Reminiscences Of A Stock Operator Book By Edwin Lefèvre PDF Free Download, Overview, Summary, Videos, Reviews, Get Book, Quotes, More By Author.
Reminiscences of a Stock Operator PDF
“Even Though Memories. Its Perspective On Crowd Psychology And Market Timing Is As Relevant Now As Last Summer’s Frenzy On The Foreign Exchange Markets, Even Though It Was First Published Almost Seventy Years Ago.
President Howard Taft Named Edwin Lefèvre An American Ambassador In 1909, And He Held Diplomatic Positions In A Number Of Nations, Including Italy, France, And Spain. Lefévre Resumed His Literary Work In Vermont After His Diplomatic Career Came To An End In 1913. There, He Wrote Novels And Contributed Short Stories To Publications Like The Saturday Evening Post And Mcclure’s.
Although It Reads Like Fiction, Jesse Livermore, One Of The Greatest Stock Market Operators Of The Early Part Of The 20th Century, Is The Subject Of This Entirely True Story. Not Because The Story Is Outdated. For Modern Traders, The General Principles Mentioned Here Are Still Relevant. If You Are A Regular Trader, It Also Provides You With A Healthy Dose Of Inspiration And A Reality Check. All Active Stock Traders Must Read This.
The Book Is Useful For Those Who Want To Understand How Insiders And Operators Operate, But After Reading About Half Of It, I Started To Lose Interest. Nevertheless, I Finished The Book.
This Book Is A Classic That Is Based On Jesse Livermore’s Life. If You’re A Trader Or Investor, This Book Is A Fun And Entertaining Read About One Of The Most Famous Traders In History.
Tradesmen – Based On Your Knowledge Of Trading In The Markets And Your Prior Reading Experience, You Will Learn Something New Each Time You Read This Book.
A Few Enlightening Quotes
“A Man Takes A Long Time To Learn All The Lessons Of All His Mistakes,” The Saying Goes. They Assert That Everything Has Two Sides. However, There Is Only One Side To The Stock Market, And That Is The Right Side, Not The Bull Or Bear Sides. It Took Me Longer To Solidly Embed That General Principle In My Mind.
That Is Really All I’ve Learned: To Research General Conditions, Choose A Side, And Stick With It.
“A Man Cannot Be Convinced Against His Own Convictions, But He Can Be Talked Into A State Of Uncertainty And Indecision, Which Is Even Worse, For That Means That He Cannot Trade With Confidence And Comfort,” Said Philosopher David Hume.
Let Me First Briefly Describe My Background And The Reasons I Chose This Book.
Although I Don’t Actually Trade, I’m Quite Interested In Stock Markets, Trading, And Investment Planning. I Do Manage My Own Investments And Frequently Engage In Freak Trades. I’ve Worked With Investment Banks In Their It Departments On Wall Street And In London, Developing And Overseeing It Trading Systems.
I Purchased This Book 6-7 Weeks Ago, And I Finished It In About Two Or Three Days, Cover To Cover.
In The End, I Thought The Book Was Quite Interesting. It Initially Appeared To Me As A Personal Trading Philosophy, But By The End It Had Evolved Into A General Trading Guideline. What A Trader Should Plan For, What He Should Be Alert To, And How He Should Adhere To His Trading Rules. According To What I Understand, Trading Is A Profession That Requires Both A Thorough Understanding Of Stock Market Operations And A General Understanding Of Economic Issues Affecting Your Surroundings, Such As Your Country.
I’d Advise Anyone Considering Purchasing This Book In The Future To Do So If They Have A Sincere Interest In The Topic Of Trading. This Is An Odd Book Because It Lacks A Table Of Contents, Summaries, A Preface, Etc. I’ve Never Read A Book That Began With A Personal Experience Rather Than Providing Background Information Or Context. I Don’t See Anything Wrong With The Book, Although It Did Seem Novel To Me.
