Glenn
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It's a must-have book for any trader or investor imho. You'll learn more about the markets and the scams more quickly than probably any other way which doesn't cost you and realise that there is nothing new since it was written 80 years ago.
The cheapest market education you'll ever get. Read it over and over and keep going back to it.
Just spotted that the link to the free e-book version no longer works. So maybe you should cough up the £8 or watever. Worth every penny.
If you're Long
and you're wrong
then you ought
to be Short.
Glenn
The cheapest market education you'll ever get. Read it over and over and keep going back to it.
Just spotted that the link to the free e-book version no longer works. So maybe you should cough up the £8 or watever. Worth every penny.
If you're Long
and you're wrong
then you ought
to be Short.
Glenn
Racer
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http://193.203.240.46/woodiescciclub/tools/ReminiscencesofaStockOperator.pdf
Reminiscences of a Stock Operator,
Well worth reading this
Reminiscences of a Stock Operator,
Well worth reading this
A Dashing Blade
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Glenn said:
Seconded.
Reread it a couple of months ago and was amazed at how many nuggets of wisdom there are.
AFAIK it's still required reading on the graduate traing programs for many Investment Banks .
Racer
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BTW if you are talking about this other book
Trade Like Jesse Livermore (Wiley Trading) by Richard Smitten
see this review
Do not waste your money., December 30, 2004
Reviewer: D. Gard "Moneytiger" (Mission Viejo, CA United States) - See all my reviews
(REAL NAME)
If you read Reminiscences of a Stock Operator, then you know Livermore's rules. As for the secret trading method (Smitten calls Pivotal Point Trading).... it boils down to trendlines. That is it. The book is so similar to the books of William ONeill I was expecting an IBD subscription card to fall out: 1. Watch the top industry groups for market signals. 2. Watch the top two stocks in each market group. 3. Cut losses at 10% (IBD is 8%). 4. Watch for volume to be up at least 50%. 5. Do not average down. 6. Buy on breakouts to new highs. etc, etc, etc.
Trade Like Jesse Livermore (Wiley Trading) by Richard Smitten
see this review
Do not waste your money., December 30, 2004
Reviewer: D. Gard "Moneytiger" (Mission Viejo, CA United States) - See all my reviews
(REAL NAME)
If you read Reminiscences of a Stock Operator, then you know Livermore's rules. As for the secret trading method (Smitten calls Pivotal Point Trading).... it boils down to trendlines. That is it. The book is so similar to the books of William ONeill I was expecting an IBD subscription card to fall out: 1. Watch the top industry groups for market signals. 2. Watch the top two stocks in each market group. 3. Cut losses at 10% (IBD is 8%). 4. Watch for volume to be up at least 50%. 5. Do not average down. 6. Buy on breakouts to new highs. etc, etc, etc.
-oo0(GoldTrader)
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Reminiscences - link
Hybrid Thread
Reminiscences of a stock Operator, by Jessie Livermore
Hybrid Thread
Reminiscences of a stock Operator, by Jessie Livermore
Glenn said:
-oo0(GoldTrader)
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How to Trade in Stocks by Jesse Livermore
Hybrid Thread
How to Trade in Stocks by Jesse Livermore, Richard Smitten
Jesse!
First off the pictures are magnificent as far as seeing about Jessie's life. Jessie took many millions of dollars out of Wall Street but he played for the game. He was up and down so often, and so high, that there was nothing left after the thrill was gone.
The antidotes on Jesse's life are very entertaining but not much use to refining a traders technique. If he had died a few years sooner he would have been a hero. As it is people confuse this personal life with that of a great trader who just got tired.
The included "Livermore Secret Market Key," reprint contains a wealth of information from Livermore's own hand. If I did not already have it, Smitten's book might have been useful.
Cycles!
Jesse mentions market swings from 5 to 20 points that take from a week to a month. It seems like Jesse is talking about what we now call cycles when he refers to the time element. Trading into the future.
Trends!
