|Reminiscences of a Stock Operator (Wiley Investment Classics)
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Stock investing is a relatively recent phenomenon and the inventory of true classics is somewhat slim. When asked, people in the know will always list books by Benjamin Graham, Burton G. Malkiel's A Random Walk Down Wall Street, and Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher. You'll know you're getting really good advice if they also mention Reminiscences of a Stock Operator by Edwin Lef¨¨vre.
Reminiscences of a Stock Operator is the thinly disguised biography of Jesse Livermore, a remarkable character who first started speculating in New England bucket shops at the turn of the century. Livermore, who was banned from these shady operations because of his winning ways, soon moved to Wall Street where he made and lost his fortune several times over. What makes this book so valuable are the observations that Lef¨¨vre records about investing, speculating, and the nature of the market itself. For example:
"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon."
If you've ever spent weekends and nights puzzling over whether to buy, sell, or hold a position in whatever investment--be it stock, bonds, or pork bellies, you'll be glad that you read this book. Reminiscences of a Stock Operator is full of lessons that are as relevant today as they were in 1923 when the book was first published. Highly recommended. --Harry C. Edwards
"The most entertaining book written on investing is Reminiscences of a Stock Operator, by Edwin Lef¨¨vre, first published in 1923."
-The Seattle Times
"After twenty years and many re-reads, Reminiscences is still one of my all-time favorites."
-Kenneth L. Fisher, Forbes
"A must-read classic for all investors, whether brand-new or experienced."
-William O'Neil, founder and Chairman, Investor's Business Daily
"Whilst stock market tomes have come and gone, this remains popular and in print eighty years on."
First published in 1923, Reminiscences of a Stock Operator is the most widely read, highly recommended investment book ever. Generations of readers have found that it has more to teach them about markets and people than years of experience. This is a timeless tale that will enrich your life-and your portfolio.
- Fascinating Story About A Remarkable Stock Speculator
Edwin Lefevre tells the fascinating story of Jesse Livermore, a famous stock operator who time and again made and lost fortunes by speculating on the market. Its greatest value is on the insights and reasoning process behind each move and associated result. It provides good entertainment for stock investors and speculators. Highly recommended!...more info
I loved this book. I plan on reading it at least 2 more times. There are so many life lessons on trading in here it isn't funny. This book is far cheaper than Adventures of a Currency Trader and 100 times better....more info
- All time #1 stock trading book
This book was recommended reading in almost every stock trading book I have read. I simply had to buy it and read it. usually I am disappointed by anything that is over hyped and considered such a classic. Not with this book. It was even better than I anticipated. It shows how the greatest stock trader of all time Jesse Livermore traded. (He is called Larry Livingston in the book).Even though this book was first published in 1923 and his trading occurred in the early part of the 20th century it is still applicable because people do not change. This book will take you past P/E ratios, book value, moving averages, etc. and shows what really moves stock prices:people. It is a battle between bulls and bears. The decisions people make determine prices. That is how Livermore traded, he was a cool, calm trader who would go short or long depending on the market. He was an avid ticker tape reader watching peoples behaviors to identify trends. Livermore made his first million while he was very young, lost it, and then made it all back. His mental coolness and his ability to see patterns developing made him great. The author does an excellent job narrating for Livermore and making his story interesting and enjoyable reading.
This book also made me get out of a trade I thought would be successful based on Livermore's talking about the dangers when "Stocks do not act right". This book saved me $1200 in that trade.
Page 260: The speculators deadly enemies:Ignorance, greed, fear and hope....more info
- A good first taste.
If you are curious about how an extremely clever speculator thinks and lived his life this is a must. If you are looking for how to trade there are a few very general gems in there, but you have to look for them.
