Reminiscences of a Stock Operator

by Edwin Lefèvre

Book Overview

Critical Praise... "In my interviews with over 30 of the best traders of our time, there were some questions that I raised in each conversation. One of these was: Are there any books that you found particularly valuable and would recommend to aspiring traders? By far, the most frequent response was Reminiscences of a Stock Operator-a book that was over 70 years old " -- from the Foreword by Jack Schwager , author of Market Wizards and The New Market...

• Format: Paperback
• Language: English
• ISBN: 0471059706
• ISBN13: 9780471059707
• Release Date: May 1994
• Publisher: Wiley & Sons, Incorporated, John
• Length: 304 Pages
• Weight: 0.93 lbs.
• Dimensions: 0.8" x 5.5" x 8.6"

Customer Reviews

This is my "bible" of investing

I have a library of nearly 100 books about the markets. Reminiscences was the third book I ever read and it remains my "bible" more than a decade later. You might wonder how an 80-year old book about the stock market could still be relevant. Well, that is because financial markets are determined by human nature as much as anything else, and human nature acts today as it did a century ago. Greed, fear, herd thinking, impatience - those are the same influences that drive markets today and haunt traders and investors who are striving to make the right decisions. Many of the lessons that dictate my investment philosophy ("Cut your losses, let your winners run", "if you don't like the odds, don't bet") were taught to me by the protagonist, who is the fictional characterization of the legendary Jesse Livermore. That he tells his stories with such color and suspense makes the book completely entertaining beyond its invaluable trading lessons. BUY THIS BOOK FOR YOURSELF. BUY ANOTHER ONE FOR A FRIEND (I've given 4 copies). You'll not only improve your own investing results, but your gift will impress as well.

Greatest book written on the psychology of trading.

This is an absolute classic. I read this book as a rookie on Wall Street in 1987, only months before the crash. I just bought it again as a gift for a client's son graduating Wharton. The theme 75 years ago applies today and will apply in 75 years to come. From Boston to New York to Palm Beach and back, Jesse Livermore "swings a big line" (trades larger and larger blocks in the stock positions he takes) and along the way teaches us all about what is to trade, to lose, to win. Todays daytraders could learn much from this book as well as newly minted Ivy League MBA portfolio managers. It is a brilliant reflection on the true spirit, grit, culture and challenge of man versus market and the subsequent lessons learned of the ultimate enemy in trading: self. The rumour around this book for years has been that the fictionalized version of Jesse Livermore died penniless, having gone through multiple fortunes. However, I have heard from many old liners in those very same cities otherwise. Read the book.

A FANTASTIC CLASIC

When almost all of the stocks of his time have been history, his wisdom remains of the same value. A must read.

An indispensable read before engaging in stock trading

Those who forget the past are bound to repeat it............. While Wall Street and markets around the western world continue their bull run, those who forget this adage will be in for a nasty shock. Written in 1923, this diary is full of warning of the shocks of 1929 and 1987 which followed. The gullibility of the public is clearly demonstrated, and the arrogance of each new generation feeding the bull cycle of it's day exposed. Now if I can only decide when to sell Microsoft short............. A cracking read.

One of the best trading books ever.

This book was actually written (with the help of a ghost writer) by Jesse Livermore himself and not Edwin Lefevre. Lefevre was simply a name that Livermore picked to have the real author - himself - remain anonymous. It took me years to master the trading tecniques outlined in this book - emotions and greed kept clouding my actions - the same way that they clouded Livermore's actions. An easy book to read but the lessons of the book come much harder.