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Reminiscences of a Stock Operator Paperback – Jan 17 2006


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Product Details

  • Paperback: 288 pages
  • Publisher: Wiley; 1 edition (Jan. 17 2006)
  • Language: English
  • ISBN-10: 0471770884
  • ISBN-13: 978-0471770886
  • Product Dimensions: 14 x 2.1 x 21.6 cm
  • Shipping Weight: 9 g
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (117 customer reviews)
  • Amazon Bestsellers Rank: #2,852 in Books (See Top 100 in Books)

Product Description

From Amazon

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 Lefèvre.

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 Lefèvre 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 --This text refers to an alternate Paperback edition.

Review

"...certainly one of the most entertaining books ever written about stock trading..." (Money magazine, November 2007)

"...is a classic that gives readers a sense of a trader's mind..." (Wall Street Journal, August 7, 2006)

"…an engaging read, chock-full of pearls of wisdom and amusing anecdotes...candid and analytical style evoking sympathy for the narrator." (Money Week, October 2006)

“…contains timeless advice on the markets.” (The Independent, Extra, Thu 13th March)


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I WENT to work when I was just out of grammar school. Read the first page
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Customer Reviews

4.7 out of 5 stars

Most helpful customer reviews

7 of 7 people found the following review helpful By Tony Ursillo on Nov. 27 2001
Format: Paperback
I have a library of nearly 100 books about the markets. Reminiscences was the third book I ever read and it remains my "bible" more than a decade later. You might wonder how an 80-year old book about the stock market could still be relevant. Well, that is because financial markets are determined by human nature as much as anything else, and human nature acts today as it did a century ago. Greed, fear, herd thinking, impatience - those are the same influences that drive markets today and haunt traders and investors who are striving to make the right decisions. Many of the lessons that dictate my investment philosophy ("Cut your losses, let your winners run", "if you don't like the odds, don't bet") were taught to me by the protagonist, who is the fictional characterization of the legendary Jesse Livermore. That he tells his stories with such color and suspense makes the book completely entertaining beyond its invaluable trading lessons. BUY THIS BOOK FOR YOURSELF. BUY ANOTHER ONE FOR A FRIEND (I've given 4 copies). You'll not only improve your own investing results, but your gift will impress as well.
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5 of 5 people found the following review helpful By Radek Dobias on Oct. 7 2008
Format: Paperback
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 experience that is passed on in the book is priceless and accelerates one's development as a trader immensely.
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2 of 2 people found the following review helpful By A Customer on Dec 24 2003
Format: Hardcover
I bought this book mainly because of all the rave reviews. Now that i have read it i am puzzled at how it could have recieved so many good reviews? This book is just a newspaperman`s account of a series of interviews he had with jesse livermore, there is nothing in this book to educate you as to when to buy or sell or what criteria of indicators to apply, other than reading how livermore himself would spot a certain trend and then proceed to make a 10,000 share probe buy or sell to test it. Many of the things mentioned in the book are now illegal or outdated. For instance the probe buys livermore would do to determine demand for a commodity or stock would be impractical for the average investor to apply. The book is long for what it has to say, it reads more like an entertaining historical account of a bygone era. The few tidbits i got out of it such as trade with the trend, cut loses, let profits ride etc... have been echoed in dozens of other books. Read this book if you must but be aware it is mainly a book of historical value and entertainment appeal more than anything else. Just my humble opinion....
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1 of 1 people found the following review helpful By Alex Taylor on May 18 2014
Format: Kindle Edition Verified Purchase
After getting some great knowledge about how to handle growth stocks in The Perfect Trader: How To Make Money Trading Stocks Like The Investing Legends (A great book by the way) I realized I wanted to learn the root of trading. It constantly refers to the great Jesse Livermore as an Investing Legend.

So if I wanted to know more about the root of trading stocks, there's no better place to start off than the great life of Jesse Livermore! His life was truly amazing as he went from rags to riches several times. Each time he touched the bottom he managed to learn some great insights from his errors. My favorite part remains “the old partridge” one as it really says it all “it’s a bull market you know!” You learn the habiIity to sit tight with a great stock.

JL was a trader who understands very well that the way to make big money in the market was by acting only when the odds "favor our play".

Here are some of my favorite Livermore's quotes worth studying to become a better trader:

-"There's nothing new in Wall Street, there can't be because speculation is as old as the hills"
-"I have come to feel that it is a necessary to know how to read myself as to know how to read the tape"
-"It never was my thinking that made me money. It always was my sitting. My sitting tight, got that!"

I highly recommend this book to every traders, new or experienced ones!
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1 of 1 people found the following review helpful By Greg Perry on March 15 2004
Format: Paperback
What makes a classic a classic? It's that the truths taught so many years ago are still true today.
Jesse Livermore in this book written nearly a century ago (minus just a few years) teaches us truths of the market. And those truths hold today.
How much does news help your trades? How much do friends and tipsters help your trades? How much do YOU help others by telling them about your trades?
Jesse reveals why you should ignore the news (you'll always be the last to hear it, learn that), ignore friends and family (when it comes to stock tips), and stop giving advice too. All three are disasters for you and everybody else.
The market is there to tell its own story. You can study the tape (using Livermore's language) and with practice and some knack for the skill, you can learn to trade successfully. Livermore got rich by sticking to his plans and by making sure the market itself was the only thing he studied.
I don't think this book will teach you what to do as much as it trains you to STOP doing things that detract you and distract you from what the market is trying to tell you all the time. Listen to the market and you'll make some cash.
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