An example in one part of his life he knew the market would moved in a certain direction and so shorted but the market wasn't ready to move quite then and he suffered as the market moved in the wrong direction for a while. So he learnt to be prepared for a change but not to act until the market showed the change was active. A very general common sense rule, but the telling of that episode for me was great (much more interesting than I made it sound) so it has stuck in my mind and stopped me making mistakes. Also it shows how dangerous the stock market can be with those once in a lifetime events that will probably happen one day in your lifetime....more info
- Amazing Book
This is one of the best books i've read. Now, if you people out there want step by step how to get rich trading book, this is not the book. And you'll find out after searching that those books don't exist. I've never come across a book that shows me step by step how to trade and make money with explicit directions and strategies. The key takeaway from this book centers around the importance of psychology in trading, i.e. your mentality, determination, patience and belief in yourself, etc. And the way he chronicles out his wins, his losses, and his emotions at the time, can help any trader, whether he/she is new to the game or a veteran. Again, when i say "help" i don't mean some magical trading strategy. I mean help get you in the right mindset to come up with your own winning strategies and help you stay focused. if you don't get this from reading this book, then it looks like you have missed the point of the book, or simply you don't have an interest in trading....more info
- From the Stock Traders Headquarters library
A story based on the life of legendary trader Jesse Livermore who was famous for being short the market just before the 1927 crash and made over 100 Million dollars while 99% of all investors lost their life savings. A truly fascinating story and after reading it, I was a believer that timing the market and individual stock moves can be done with great success. My journey into the world of TA began after reading this book.
- A Must Read for Anyone Interested in Trading (and Markets in General)
This simply is mandatory reading for anyone looking for a Job on Wall Street (US) or in the City (UK). Please read other reviews for more details... I just want to say after being in this business for just over ten years, this is the one book I ask all of my colleagues and employees to read. It will give you a real understanding of trading and an appreciation for markets....more info
- An insightful and entertaining book
I have read this book and "Jesse Livermore: World's greatest Stock trader," and I can say they are not redundant or repetitive. As far as differences go, the other book gives more of an account of Livermore's life. I would say this book probably has more insightful tips for trading, while the other is more insightful to the kind of person Mr. Livermore was. This is an entertaining and insightful book, but you have to really pay attention as it is written in a novel format....more info
- Psychology of trading
A Wall Street Classic and it does not disappoint. Published in 1923 the book continues to be one of the most heavily references books on trading and speculation. You'll learn about the early days and the history of the markets, some basic trading strategies, and most importantly: the human psychology of ups and downs of trading and how Larry Livingston (pseudonym for Jesse Livermore) dealt with it all.
I'm not a trader, nor am I aspiring to become one, but this was a fascinating read and I'll recommend it to everyone without hesitation....more info
- Thesis on market behavior
If you are looking to start trading the stock market this is an absolute must first read. This isn't a book about a trading system. It doesn't tell you buy points or sell points. There is absolutely no information on how to screen the market for the next big thing. What it does tell you is how the market behaves and what to expect.
When I first started trading I read How To Make Money in Stocks by William O'Neil, and I have had great success with his strategy. I wish I had read this one first. It gives you a much greater idea of how stocks can behave and how you should react to that behavior. It shows you what happens when you let your emotions get in the way, in the words of someone that let that happen - several times. I'm not saying you'll be able to take your emotions out of a trade, but you will have a better idea of what to expect emotionally. Then you will be better prepared to handle it.
Read this book. Then read How to Make Money in Stocks....more info
- A timeless classic
It clearly shows what lies ahead if your interests are in trading long term. A fascinating story with tons of pointers. ...more info
- Still the Best
This is a classic book on trading and market speculation, and is still the best introduction to the subject. The author was one of the most successful traders of all time, gaining and losing massive fortunes multiple times in his life. The candid account of his experiences that is passed on in the book is priceless and accelerates one's development as a trader immensely. Recommended reading for all traders....more info
- An Investment Classic
This book really brings to life an era of finance that is long gone. And the lessons of the book are still very relevant today. It is part biography and part tutorial for aspiring traders. Everyone should be required to read this book before being allowed to play the markets. If even half of the people on Wall Street had read this, the USA would be in much better shape today financially. It is a very engaging and entertaining read....more info
- Best Book for traders and non traders
over 85 years old and still going strong, read it and find out why...more info
- Entertaining and still relevant, after all these years
The book tells the story of a very succesfull stock speculator, and not least how he became successful by learning from his own mistakes and lack of insight. The book is very well written and the stories excitingly told. It also gives a flair of the financial world at the beginning of the 20th century. Although the tools and terms of today's stock market are lightyears from the scenes portraid, the psychology of the mind, market and the basics of fear and greed are the same. Anyone active in the market, professional and amateur will benefit from reading this book. Not least the account of how the main character of the book developed insight into himself is priceless....more info
- Best Speculation Read
I consider this the best book on speculation. It offers excellent guidance through the guise of a story. Well worth the read....more info
- The more things change ... the more they stay the same - Required reading!