Synopsis Of Reminiscences Of A Stock Operator
Reminiscences Of A Stock Operator By Edwin Lefevre Centres On Jerry Livingston, A Character Who Is Loosely Modelled On The Actual Stock Trader Jesse Livermore. One Of The Most Infamous Traders In History Was Livermore. From Livingston’s Fairly Unusual Point Of View, The Story Takes Place In The Early Twentieth Century. Lefevre Takes The Reader Along With Livingston As He Develops His Trading Skills, A Process That Frequently Leaves Him Broke And On The Verge Of Starvation. Livingston Starts Out As A Quotation-board Boy In A Bucket Shop And Ends Up As One Of The Top Stock-price Scalpers. Livingston Is Adamant About Succeeding Despite These Obstacles. Even Though Livingston Is Notorious For Making Impulsive, Seat-of-the-pants Deals, The Reader May Still Get A Lot Of Insight From His Experiences.
Livingston Has A Natural Talent For Watching The Ticker Tape For Changes In Pricing. Additionally, He Has A Special Talent For Predicting When Stock Values Will Increase And Decrease, Allowing Him To Modify His Strategies In Response To Changes In The Market. With His Very First Trade, He Demonstrates The Precision Of His System. His Now-proven Approach Has Been So Successful For Him That He Is Now Prohibited From Doing Business At Stores All Around The Nation. His Escapades Have Earned Him The Moniker “Boy Plunger” Because To Their Fame.
After Some Time, Livingston Becomes Bored With His Job At The Bucket Shop And Decides To Try His Luck Catching Even Bigger Fish On Wall Street. Price Scalping, Which Had Been His Main Source Of Income In The Business, Was, However, Less Than Successful On Wall Street. Livingston Faces A Lot Of Problems On The Street In The Beginning. Although He Frequently Nails The Pricing, His Timing Is Off, Which Causes Big Losses. But Over Time, Livingston Learns From His Errors Through Trial And Error. He Learns That Anticipating Market Trends Involves More Than Just “Catching Rapid, Minor Price Blips,” As One Author Described It [tt1].
Livingston Encounters A Few Truisms Throughout The Book As A Result Of His Dealings With Other Traders. One Includes Mr. Partridge, A Friend Whom His Fellow Dealers Affectionately Referred To As “Old Turkey.” Livingston’s Usual Approach Is Different From What Partridge Uses. Partridge Frequently Chooses A Position And Hangs On To It Over The Long Term As Opposed To Waiting For Advice On Minute Market Movements And Then Trading In And Out Of Stocks Depending On The Fresh Knowledge. He Believes That Livingston’s Ready-fire-aim Strategy Has A Short-term Advantage, But That The Larger Profit Generated By Market Changes On A Macro Level Greatly Surpasses It. Livingston Finds Partridge’s Advice To Be Quite Helpful As He Attempts To Negotiate The Frequently Dangerous Terrain Of Wall Street Culture. Livingston Quickly Learns Through His Contacts With Partridge And Others That His Problem Is Not The Way He Is Trading, But Rather That He Lacks The Patience To Wait Out The Full Earning Potential Of His Stock Moves.
One Of The Numerous Truisms Livingston States In The Book, “Men Who Can Both Be Correct And Sit Tight Are Few,” Allows Him To Impart His Knowledge To The Reader. Livingston Elaborates On This Realisation Further, Assessing His Own Conduct And Pointing Out His Shortcomings: “Trying To Jump In And Out Of The Huge Swing While Ignoring It Led To My Demise. Nobody Can Keep Up With All The Changes. Your Strategy In A Bull Market Is To Buy And Hold Until You Think The Bull Market Is About To Finish.to Stop Attempting To Catch The Last Or First Eight Is One Of The Most Useful Lessons Anyone Can Acquire. The Two Most Costly Eighths In The World Are These Two.
This Is Livingston’s “Ah-ha” Moment And The Idea That Eventually Enables Him To Recover From The Spate Of Poor Deals That Led To His Initial Failure. He Even Learns How To Effectively Respond To Advice From Other Tradespeople.
Reminiscences Of A Stock Operator Reviews
Jesse Livermore, One Of The Best Stock Operators Of All Time, Is The Subject Of A Fantastic Fictitious Account In Reminiscences Of A Stock Operator.
It Essentially Walks Us Through Livermore’s Career As A Trader And Will Wow You.
Because He Was So Intrigued By Mental Maths, Livermore Found Work As A Quote Board Boy. He Became Fascinated By Numbers And Became Curious About Variations In Stock Values.
All He Would Notice Was That They Were Going Up And Down. It Didn’t Matter Why These Figures Changed; What Interested Him Was That They Did. He Would Begin Keeping Track Of These Modifications As They Piqued His Interest In How Pricing Behaved.