He talks about this idea that the best trades are those that show a profit right from the start. Therefore, by definition if a trade dips into a loss and violates your definition of what a trailing trend is, Speculators lose no sleep jettising it off right away.
Never permit speculative ventures to turn into investments. Involuntary Investors ... make a bet, stay with it, and if it goes wrong, they lose it all, "they buy a stock that goes down, and they refuse to sell and take their loss."
Trends work automatically, and consistently along certain lines. If you recognize a trend and wait to get in at the precise time, drawdowns should be at a minimum. The drawdown itself should flash a danger signal.
Pyramiding!
When your security is acting right you can safely add to your line from then forward.
One of the unique ideas that I may have overlooked in Reminiscences is that entering a trade a little late is a bit of added insurance.
There is a psychological value in drawing money out of your winnings. Something I just love to do.
Pivot Point!
There is allot in here about his Pivotal Point entry. However, unless you can get it out of the "Livermore Secret Market Key," reprint contained in the book you will not find it in the "Smitten," part.
Anyone can see where pivot points were, the psychological entry point can be determined when groups of other securities confirm the change in trend.
Double bottoms!
Jessie gets into what we now call a double bottom. The first bottom is the primary pivotal point the second bottom (or top) is what he calls the "Continuation Pivotal Point."
CPR's!
Jesse did early work on what we now call CPR's. Closing Price Reversals. CPR's often occur at the Pivotal Point.
He teaches us to only trade on pivot points. But then goes on to explain the benefits of Box-break outs, trading on new highs and new lows.
Livermore's system of Sister Stocks is clearly explained and is a welcomed addition to Reminiscences. I wonder why Smitten did not show these as a spread?
Money Management!
Your position is defined as the percentage of your portfolio you will invest in any single situation.
Find your Pivotal Points and trade in the direction of the momentum. It is the big swing that makes the big money for you.
Jessie suggests averaging up, "within the pivot point range," without defining what a "pivot point range," is. It may be the center reaction in the W of a double bottom.
The final time to pyramid is a break out (of the pivot point range?) on heavy volume. It is riskier to enter a pyramiding action when the stock is far from the base.
My take on this is that Reminiscences of a Stock Operator by Edwin Lefèvre is more helpful to a trader than "how to trade in Stocks."
The bottom line on Livermore's money management still remains something I learned from Stanley Kroll. To Quote Jessie Livermore in "How to Trade in Stocks."
Shoot the Works!
"The only area I may have differed from most speculators, was when I felt I was truly right, dead right, for-damn-sure right-then I would go all the way, shoot the works."
Hybrid Thread
How to Trade in Stocks by Jesse Livermore, Richard Smitten
Jesse!
First off the pictures are magnificent as far as seeing about Jessie's life. Jessie took many millions of dollars out of Wall Street but he played for the game. He was up and down so often, and so high, that there was nothing left after the thrill was gone.
The antidotes on Jesse's life are very entertaining but not much use to refining a traders technique. If he had died a few years sooner he would have been a hero. As it is people confuse this personal life with that of a great trader who just got tired.
The included "Livermore Secret Market Key," reprint contains a wealth of information from Livermore's own hand. If I did not already have it, Smitten's book might have been useful.
Cycles!
Jesse mentions market swings from 5 to 20 points that take from a week to a month. It seems like Jesse is talking about what we now call cycles when he refers to the time element. Trading into the future.
Trends!
He talks about this idea that the best trades are those that show a profit right from the start. Therefore, by definition if a trade dips into a loss and violates your definition of what a trailing trend is, Speculators lose no sleep jettising it off right away.
Never permit speculative ventures to turn into investments. Involuntary Investors ... make a bet, stay with it, and if it goes wrong, they lose it all, "they buy a stock that goes down, and they refuse to sell and take their loss."
Trends work automatically, and consistently along certain lines. If you recognize a trend and wait to get in at the precise time, drawdowns should be at a minimum. The drawdown itself should flash a danger signal.
Pyramiding!
When your security is acting right you can safely add to your line from then forward.
