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Written in the 1920s, Reminiscences of a Stock Operator - Illustrated Versionby Edwin Lefevre is a true classic and is considered among the toptrading books of all time. The writings are based on a series ofinterviews with legendary trader Jesse Livermore, who the author givesthe fictional name of Larry Livingston. The exploits of this largerthan life trader are nothing short of extraordinary.
This book was re-released as an illustrated version and includes the actual articles from The Saturday Evening Post and illustrations that accompanied the articles. Royalties from this release will go to Lefevre's family.
The Legend of Jesse LivermoreItwas absolutely staggering to read how much money Livermore was makingthrough his trading exploits. In one month alone, he made more than $10million…and that was in the early 1900s. Even though Livermore madesome incredible trades, he was highly leveraged and it was just amatter of time before he went bust. And so he did. Actually, Livermorewent bust several times and even accrued debts of more than $1 million.
Amazingly, Livermore was able to come back after devastatinglosses and very little trading capital to use as leverage. Within ayear, he was able to take a very small stake and get back over amillion dollars. The ups and down are difficult to imagine, but the mancould sure take a lot of money out of the market in a short period oftime. Keeping it was his problem.
Trading Was and Always Will Been the SameReminiscences of a Stock Operatoris an extremely entertaining story about a legendary trader, but it isalso one of the best trading manuals you will ever read. This bookdoes not give you a secret formula for trading with a new age,scientific technical method that so many of today’s marginal tradersare hopelessly looking for. But is does give you an analysis of how thestock and commodities markets really work from the perspective ofsomeone who figured it out well before most of us were even born.
Oneimportant gem you can take out of this book is that the markets havealways been the same and they always will be the same. The players maychange, but the game is still the same. There was obviously lessregulation in the early 1900s, but trading mentality is still the same.The “sucker” is still alive and well and always will be. The smartplayers who recognize this will continue to take advantage of them.
Nobody Beats the MarketLivermorewatched the “tape” religiously. He would watch a constant flow of pricequotes off the ticker and get a feel for how strong or weak a stock orcommodity was behaving. He would then buy stocks or commodities as theymoved higher and got stronger. But he made his real money by pyramidinghis positions as prices continued to move in his direction. As youwill certainly discover from reading the book, he was often right andmade a lot of money, but when he lost, he lost big. This is the reasonwhy Lefevre wrote the articles in the first place. His theory was thatprofits could be taken out from time to time, but the markets would getyou in the end. Usually, this fate was due to arrogance,self-destruction, greed and many of the other tendencies that tradersfall prey to.
A Timeless ClassicReminiscences of a Stock Operatorby Edwin Lefevre is a must read for anyone who trades stocks orcommodities. While the stories are entertaining, the market educationis what you should focus on. It took a lifetime for one of the greatesttraders in history to learn about the markets the hard way and it is upto you on whether you want to benefit from this his knowledge. Livermore will often directly explain market principles and someof his trading techniques. There are other times where you almost haveto read between the lines to fully understand what Livermore is gettingat. It is a good idea to read this book more than once, as you willcertainly learn more from it. In closing, you have to ask yourself –how many of the trading books published in the last 30 years will beamong the best sellers a hundred years from now – like Reminiscences of a Stock Operator?
Click to Download Free Reminiscenes of A Stock Operator by Edwin Lefevre
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