This vintage tomb from a bygone era ... is simply one of the best financial texts you could ever hope to lay your hands on. One of the strongest realizations that emerge from the author's engaging style of writing, is that the lessons learned a century ago, are as relevant and useful today as they were back then. The examples and analysis peppered throughout this book, are some of the most insightful examples available to the average reader. There are no mathematical formulas or detailed charts (one of this book's strong points) yet there is plenty of meat on the bone here, for anyone that is searching for clear and practical advice on successfully navigating the rough waters of the financial markets. Many lessons learned and dissected in clear detail. Highly recommended reading....more info
- Valuable Insights Still Applicable Today
This book was first published in 1927, and there are a few times throughout the book that the reader gets a sense of the fictionalized story's age. But for the most part, this book is still very applicable to anyone interested in learning more behind the mindset of a professional stock trader, not to mention the fascinating insights into how the market worked one hundred years ago. Although I am not much of a trader, professionally or otherwise, this book helped me understand the stock market better. Yet, it assumes that the reader already has a basic knowledge of how the market works and the various strategies traders' use to maximize their return. In other words, this is not a book to pick up without having a basic knowledge of trading stocks. It was interesting, but dragged on towards the end, forcing me to go through the last few chapters rather quickly. Nonetheless, it was enjoyable to read and contained advice for any trader in today's market. I agree with another reviewer, this could be a great movie!...more info
- How (not) to invest
Jesse Livermore committed suicide on November 28, 1940 after incurring heavy losses in the market. This book is a fictionalized account of his life. It is undoubtably a classic, but readers tempted to follow his advice would do well to consider that he had repeatedly lost his entire fortune, regained it, only to lose it again not long afterwards. Not long before he died, he finished a book on his investment strategies. Unlike this book, it didn't sell very well back then, and it still doesn't sell well now. Readers should also keep in mind that the author of this
book, a writer by the name of Lefevre, wasn't much of an investor himself (just a few isolated investments over his lifetime, according to the book's foreword.) Apparently, the author didn't have much faith in Livermore's methods.
It's almost funny how often I've seen this book mentioned by other books on investing. For the most part, they neglected to mention how he died and why....more info
- Livermore versus Darvas
The inspirational quality of this book has been well established by other reviews. A comparable story is spun by Nicolas Darvas in "How
I made $2,000,000 in the Stock Market". While Darvas may pale in some ways in comparison to Livermore, his trading strategy evolved into
nearly identical techniques. Darvas provides a more helpful read,
however; he describes his trades, one at a time, with a specificity
lacking in the Livermore tale. While Livermore advocates buying on
resistance breakouts (thus "buying high"), Darvas illustrates how to
recognize those breakouts (provided one is willing to translate his "box
method" into chart interpretation). When Livermore coyly suggests
"selling low", Darvas explains that since one can never know how high
a stock may move, he would sell by use of a real or mental trailing stop
to sell near the top, rather than taking profits at an arbitrary point.
The Darvas system can be accused of rigidity, but at least Darvas was
a novice trader who found a strategy and applied it regularly. With
Livermore one is left wondering what the strategy really is. Darvas
serves to explain it. Both men flourished during different but powerful
bull market cycles. Livermore's journey ended shortly after the crash
of the 30s, from which he never recovered and finally committed suicide. I don't know what became the fate of Darvas. Livermore was
a trader prodigy who became a titan. Darvas was an entertainer (a dancer) and an amateur investor with time on his hands, who turned
investing as a hobby into a serious enterprise. The most important lesson they share is that it is the overall character of the market
that is more important than anything else. Both of them could stay
in cash for months, years if necessary, waiting for the right conditions
to appear. Thus, the other lesson they share is the wisdom of trading
only under the right conditions. Both learned the folly of frequent
in and out trading. Diversification was never a serious thought for
either of them. Both learned the hard way to cut losses early. Both
learned the value of not taking profits too early. Compared to most
traders both of them traded rather seldom, but invested to the hilt on margin when they did. Both books can usefully be part of any trader's library. As I write this review on Memorial Day, 2009, we are poised
for either one of the great new bull markets of a lifetime, or a correction into oblivion. Those who would choose to emulate Livermore
or Darvas will be choosing either to live by the sword or perish by it.