One of the unique ideas that I may have overlooked in Reminiscences is that entering a trade a little late is a bit of added insurance.
There is a psychological value in drawing money out of your winnings. Something I just love to do.
Pivot Point!
There is allot in here about his Pivotal Point entry. However, unless you can get it out of the "Livermore Secret Market Key," reprint contained in the book you will not find it in the "Smitten," part.
Anyone can see where pivot points were, the psychological entry point can be determined when groups of other securities confirm the change in trend.
Double bottoms!
Jessie gets into what we now call a double bottom. The first bottom is the primary pivotal point the second bottom (or top) is what he calls the "Continuation Pivotal Point."
CPR's!
Jesse did early work on what we now call CPR's. Closing Price Reversals. CPR's often occur at the Pivotal Point.
He teaches us to only trade on pivot points. But then goes on to explain the benefits of Box-break outs, trading on new highs and new lows.
Livermore's system of Sister Stocks is clearly explained and is a welcomed addition to Reminiscences. I wonder why Smitten did not show these as a spread?
Money Management!
Your position is defined as the percentage of your portfolio you will invest in any single situation.
Find your Pivotal Points and trade in the direction of the momentum. It is the big swing that makes the big money for you.
Jessie suggests averaging up, "within the pivot point range," without defining what a "pivot point range," is. It may be the center reaction in the W of a double bottom.
The final time to pyramid is a break out (of the pivot point range?) on heavy volume. It is riskier to enter a pyramiding action when the stock is far from the base.
My take on this is that Reminiscences of a Stock Operator by Edwin Lefèvre is more helpful to a trader than "how to trade in Stocks."
The bottom line on Livermore's money management still remains something I learned from Stanley Kroll. To Quote Jessie Livermore in "How to Trade in Stocks."
Shoot the Works!
"The only area I may have differed from most speculators, was when I felt I was truly right, dead right, for-damn-sure right-then I would go all the way, shoot the works."
Mohican said:
TheBramble
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Glenn said:
Unless the market is flat
When you should stand pat
And wait for the time
When your trading's in line
-oo0(GoldTrader)
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Partridge
Hybrid Thread
Hybrid Thread
“he really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend. “
Glenn said:
TheBramble
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To avoid any confusion to our younger viewers I should point out I was suggesting there are times NOT to be in the market - and not that you should always be in the market.Glenn said:
I'll clarify:-
Unless the market is flat
When you should stand back
And wait for the time
When your trading's in line
-oo0(GoldTrader)
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sideways
Hybrid Thread
But I think Partridge implied that you should always be long a bull and short a bear. It’s the big moves that make the gains for you, not predicting each bump and trough.
Hybrid Thread
But I think Partridge implied that you should always be long a bull and short a bear. It’s the big moves that make the gains for you, not predicting each bump and trough.
TheBramble said:
-oo0(GoldTrader)
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When / Then
” old Mr. Partridge kept on telling the other customers, "Well, you know this is a bull market!" he really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend. “
” old Mr. Partridge kept on telling the other customers, "Well, you know this is a bull market!" he really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend. “
Glenn said:
TheBramble
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Where did I mention anything about an 'open position'?Glenn said:
Glenn, get a grip, it's just a rhyme...
-oo0(GoldTrader)
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Hold that line
Hybrid Thread
Look this does not make any sense at all. You think a guy could quote himself and get it right.
Then you should stand pat.
Hybrid Thread
Look this does not make any sense at all. You think a guy could quote himself and get it right.
Unless the market is flatTheBramble said:
Then you should stand pat.
Last edited:
Glenn
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dbphoenix said:
It would be sensible to stand aside if you didn't know what you should do in terms of taking a position.
But if you have a method for entering in flat markets, then you don't need to stand aside.
A simplistic example:-
You look at a chart and see where you could have opened a position in the past.
Your method confirms that had you entered that position, you would still be in it even though the market is now flat..
Therefore you could enter the position now in much the same way as you might pyramid the initial position.
Glenn
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