Jesse Livermore - Reminiscences of a Stock Operator

[minime69]

Please see if you can send it to me, I do have adobe.

At the risk of being spammed -
Cheers

you can remove now as i have your email, so you dont get too spammed.

 

[trader_dante]

For anyone that is interested, according to my interpretation of the Livermore Market Key, Crude becomes a firm BUY at $38.05 in the February contract.

I'll update on how this order progresses according to the key so people can see for themselves what happens.

 

[trader_dante]

Update: February Crude now becomes a BUY at $36.20.

 

[chump]

For anyone that is interested, according to my interpretation of the Livermore Market Key, Crude becomes a firm BUY at $38.05 in the February contract.

I'll update on how this order progresses according to the key so people can see for themselves what happens.

Would that be the Livermore signal that made an hundred million ,or the one that lost it ?

 

[trader_dante]

Would that be the Livermore signal that made an hundred million ,or the one that lost it ?

lol chump, Livermore said that when he waited for the Pivotal Point before he started to trade, he always made money in his operations. This seems like a grand opportunity to test that theory out. At least, as he presented it, in his book.

 

[TheGoose]

Just broke $36.20

 

[trader_dante]

Just broke $36.20

LOL...I've plunged...now it's all up to the market...

 

[Martinigue]

mr.tiel: Would you recommend reading one before going on with the other?

"How to trade in stocks" and "Reminiscences of a stock operator" are both must reads for any trader (of any level).

They are both books to come back to and re-read as well. I find something different in Reminiscences every time I read it.

 

[TheGoose]

LOL...I've plunged...now it's all up to the market...

mmmmm, where's the stop?

 

[trader_dante]

mmmmm, where's the stop?

I'm out of it with profit! LOL

I'm not doing my ars* because a 70 year old book says buy hahaha

But no seriously, I came out with a $0.40 profit on half as it came into a level for me. But I am very interested to see where it goes.

 

[Bloodhound]

Hi there,

Hope I'm not taking this thread off at a tangent but, thanks to this thread, I've been reading up on Jesse Livermore and I was very interested in his trade of Bethleham Steel in 1915. As far as I can understand he took a position at $98 and, once it was confirmed that it was going his way (as I'm sure he knew it should), he bought more at a higher price ($115) and then sold at $145. I day trade and, once a trade is going the right way I place a stop at the point where the trade is doing what I expect it to do. Is it a sensible thing to increase my position at this point in time?

i.e. Sell FTSE @ £2 @ 4100 on 15 min chart
15 minutes into trade FTSE is at 4070 so place a stop at 4075 and lock in profit
At same time sell FTSE @ £4 at 4070 with stop at 4072 ( or thereabouts) to allow the trade to mature fully

Any thoughts would be gratefully appreciated. TraderDante, apologies if I am taking this away from the thread but, as a newcomer to trading, I hadn't heard of Jesse Livermore before and your heads up has been inspirational for me and I'd like to know if what I am asking about above is a viable strategy?
All the best
KJ
P.S. Feel free to move this elsewhere if I am asking a stupid question!! I hope you can understand how I have arrived at it though.

 

[Paul71]

I don't believe the Key is a red herring. What basis did Socrates have to say that ffs!

lol

Hi Tom,


By the way, i don't really think you are a chancer, more of a lucky punter. What Livermore did state is that the "public must never know", so that would make the 'key' contradictory, or himself a liar.:?:


I find it hard to get my head around Livermore, not his trading concepts, but just the way it all panned out for the guy.


Good trading


Paul.

 

[Splitlink]

Hi Tom,


By the way, i don't really think you are a chancer, more of a lucky punter. What Livermore did state is that the "public must never know", so that would make the 'key' contradictory, or himself a liar.:?:


I find it hard to get my head around Livermore, not his trading concepts, but just the way it all panned out for the guy.


Good trading


Paul.

Livermore was a man who based his reason for being on the fact that he was a successful trader. It did not matter that he had millions to leave his wife, when he died. The reason he gave was that he had been having a string of bad trades. That was enough reason for shooting himself.

Perhaps Livermore's unlucky streak was due to the fact that times had changed and what he did successfully as a young man did not work in the forties.

 

[Paul71]

Livermore was a man who based his reason for being on the fact that he was a successful trader. It did not matter that he had millions to leave his wife, when he died. The reason he gave was that he had been having a string of bad trades. That was enough reason for shooting himself.

Perhaps Livermore's unlucky streak was due to the fact that times had changed and what he did successfully as a young man did not work in the forties.

What happened then is happening now, the charts speak for themselves, take a look at some 'historicals'.


Paul.

 

[trader_dante]

By the way, i don't really think you are a chancer, more of a lucky punter.

LOL. I never, ever punt. And I have absolutely no luck whatsoever.

What Livermore did state is that the "public must never know", so that would make the 'key' contradictory, or himself a liar.:?

The 'key' explains nothing. Hence the public is still in the dark.

 

[Splitlink]

Didn't he mean that you had to keep your mouth shut and the edge to yourself?

 

[Paul71]

The 'key' explains nothing. Hence the public is still in the dark.

He was the man in control of the 'numbers', or were the numbers in control of him? Seeing as though trading is not an academic skill set, Livermores 'key' and success/failure is totally unique to himself, so it wouldn't/shouldn't be much worth to anybody else, and i think he knew this, and so the public are not enlightened.


No one will read Livermore and make millions, but personally, i'm just interested in his character, fascinating stuff.

 

[Paul71]

Didn't he mean that you had to keep your mouth shut and the edge to yourself?

Probably not. I once read that trading is autobiographical, sums it all up quite well.

 

[trader_dante]

He was the man in control of the 'numbers', or were the numbers in control of him? Seeing as though trading is not an academic skill set, Livermores 'key' and success/failure is totally unique to himself, so it wouldn't/shouldn't be much worth to anybody else, and i think he knew this, and so the public are not enlightened.


No one will read Livermore and make millions, but personally, i'm just interested in his character, fascinating stuff.

What I mean to say is that the key does not explain when to add or when to exit. But it does tell you when a market is behaving correctly and when and how you might get a signal to enter on a change of trend. And in this way it is very, very useful.

 

[Paul71]

What I mean to say is that the key does not explain when to add or when to exit. But it does tell you when a market is behaving correctly and when and how you might get a signal to enter on a change of trend. And in this way it is very, very useful.

Tom, most of the members of t2w (i think/hope) could give an ideal price to trade off (see potential set ups thread), but it's not about the ideal prices/values, it's all about how the individual trades/handles these prices.


The only method/plan a person will ever have, is thier own money management, just as long as the basics are in place first.






Paul.