Description
The popularity of this classic writing continues to grow among traders and investors.
Reminiscences of a Stock Operator is a 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.
“Although a sizable portion of the book vividly describes the highs and lows of Livermore’s exciting life, the meat of the book comes in the form of trading commandments that every successful trader can likely repeat even while asleep. These are the trading rules that have been passed down from mothers to daughters, fathers to sons, mentors to students. This is the book from which almost every subsequent general trading book is derived. If you have ever wondered where the trading rule ‘Never average down’ came from, just turn to page 154. Where did the comparison between greed and fear first originate? You’ll find it on page 130… It brings clarity as to why we trade and how to best go about it” (Tradingmarkets).
“This book is one of my all-time favorites, and I don’t think anyone should invest money he deems important without first having read it.” – Ken Fisher, 100 Minds that made the Market, pg. 53
“While times have changed, there is an old French saying that the more things change, the more they are the same. Certainly this is true as regards the stock market. There are two basic laws that will never be repealed. (1) The law of supply and demand and (2) The law of human nature.” – Benton Davis
“A must-read classic for all investors, whether brand-new or experienced” – William O’Neil (founder of Investor’s Business Daily)
“Another lesson I learned early is that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market to-day has happened before and will happen again. I’ve never forgotten that.” – Jesse Livermore