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REMINISCENCES OF A STOCK OPERATOR
REMINISCENCES OF A STOCK OPERATOR
p 256
Ed 1923
p 256
Ed 1923
278 pages, Kindle Edition
Published March 30, 2018
8 people are currently reading
86 people want to read
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Displaying 1 - 4 of 4 reviews
October 6, 2021
Another book that took me months to finish.
This entire book is about a speculator(Jesse Livermore [fictional name in the book is ‘Livingston’]) and how he applied his ideas in the Stock & Commodities’ markets and become to be known as the greatest speculator of all time.
This is a very old book but surprisingly some of the human psychological stuff is still very relevant even in today’s markets, that’s where this book really stands out.
This book almost outlines the career of the speculator but from a writer’s perspective since it is not written by the Speculator.
It is really an astonishment to even imagine someone going bankrupt for 4-5 times and still be in the same field, that’s one of the incredible story to read for sure and if you’re into markets doing investing or trading, especially intraday or F&O, then this guy’s life is a lesson to be known for sure and its a must read book for those people in particular.
A Pro Tip: First read the ‘Selected Quotes’ list from the end of the book which gives you a gist of what’s there in the whole entire
My Other Notes:
“Market went 4x in 6 years, I think it was the only time it went so much”
“This guy never trades with the limit order but only puts market orders. “
Most interesting ones from the Selected Quotes from the end of the book:
“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.”
“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: 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.”
“It is surprising how many experienced traders there are who look incredulous when I tell them that when I buy stocks for a rise I like to pay top prices and when I sell I must sell low or not at all. … [A trader] should accumulate his line on the way up. Let him buy one-fifth of his full line. If that does not show him a profit he must not increase his holdings because he has obviously begun wrong; he is wrong temporarily and there is no profit in being wrong at any time.”
“The training of a stock trader is like a medical education. The physician has to spend long years learning anatomy, physiology, materia medica and collateral subjects by the dozen. He learns the theory and then proceeds to devote his life to the practice. He observes and classifies all sorts of pathological phenomena. He learns to diagnose. If his diagnosis is correct—and that depends upon the accuracy of his observation—he ought to do pretty well in his prognosis, always keeping in mind, of course, that human fallibility and the utterly unforeseen will keep him from scoring one-hundred per cent of bull’s-eyes. And then, as he gains in experience he learns not only to do the right thing but to do it instantly, so that many people will think he does it instinctively. It really isn’t automatism. It is that he has diagnosed the case according to his observations of such cases during a period of many years; and, naturally, after he has diagnosed it, he can only treat it in the way that experience has taught him is the proper treatment. You can transmit knowledge—that is, your particular collection of card-indexed facts—but not your experience.”
This entire book is about a speculator(Jesse Livermore [fictional name in the book is ‘Livingston’]) and how he applied his ideas in the Stock & Commodities’ markets and become to be known as the greatest speculator of all time.
This is a very old book but surprisingly some of the human psychological stuff is still very relevant even in today’s markets, that’s where this book really stands out.
This book almost outlines the career of the speculator but from a writer’s perspective since it is not written by the Speculator.
It is really an astonishment to even imagine someone going bankrupt for 4-5 times and still be in the same field, that’s one of the incredible story to read for sure and if you’re into markets doing investing or trading, especially intraday or F&O, then this guy’s life is a lesson to be known for sure and its a must read book for those people in particular.
A Pro Tip: First read the ‘Selected Quotes’ list from the end of the book which gives you a gist of what’s there in the whole entire
My Other Notes:
“Market went 4x in 6 years, I think it was the only time it went so much”
“This guy never trades with the limit order but only puts market orders. “
Most interesting ones from the Selected Quotes from the end of the book:
“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.”
“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: 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.”
“It is surprising how many experienced traders there are who look incredulous when I tell them that when I buy stocks for a rise I like to pay top prices and when I sell I must sell low or not at all. … [A trader] should accumulate his line on the way up. Let him buy one-fifth of his full line. If that does not show him a profit he must not increase his holdings because he has obviously begun wrong; he is wrong temporarily and there is no profit in being wrong at any time.”
“The training of a stock trader is like a medical education. The physician has to spend long years learning anatomy, physiology, materia medica and collateral subjects by the dozen. He learns the theory and then proceeds to devote his life to the practice. He observes and classifies all sorts of pathological phenomena. He learns to diagnose. If his diagnosis is correct—and that depends upon the accuracy of his observation—he ought to do pretty well in his prognosis, always keeping in mind, of course, that human fallibility and the utterly unforeseen will keep him from scoring one-hundred per cent of bull’s-eyes. And then, as he gains in experience he learns not only to do the right thing but to do it instantly, so that many people will think he does it instinctively. It really isn’t automatism. It is that he has diagnosed the case according to his observations of such cases during a period of many years; and, naturally, after he has diagnosed it, he can only treat it in the way that experience has taught him is the proper treatment. You can transmit knowledge—that is, your particular collection of card-indexed facts—but not your experience.”
February 9, 2021
While old, this book still feels relevant to 2021. Yes, markets have changed, however market micro structures and economic theory have not. A wonderfully written recount of a stock operators daily life on the trading floor.
May 19, 2021
Creative, free spirited individuals make the world go ‘round. Shout out
February 13, 2022
كتاب عبقري وضروري اي احد يحب يبدا بتعلم سوق الاسهم و البورصة ان يقرا هذا الكتاب
يعطيك فكرة مبسطة عن مبدأ التعامل بالبورصة.
يعطيك فكرة مبسطة عن مبدأ التعامل بالبورصة.
Displaying 1 - 4 of 4 reviews