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Reminiscences Of A Sto...
Edwin Lefèvre
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Reminiscences Of A Stock Operator

4.14  ·  Rating Details  ·  7,320 Ratings  ·  245 Reviews
Stock investing is a relatively recent phenomenon and the inventory of true classics is somewhat slim. When asked, people in the know will always list books by Benjamin Graham, Burton G. Malkiel's A Random Walk Down Wall Street, and Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher. You'll know you're getting really good advice if they also mention ...more
299 pages
Published 1993 by Traders' Library (first published November 30th 1922)
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Duffy Pratt
Mar 14, 2011 Duffy Pratt rated it really liked it  ·  review of another edition
Shelves: trading, memoir
This book is a marvel. It's well written. It clings very closely to the trade of a speculator, and barely touches on any personal life. For example, we only learn that the narrator has a wife when someone tries to use her to hook him into a stock manipulation. Everything focuses on the markets, and how the narrator interacts with the markets.

The technology, and the law, have changed enormously. But one of the central points of the book is that fear, greed, hope and ignorance will drive the marke
Sep 25, 2015 Saman rated it it was amazing  ·  review of another edition
If you have the slightest interest in stock markets then you should read this book. Even though it got dry at some parts in the middle of the book, I truly enjoyed it.
John Spillane
1) This is a 300 page bull-sesh

2) Good to audiobook in order to run the gamut of market reactions on yourself on somebody else's dime

3) Make no mistake this is not a good book, really dull compared to More Money Than God, When Genius Failed, or The Black Swan; less so than what little I read/remember of The Intell. Inv., but obvi RSO is addressing something wholly different than any of those

4) Definitely could have used this when I was a wannabe day trading teen, would have hated it, but I thin
Jul 01, 2014 Bill rated it it was amazing  ·  review of another edition
I read this book virtually every summer, not only as a very interesting historical account of the life of a famous Wall Street trader in the early 1900s, but also as a learning tool. Or should I say continuing education. While the rules and regulations of Wall Street have changed dramatically since this book was first published in 1923, human nature remains virtually unchanged. Fear, greed, hope and pride are the same today as they were in the early 1900s and these core fundamental human emotion ...more
A fascinating look at stock trader Jessie Livermore, a self-made speculator who made and lost fortunes repeatedly in the early 1900s, before the advent of the Great Depression and securities regulations (no accident, I might add). The first part of the book is very interesting, covering his early swashbuckling days making money from "bucket shops", essentially unregulated stock gambling establishments where the house bets against unsuspecting customers. He gets so successful that he has to rotat ...more
Grant Palmquist
Dec 20, 2012 Grant Palmquist rated it it was amazing  ·  review of another edition
4.5 stars. This is a great book, expertly written, that takes you inside the mind of stock speculator Larry Livingston (AKA Jesse Livermore), who made and lost fortunes in the stock market in the early 1900s. The narrator is a great writer, who guides the reader through Livingston's ups and downs, speculations, and the logic behind all of it. There is a lot of useful investment advice to be gleaned from this book, but you must know investment terminology. Without it, a lot of the book's informat ...more
Sep 20, 2011 Hari rated it it was amazing  ·  review of another edition
Shelves: stock-market
This is only the second book that I've read about Stock Market speculation, but I'm pretty sure that it'll be hard to find any better. While the second half of this book pretty much flew right over my head, I'm sure that there's something in the first half for everyone - especially amateurs or beginners such as myself.

Even though this book was written such a long time ago, I think the basic principles discussed here are still valid - many reviews echo this sentiment. I suppose the biggest plus a
Subinjith Sukumaran
What i think is he really was an heavy trader who cared more for the game of stock broking principles rather than the money part.A detailed book of intrinsic thoughts and feelings as an stock broker experiences during the trade off from his early trading days itself and how it actually affected his trading actions.good read
Rafael Cameron
Sep 18, 2010 Rafael Cameron rated it it was amazing  ·  review of another edition
Captures the essence of day trading that, although was written about a character before the great depression, is timeless in dealing with human nature. Though plotless, love the pace and the narrative.
Jaroslav Tuček
Apr 17, 2016 Jaroslav Tuček rated it it was amazing  ·  review of another edition
One man and one mind against the world - and the only way to prove that he is right is to make money.

