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4.7 out of 5 stars120
4.7 out of 5 stars
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7 of 7 people found the following review helpful
on November 27, 2001
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
on October 7, 2008
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
on May 18, 2014
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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2 of 2 people found the following review helpful
on March 15, 2004
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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1 of 1 people found the following review helpful
on October 10, 2001
Bible class book for trading psychology. Also a strategic guide for market timing and money management in general. It is definitely an attention grabber as I read through the book. In my reading process I made countless marks on the pages with pearls of wisdom scattered all around, just to come back later for reference in my investment/trading activities.
In China's budding stock market with a mere history of ten years and with a much heavier hue of speculation, I can also see the same scenes happening as depicted in the book, with the only difference being that the names of characters and stocks changed to Chinese counterparts. The same stories are repeating here and now. I am so much amazed that the trading psychology and philosophy and the underlying human nature are so much alike, Americans or Chinese, east or west.
In addition to its unparalled collection of trading wisdom, Reminiscences is also very helpful in guiding you to better control your weaknesses in order to achieve success in other businesses or aspects of life where the weak points of human nature play a determining part.
I have decided to make it a routine to read it once a year.
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1 of 1 people found the following review helpful
on August 23, 2001
No kidding. I had read tens of trading books, written reviews of many, but I still always tell my friends that "if you can only read one trading book, this is it". Seldom you can find a trading book that's written like a fiction. However, there's much more "truth" in it than most technical and academic type textbooks, for you can always find situations that you can be so familiar with, especially to losers or non-star class of traders like me.
Do you always beg for tips from brokers and neighbours? Do you always read newspapers or magazines for direction? Do you always find excuse for your non disciplined loss, and repeat the same mistakes that you had vowed not to repeat but cant stop yourself from doing stupid things? Read this book, and you get a better chance to quit these counterproductive habits.
The author of the bestseller Market Wizard said that this was the most popular recommendation from the top traders he had interviewed. If riding the trend is a prerequisite for trading success, only losers should miss this book.
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1 of 1 people found the following review helpful
on March 11, 2003
This book is the fictionalized biography of Larry Livingston, a speculator from the late 1800s' through the 1900s'. We read about his trading mastery in the "bucket shops", and eventual migration to Wall Street where he becomes a major player, making and losing millions many times over. You'll find a lot of similarities between the current market conditions and its behaviour during Livingston's time. Its amazing how traders used "tips" those days, not very different from how most "individual investors" trade today. Livingston uses various experiences to explain his speculation strategies, which should help everyone somehow. This book is about the psychology of a professional trader, and that aspect doesn't seem to change with time.
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1 of 1 people found the following review helpful
on March 24, 2002
What can I say, the market is down, WAY DOWN and my portfolio is up, WAY UP since I read this book! I purchased the book on the recommendation of radio talk show host Bob Brinker; a fellow who knows more about investing than I'll ever forget.
This is a quick easy read but one that will cause you to re-read it, if you were paying attention the first time through.
If you've ever unloaded a position for a big gain somewhat wistfully because you felt that you could have gotten an even larger gain by holding on, or if you dollar cost average on the way down instead of on the way up, or if you wonder why a stock price often begins to drop a short time after a wall street firm comes out with a buy recommedation then you need to read this book.
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1 of 1 people found the following review helpful
on July 24, 2002
This book is probably one of be best investment book ever written. I am a senior majoring in finance at NSU and have been investing for around 4 yrs now. I've made plenty of investing mistake in my short career, but was lucky enough to learn from them and didn't get caught in this bear market (got out around nasdaq 4200). Even though this book was written over 80 years ago, what was true yester-years is still true today and futures to come. So I highly recommend anyone who's interested in investing to read this book and believe you will walk aways gaining something.
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1 of 1 people found the following review helpful
on April 16, 2004
This book is a definite must-read for anyone who owns anything in the market. I am reading it the second time, and this is just one month after I finished the first. I use it as a reminder of what's really happening out there, instead of being distracted by the noise.
The author writes in a very easy-to-read style which is not common of his time. Through a very direct approach, the reader can easily identify with the emotions of the character.
It truly is a book worth owning, and reading again and again.
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