- Reminiscences is a required read
This book is about the joys and trials of a stock operator and makes for a good read. It is a must for those interested in investing and trading. It is recommended that one read this book and be thoughtful of the lessons learned in the character's life, so as not to be so easily fooled or toyed with when entering the market....more info
One of those books everyone should read, but some of the material is dated....more info
- If I Knew THEN - What I Know NOW - I'd SLEEP with Lefevre's book!!!!
This is it folks, when all is said and done, the world of making money in the stock market comes down to a handful of books. Knowledge that you must absorb, NO, more than absorb, you have to take OWNERSHIP of this knowledge. More than any other book, this book is on the list. Oh yes, there are several others you desperately need to OWN also.
Certainly you should be reading all of Benjamin Graham's works including "Security Analysis", the 1940 Edition, and also Graham's "The Intelligent Investor". Philip Fisher's extraordinary "Common Stocks and Uncommon Profits" is another fabulous work, but none of them, and no other book for that matter reads like a novel, a Hollywood thriller in fact - only Edwin Lefevre's "Reminiscences...." fulfills that role.
Very briefly, Jesse Livermore's life as a stock and commodities trader is portrayed in the book through the character of Larry Livingston. As you probably know, in a novel you can do and say things, and take literary license that you could never do in an actual biography.
The period covered is basically the beginning of the 20th century through the 1920's. Livermore made and lost several fortunes in his lifetime; ultimately he went belly up and emotionally could not deal with it. This led to his suicide in a hotel in New York City. With today's medical knowledge he would have been classified with severe bipolar disorder, and presumably drugs would have been able to reign in the personality extremes that he suffered from. Of course that is now, and we are dealing with then.
What is noteworthy is that Livermore was astute enough to realize that he had these bouts of depression, and he did not trade during those periods when he suffered from them. He knew his thinking was not clear enough during those periods, and his judgment would suffer, and oh did this man have judgment. He was the ultimate professional trader.
This is not a book to be read once. In that it is like reading Shakespeare's plays. Each time you work your way through it, you will learn more and more. If you have trading experiences to fall back on, then this book becomes even more important to you. Read the book in conjunction with your trading. You will understand what you did wrong, and what you NEED TO CHANGE, to do it right.
There are some who will tell you that Jesse Livermore was such a force in the markets, that it is hinted that he was responsible for the market crash of 1929, the tsunami of all market crashes. John Kenneth Galbraith, the Harvard economist, and one of the most knowledgeable historians dealing with the depression, argues differently. What is important is that Livermore had to hire a bodyguard during this period, and also went into seclusion, which indicates that many people believed the story.
There was a point in his career where Livermore made as much as $[...] million in trading profits in a month. Imagine, at a time when a 6 course meal at Delmonico's on Wall Street was a dollar? Here are some of the extraordinary concepts you will pick up in reading this book:
* "WHATEVER HAPPENS IN THE STOCK MARKET TODAY HAS HAPPENED BEFORE, AND WILL HAPPEN AGAIN."
I am personally 35 years into trading, and formally retired from Wall Street when I was 45. You have no idea how important Livermore's advice is. There is no substitute for years of experience living through the cycles. It gives you a tremendous grounding in historical truth that prevents you from getting suckered out at the bottom, or fooled at tops.
* "WEAPONS CHANGE, BUT STRATEGY REMAINS STRATEGY, ON THE NEW YORK STOCK EXCHANGE AS ON THE BATTLEFIELD..."
