Editorial Reviews. From the Inside Flap. Reminiscences of a Stock Operator is the fictionalized Jesse Livermore won and lost tens of millions of dollars playingthe stock and commodities markets during the early s, at onepoint making ten. Reminiscences of a Stock Operator, by Edwin Lefevre, is a classic investing Which is really a depiction of Jesse Livermore, one of the most. Reminiscences of a Stock Operator has ratings and reviews. Jesse Livermore was one of the most infamous ‘stock operators’ who ever lived.
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Refresh and try again. Open Preview See a Problem? Thanks for telling us about the problem. Return to Book Page. Roger Lowenstein Foreword by. First published in”Reminiscences of a Stock Operator” is the most widely read, highly recommended investment book ever.
Reminiscences of a Stock Operator Quotes
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.
Hardcoverpages. United States of America. To see what your friends thought of this book, please sign up. To ask other readers questions about Reminiscences of a Stock Operatorplease sign up. Be the first to ask a question about Reminiscences of a Stock Operator. Lists with This Book. Aug 05, John rated it liked it Shelves: Jan 17, Duffy Pratt rated it really liked it Shelves: This book is a marvel.
It clings very closely to the trade of a speculator, and barely touches on any personal life. For example, we only learn that the narrator has a wife when someone tries to use her to hook him into a stock manipulation. Everything focuses on the markets, and how the narrator interacts with the markets.
The technology, and the law, have changed enormously. But one of the central points of the book is that fear, greed, hope and ignorance will drive the marke This book is a marvel. But one of the central points of the book is that fear, greed, hope and ignorance will drive the markets for as long as humans make trading decisions.
It’s true that the advent of computerized trading robots may take those emotions out of some trading nowadays, and may lead to problems of their own. But those factors still weigh as heavily on the markets as they did at that time. And I don’t think I’ve ever read a better explanation of how each of those things can impact trading decisions and price movements. As with many memoirs, the beginning is the most electric, and has the most personal interest.
Here, we start with his experience in totally unregulated “bucket shops,” where the businesses operate on extremely high margin, and actively take positions against their customers to fleece them. People still accuse some online brokerage houses of working the same way.
And the explanation of those mechanics showed me, for the first time, how it might still be possible though much more sophisticated nowadays. Even more extraordinary, given the feeling of authenticity throughout this book, is that it is a fictionalized account. Lefevre was a journalist. Apparently, he spent a few months with one of the leading speculators of the day. He talked with him, got to know him, and interviewed him extensively. The book is a distillation of that experience and those interviews.
More than anything else, I think this book captures the mindset of a trader, and that is why it is still so admired.
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It’s well worth reading for anyone interested in trading, or generally in Wall Street. View all 8 comments. Jan 16, Belhor rated it it was amazing Shelves: If you have the slightest interest in stock markets then you should read this book.
Even though it got dry at some parts in the middle of the book, I truly enjoyed it. View all 7 comments. May 26, Bill rated it it was amazing. I read this book virtually every summer, not only as a very interesting historical account of the life of a famous Wall Street trader in the early s, but also as a learning tool. Or should I say continuing education. While the rules and regulations of Wall Street have changed dramatically since this book was first published inhuman nature remains virtually unchanged.
Fear, greed, hope and pride are the same today as they were in the early s and these remiiscences fundamental human emotion I read livrmore book virtually every summer, not only as a very interesting historical account of the life of a famous Wall Street trader in the early s, but also as a learning tool.
Fear, greed, hope and pride are the same today as they were in the early s and these core fundamental human emotions can stoci for the rise and fall of every Wall Street trader, from the tiny retail players to large hedge fund and private equity fund managers. The book is a non-fictional Wall Street primer about “Lawrence Livingstone”, a pseudonym for Jesse Livermore, the legendary lone Wall Street trader whose stocj fortune purportedly peaked between 1.
Reminiscences of a Stock Operator
However, ignoring jesze own rules and falling to the emotions of hope, fear, greed and pride, Livermore was often flat broke during his career and entered bankruptcy in He rreminiscences been suffering from depression and in his suicide note he describes his life as a “failure”.
I have been enamored with Wall Street since I was a high sgock kid, not necessarily exclusively for the profit potential although that is surely a major motivator, but more with the observation of the psychology of the marketplace. Equity prices rise and fall according to vagaries of human emotions – think fear, hope, greed and pride.
Remember Fed Chairman Alan Greenspan’s famous “irrational exuberance” comment? The cauldron of fear, hope, greed and pride at full boil! While this book is probably not a great fit for those with little or no Wall Street experience or interest, anyone who trades individual equities or commodities or is involved in overseeing a K account should give this investment classic a read There can’t be because speculation is as old as the hills.
Whatever happens in the stock market to-day has happened before and will happen again. I’ve never forgotten that. I suppose I really manage to remember when and lviermore it happened. The fact that I remember that way is my way of capitalizing experience. Oprator say lvermore are two sides to ev 1- “Another lesson I learned early is that there is nothing new in Wall Street. They say there are two sides to everything.
But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of Stock speculation.
Full text of “Jesse Livermore Reminiscences Of A Stock Operator”
The game would become merely a matter of x and subtraction. It would make of us a race of bookkeepers with with plodding minds. It’s the guessing that develops a man’s brain power. Just consider what you have to do to guess right. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win.
Did you get that?
You begin to learn! It never was my thinking that made the big money for me. It always was my sitting. Reminiscendes is no trick livermire 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.
I found it one of the hardest things to learn. Reminiscenfes it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.
That is why so many men in Wall Street, who are not at jessd in the sucker class, not even in the third grade, nevertheless lose livermode.
The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. It is the only way in which the meaning reaches me. I cannot get out of facts what somebody tells me to get. They are my facts, don’t you see? If I believe something you can be sure it is because I simply must. And after he makes them he will ask himself why he made them; and after thinking over it cold-bloodedly a long time after the pain operayor punishment is over he may learn how he came to livwrmore them, and reminiscfnces, and at what particular point of his trade; but not why.
And then he simply calls himself names and lets it go at that. Of course, if a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the ten thousand brothers or cousins of the original. The Mistake family is so large that there is always one of them around when you want to see what you can do in the fool-play line. The speculator’s chief enemies are always boring from within. It is inseparable from human nature to hope and to fear.