When Learning To Read The Tape, Livermore Was Always Searching For Patterns In Behaviour That Were Recurrent Or Parallel. When An Office Lad Asked Him To Play With Him, He Made The First Trade Out Of Sheer Luck. He Maintained Doing This On His Own In Bucket Shops Since It Was Effective.
That Was The Beginning Of A Young Man’s Journey From Earning $1,000 To Becoming The Most Well-known Trader Of All Time After Becoming Obsessed With Mental Arithmetic. He Invested A Few Dollars In His First Trade, Which Brought In A Profit Of $3.12.
Livermore Would Be Swiftly Stopped Out Since He Was Notorious For Outperforming The Bucket Shops. He Had To Transfer From One Bucket Shop To Another Because They Would Con Him With Margins, And Eventually He Almost Lost Them All.
Livermore Relocated To New York Because He Preferred To Trade There Rather Than In Bucket Shops, Where Even When You’re Right, You Eventually Lose All Of Your Money.
He Misplaced The $2500 He Had Taken With Him. It Wasn’t That He Was Doing It Incorrectly, But Dealing In New York Was Different Than Trading In Bucket Shops. Here, Time Was Against Him.
Livermore Discovered A Valuable Lesson From His Errors. In The Markets, There Weren’t Two Sides, A Bull Side And A Bear Side. Only One Side—the Right Side—was Present.
He Believed That Via His Unsuccessful Trades, He Had Gained Important Knowledge About Trading Don’ts. If One Wants To Play The Game For A Long Time, That Is The Kind Of Attitude They Should Have.
Your Judgements Will Never Be Worth More Than Those Based On Inside Information.
You Learn The Game Via Playing It. While Instructing, It Does Not Spare The Rod.
Only When You Are Correct Do You Make Money. Only If You Lose It Would You See You Were Mistaken.
You Will Inevitably Lose Money If You Exercise Your Confidence To The Breaking Point.
Reading The Tape Is Not The Same As Receiving A Fortune. The Goal Of Listening To The Recording Is To Determine When To Trade, How To Trade, And If It Is Better To Purchase Or Sell. The Same Principles Apply To Stocks As They Do To Cotton, Wheat, Corn Or Oats.
The Entire Book Centres On How Livermore Traded In Bucket Shops Before Realising That It Differed From Trading In Larger Brokerage Houses. He Correctly Understood That Playing The Game Correctly Was Essential To Winning.
In “Reminiscences Of A Stock Operator,” Livermore Shares His Years Of Practical Knowledge On How Anyone Can Approach Trading Successfully. Despite The Book’s 100-year-old Age, The Ideas Are Still Relevant Today. He Earned Millions But Also Lost Them. All Of These Are Things That Traders Can Learn Without Breaking The Bank.
His Greatest Insight, In His Opinion, Was That In Order To Size Broad Situations And Predict Possibilities, A Man Must First Study Them. In Other Words, You Have To Earn Your Money; You Can’t Just Throw Money Around. Nobody Is Safe From The Risk Of Con Games.
The Book Is Filled With Wit And Knowledge. Taking Notes On Some Of Them So You Can Reflect On The Ones That Will Be Helpful. The Quality That Distinguished Livermore Was His Deliberate Decision To Play A Lone Hand.
Traders Pay The Price When They Play The Game Without Doing Their Research And In Order To Meet A Predetermined Expectation From The Market. The Subconscious Mind Prevents Common Reason From Winning Out Because The Need Takes Precedence Over The Process.
What Does A Man Do When He Attempts To Use The Stock Market To Finance An Urgent Necessity, He Asks? Why Only Hopes, That Is. His Gambling. As A Result, He Takes Considerably More Chances Than He Would If He Were Intelligently Guessing Based On Thoughts Or Beliefs That Were Rationally Formed Following An Objective Examination Of The Underlying Factors.
He Correctly Contrasted The Trip Of A Trader To That Of A Doctor. Few People Have The Time Or Desire To Devote That Much Time To Their Lives.
Only Thorough Research And A Lifelong Commitment To Trading Can Lead To Success For A Trader. The Successful Trader Must Rely On Observation, Experience, Memory, And Maths.
Because Fear And Hope Are Constant, Studying Speculators’ Psychology Is Still Useful Today. Although Weapons Evolve, A Strategy Never Changes.