Yes, and this is why a great stock trader from the 1920's, would do just as well today as then. I knew Salim Cy Lewis the modern founder of Bear Stearns; some would argue he was as good a trader as Livermore. I worked for Alan "Ace" Greenberg, Chairman of Bear Stearns, who was the greatest trader of his generation. Livermore is right, learn the strategies, and you will be successful on any battlefield, at any point in history.
* "THOU SHALL NEVER FIGHT THE TREND"
Ignore this instruction at your peril, never catch a falling knife. Let it hit the floor, and then buy on the way up. Never buy on the way down, you never know where down is, where down stops. You only buy on the way up.
* "LET YOUR PROFITS RUN AND CUT YOUR LOSSES SHORT"
Who doesn't know this; just try executing on it consistently, every day, day in, day out. Try taking emotion out of the trade, try to be objective. Try selling, realizing you were wrong, and jump right back in, while your fellow traders think you are nuts.
* "NO STOCK IS TOO HIGH TO BUY OR TOO LOW TO SELL"
This is such common sense that a child would say, well of course that's what you should do. It takes a rare type of individual that can live by the code, and execute on its wisdom daily.
Jesse Livermore was everything you think he was, and more. His untimely death at his own hand is not what should be studied, and learned. We all have our pains that we must deal with. Read this book, and change your investing life forever, or don't read it, and pay a price with your portfolio, and forgone profits. Good luck
- Oldy but a great Goody
Never before had I so much fun reading and learning about the psychology of buying and shorting stocks. This is an extraordinarily written piece of work that eases into explanations of the power of the subconscious as well as the power of emotions on the conscious decisions made during those uncertain moments of trading. Great book!...more info
- best book on trading
I have a background in finance and recently decided to get serious about trading. Most books you find will discuss technical analysis or trading psychology. All of that is good and well but this book allows you to get into the head of a successful trader and actually experience the psychology and analysis that most others talk about.
Though times have changed this book will offer insights into the markets and human fallacies that no textbook can.
Enjoy... I finished this book the second I picked it up in the bookstore.. I think you will too if you're interested in trading....more info
- Every Trader, Novice or Experienced Should Read
This book is a classic. It was recommended to me, and I understand why. This book is written from the perspective of a powerful and successful trader who actually lived 'the life' of a trader. His ups, and his downs. What is valuable about the book is his insights into trading. He helps a novice understand why the deck is stacked against you, and for the more experienced, provides the warm and fuzzy's of a collegues world experience. If you are considering being a trader, or have just started down the path, reading this book will provide you with the 'back drop' or 'scene and setting' for developing a mindset that MAY help you be successful. In other words, this book is a book of wisdom, that is, if you would rather learn from someone elses success and failures, then to learn them all on your own. Granted, there is much to learn in the commodities trading world, but this book is small price to pay to avoid at least some of the negative experiences the protaganist experiences.
I couldnt put the book down, but then again, I am currently fascinated with the traders profession....more info
- OUtstanding book for all traders of all markets
Found the insight of Jesse Livermore to be very helpful in understanding winning trader behaviour. Its the type of book that really focuses on the experiences of a trader who shares what is needed to really succeed in the markets. Would reccommend this book to any serious trader looking to improve his/hers performance in the markets....more info
- Purchase of Reminiscences of a Stock Operator
Product arrived promptly and was in even better condition than advertised. Completely happy with this purchase!...more info
- Not what it is hyped up to be.
Before purchasing this book it was hyped pretty high. I though it would have more sound investing information rather than just a semi-fictional story about one man and his investing life. If you are not a champion of speculating then this book will not be that valuable to you. Bottom line I don't like to read fiction and this book is fiction. I don't care about people's nonsense ideas about the market and this is just one "fictional" persons account. I did find it interesting gleaming some historic knowledge on places and people. I would recommend reading this book if you get it for free or very cheap but don't buy it if there are other books you want to read. I think the people who love this book are more into fiction than I am and maybe feel they "should" love this book because other people do. I found freakanomics to be more interesting than this book. If you want to read a book about investing then read Intelligent Investor....more info
- This Book Teaches The Importance of Risk Management
This is a powerful lesson on the importance of risk management. Learn from Livermore's mistakes. It is never okay to risk money you do need for the hopes of accumulating money you do not need. Always know your risk exposure at all times....more info