson on August 19, 2012 at 2:16pm -
Hey Keith,
Its funny because I must have read this book 7 or 8 times in the last 10 years. I also recommend another classic Think and Grow Rich.
Thanks For the post
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Comment by Keith Shaw on August 19, 2012 at 9:00pm
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Hi Steve,
Agreed another classic "old is gold" , I came across that little gem of a book over 20+ years ago, Think and Grow Rich by Napoleon Hill.
Andrew Carnegie explained to Hill that everyone brings over with him at birth the equivalent of two sealed envelopes, one of which is clearly labeled: "The Riches You May Enjoy If You Take Posession of Your Own Mind and Direct It to Ends of Your Own Choice."
And the other is labeled: "The Penalties You Must Pay If You Neglect to Take Possession of Your Mind and Direct It." Here are the contents of these two envelopes:
The one labeled "Riches" contains this list of blessings if you take possession of your mind and direct it toward achieving your goals
In the envelope labelled "Penalties" is this list of the prices one must pay for neglecting to take posession of one's own mind:
Here is the man himself with 13 invaluable lessons, be seated please , forget all your problems and just relax while Napoleon Hill brings you the master key with which you may unlock the door to any opportunity that your mind can conceive.
#1: Definiteness Of Purpose
#2: The Master Mind Principle
#3: Going The Extra Mile
#4: Applied Faith
#5: A Pleasing Personality
#6: Self-Discipline
#7: Positive Mental Attitude
#8. Enthusiasm
#9: Personal Initiative
#10: Overcoming Adversity and Defeat
#11: Creative Vision
#12: Accurate Thinking
#13: Cosmic Habit-Force
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