Reminiscences of a Stock Operator
First published in 1923, Reminiscences of a Stock Operator is the fictionalized biography of Jesse Livermore, one of the greatest speculators ever. Reminiscences remains the most widely read, highly recommended investment book ever written. Generations of investors have found that it has more to teach them about themselves and other investors than years of experience in the market. This is a timeless tale that will enrich the lives - and portfolios - of today's investors as it has those of generations past.
Publish date: 2012-02-09
Great Trading Book to learn from
The Greatest Trading Book Ever Written
This book is not a full memoir of his life and instead focuses only on his "business." He only refers to his wife or personal life as it relates to his investing; for example, in one case, one executive "used" his wife by dropping some insider information to her over dinner in an effort to encourage Livermore to trade in that company. Livermore did, but - as someone who didn't believe in buying on tips - her instead shorted that company. Still, because he never focused on his personal life and rarely on his personal feelings, I was shocked to later read that Livermore killed himself twenty years later and had had four wives.
This book is full of "trading" (not investing") advice. Is any of his advice relevant today? While his techniques may not work for the modern trader, much can still be learned from this book. He says it best when he says that, although cadets at West Point need not study archery as practiced by the ancients, "Weapons change, but strategy remains strategy, on the New York Stock Exchange as on the battlefield.... `The principles of successful stock speculation are based on the supposition that people will in the future will continue to make the mistakes that they have made in the past.'"
"Reminiscences of a Stock Operator" is written in a very matter-of-fact style that is easy to read. It is a very interesting book to read and a window on another era. Still, many of the lessons and strategies are still useful for the modern trader.
If you don't enjoy reading this then trading is probably not for you!
I don't agree with everything he said as I think as I have heard said before he learnt how to make money but never learnt how to keep it and don't reckon much to his money management!
But as a genral book on how the market works you just can't beat it.
Required reading, IMHO
It will benefit those who are intent on learning the true art of speculation
You either Ďgetí it or you donít.
Speilberg should do it, which T2W poster is ugly enough to play the lead role?
The current zeitgeist is to be 'smart' enough to discover the hidden meaning for retail traders, there is none, as a bible it's as impotent as other comfort blankets; Trading in the Zzzone etc...
Whilst the mindset of the trader may not have evolved over time, the methods employed have. In terms of relevance Jesse was a top level player of that there's no doubt, but he had more in common with Philip Green of Arcadia than Morgan Sze (formally of Goldman Sachs).
Do not make the mistake of thinking that the book lacks practical application for the modern trader. It is immensely practical - I use the lessons it teaches every day that I trade.
If you open your mind this book will take you from the hardest sticking point on your journey - the break even stage - to the point where you becaome a profitable trader.
Brilliant in so many ways, this book is essential reading for any trader. If you get any idiots coming along wittering about "hidden meanings", you know that they are Walters who don't actually trade.
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