While the second half of the book tends to focus on general principles of stock speculation and will probably interest only a reader familiar with the trading business, the first half offers a really engaging, personal story of a brilliant man's journey through the bucket shops of the late 19th century towards his spectacular ups and downs in Wall Street. Lefèvre writes well and there is somethin
Vaibhav Gupta
Sep 18, 2013 Vaibhav Gupta rated it really liked it  ·  review of another edition
A fantastic book on the workings of a stock trader ,his internal battles and battling his wits against the markets. As applicable today as the time it was written.
Mar 03, 2016 Manan rated it it was amazing  ·  review of another edition
Fantastic book. Only if I could give it more than 5 stars. Add to the list of books to be reread many times over.
D Zhutrade
Sep 29, 2011 D Zhutrade rated it it was amazing  ·  review of another edition
A must-read book if u r gaining experiences on speculations
Federico Salinas
A classic. I'm writing this review two years after I read the book, so I'm going here by impression and memory. It takes you back to an era where there were few rules to regulate trading, so a lot of the ways to make money back then would be majorly illegal today. Be that as it may, the book is refreshing in showing that even an unregulated market is not a market of thieves: It is still difficult to make money because the market itself has punishing mechanisms that may reflect the vagaries of hu ...more
Vladimir Vereshchak
Sep 18, 2015 Vladimir Vereshchak rated it it was amazing  ·  review of another edition
Recommends it for: traders with some experience
Shelves: trading
Jesse Lauriston Livermore. Certainly one of the greatest traders the history has ever known. Shall I say that? An “absolutely-must-read-book” for any (aspiring) market professional. What's hard to tell, however, is how a novice-trader would perceive this writing. See, I've read it only after I've been on the market for about six years. And as I was reading, it felt as I was talking to my pal who's just gone through the same things. I couldn't stop. Every other line would make so much sense to me ...more
Jun 20, 2016 John rated it it was amazing  ·  review of another edition
Let us suppose, for example, that I am buying some stock. I'll buy two thousand shares
at no. If the stock goes up to ill after I buy it I am, at least temporarily, right in my
operation, because it is a point higher; it shows me a profit. Well, because I am right I go
in and buy another two thousand shares. If the market is still rising I buy a third lot of
two thousand shares. Say the price goes to 114. 1 think it is enough for the time being. I
now have a trading basis to work from. I am long
James Lan
Jan 15, 2015 James Lan rated it it was amazing  ·  review of another edition
Shelves: stocks
"To be the best, you must learn from the best" and sure it seems like I have really learned from the best through reading this book. This book offer me a whole new perspective of how to handle market intelligently, how to stay confident in your position without wavering by words of others or rumors, or how to be calm and patient under pressure of the market and so on. This is a great book suitable for those who are either experienced or not experienced ,which wish to venture into the financial w ...more
This book is one of the premier works about the trading of stocks and commodities. Written by Edwin Lefevre, a business writer of the 1900-1920 era, it is actually the story of Jesse Livermore, one of the greatest stock traders of all time. Livermore started trading at the age of 15 and became known as the "Boy Plunger" because he was famous for taking huge short positions in the market, hoping to profit from price declines. Livermore was an active trader on the NY Stock Exchange for 40 years, a ...more
Mark Speed
Aug 12, 2014 Mark Speed rated it really liked it  ·  review of another edition
Shelves: business, biography
Numerous newsletters and authors have urged me to read this book. Jesse Livermore was one of the most infamous 'stock operators' who ever lived. He began trading professionally at the age of just fifteen, and was active for over 45 years. It really is an extraordinary read, and completely timeless.

This is part-biography, part-guide to speculation, part-warning to the public about the tricks companies and Wall Street pull on private investors to part them from their money.

What's remarkable is tha
May 17, 2014 Wilte rated it really liked it  ·  review of another edition
Timeless, hard to believe it was written in 1923, still contains many relevant truths for the stock current market. Reads like a cinch (=easy) to use parlance of the book.

Livermore starts in bucket shops, sort of the equivalent of FX trading a century ago.

"There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. No man can always have adequate reasons for buying or selling stocks daily—or sufficient knowl
Matt Larsen
Apr 01, 2014 Matt Larsen rated it it was amazing  ·  review of another edition
I loved how Jesse Livermore always did everything by himself with investing. He understood that investing is going to be won and lost on his own intellect. If you take a tip, you don't know when to get out and you start putting all your faith on other's analysis. To a lesser degree one could say the same thing about your own investments. If you aren't confident enough to do it by yourself it may not be the best investment.

He talks about how you need to be right and sit tight that you can make bi
Jan 06, 2009 Jake rated it liked it  ·  review of another edition
Shelves: economics
A fun account of life on Wall Street before current security laws were put in force-- a time when grifters, bucket-shops, and manipulators ruled the market. Lefevre does a great job of capturing the rough and tumble life of Jesse Livermore, the famous speculator-- the dialogue in some scenes is particularly good, and reminded me of something out of The Sting.

