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Reminiscences of a Stock Operator Paperback – Jan 17 2006
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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 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 out of print or unavailable edition of this title.
"...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)See all Product Description
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Top Customer Reviews
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!
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.
Most recent customer reviews
It's a classic, but it was not so exciting. I am looking forward to read some more books related to capital markets and brokers' experience. Read morePublished 6 months ago by Ivona
I'm amazed that this old written book is very actual for today's trading! Really Great book for success in trading!
This information never can be old. Read more
I enjoyed the book and would recommend it but I would not recommend this version of the eBook. It was not transcribed well. Read morePublished 20 months ago by Aaron Pratt
This is definitely a must read for anyone looking to become either an investor or a trader of anything in the market. Read morePublished 24 months ago by Amazon Customer
Fascinating look at he early 1900s. The OCR made a number of typos.Published 24 months ago by Matthewie0pi
After all these years, this book is relevant even in todays turbulant market. This book is a classic and should be read by anyone currently in the markets or thinking about getting... Read morePublished on June 10 2014 by chris
This is a must read for all Wall St participants and traders. A great look back at what the stock market used to be. Read morePublished on May 23 2014 by Rob Mills