Of course, reading a book like this for insight into the market is like reading a book on entrepreneurship by Jesse James (or Donald Trump
Omar Halabieh
Sep 15, 2013 Omar Halabieh rated it really liked it  ·  review of another edition
1- "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. I suppose I really manage to remember when and how it happened. The fact that I remember that way is my way of capitalizing experience."

2- "It takes a man a long time to learn all the lessons of all his mistakes. They say there are two sides to ev
Apr 22, 2011 Erwin rated it really liked it  ·  review of another edition
Reminiscences of a Stock Operator is the auto-biography of "Jesse Lauriston Livermore", a famous Wall Street speculator from 100 years ago. Livermore describes many of the tactics that he would use to drive prices, either up or down, and most importantly, how he would use the tape to understand prices.

Now that the markets are all fully imersed in the information age, a single speculator would be hard pressed to use the exact tactics that Livermore used 100 years ago, but the overall strategy and
Dec 15, 2013 Steve rated it really liked it  ·  review of another edition
How funny that a lot of stuff mentioned in this book still rings true, today - almost 90 years later. Of course, the landscape looks a little different with online trading, and such, but the basics are still there.

One of the things that will probably never change was his explanation of what the insiders and heads of major corporations know that the public does not. This is important when stocks start shooting down and you hear things like, "it is just a market correction." I think the term that
On Wall Street, as with other industries, there are a few books that are regarded as essential reading; this collection of folk financial wisdom is one of them. Although technically a work of fiction by writer Edwin Lefèvre, it is heavily based on the life of Jesse Livermore, a famous trader of the late 19th and early 20th century (who grew up in the same town as me!). Through relating personal anecdotes of his adventures in the markets, Livermore/Lefèvre discusses his own lessons and rules in t ...more
Robert Rubin
Aug 31, 2007 Robert Rubin rated it it was amazing  ·  review of another edition
Recommends it for: Investors
This is the ghost-written autobiography of one of the great stock speculators of the 19th and early 20th centuries - Jesse Livermore (under a pen name). Composed in the vigorous, if dated, prose of 1924, Livermore's recollections of his career highs and lows are both entertaining and highly instructive. He does not try to instruct, though he can't help but enlighten the reader through telling his story. The reader's attention is repaid with extraordinary insights into the workings and psychology ...more
Lefevre has a straight forward manner to his lifestyle and his trading style. He is aware primarily where the market *as a whole* is headed. How he decides this remains a mystery. Secondarily the 'tale of the tape' is considered. Possibly his best source of information on a particular stock is to buy or sell a chunk of it and observe the market's reaction to it.

He distinguishes speculation to investing and says he is a speculator, not an investor. An investor expects steady gains. A speculator c
Ivo Crnkovic-Rubsamen
Reminiscences of a stock broker is hard to pin down. It's not really a novel, in that it has very little plot, it's definitely not a how-to book, and its not really a historical piece either. Instead, it combines elements of all three, and does it well. It stays infinitely more readable then some treatise on stock-picking, while making clear the interesting thought process behind the positions of a very successful trader and giving a nice portrait of what it meant to be in finance at the beginni ...more
Sep 14, 2012 Eric rated it it was amazing  ·  review of another edition
If you're ever going to invest any of your money in equities or on anyone's behalf you MUST read this book.

This is a kind of pseudo biography of one of the greatest stock speculators the world has seen - Jesse Livermore.

This book is loaded with anecdotes, tips and history lessons from the late 19th to early 20th century US.

Make sure you read the boss hardcover version with the foreword by Paul Tudor Jones, released in 2011 I think. Not only is the layout magnificent but it provides helpful si
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Edwin Lefèvre (1871–1943) was an American journalist, writer, and statesman most noted for his writings on Wall Street.

George Edwin Henry Lefèvre was born in Colón, Colombia (now Republic of Panama). His father had sent Edwin to the United States when he was a boy and he was educated at Lehigh University where he received training as a mining engineer. However, at the age of nineteen, he began his
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“There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win. Did you get that? You begin to learn!” 2 likes
“The sucker has always tried to get something for nothing, and the appeal in all booms is always frankly to the gambling instinct aroused by cupidity and spurred by a pervasive prosperity. People who look for easy money invariably pay for the privilege of proving conclusively that it cannot be found on this sordid earth.” 1 likes
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