Reminiscences Of A Stock Operator Pdf Free Download ^HOT^

Reminiscences of a Stock Operator is a 1923 roman clef by American author Edwin Lefvre. It is told in the first person by a character inspired by the life of stock trader Jesse Livermore up to that point.[1]

"Although a sizeable portion of the book vividly describes the highs and lows of Livingston'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, winners to losers. 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. Some other rules to live by that were introduced in LeFevre's book are: -The trend is your friend. -History repeats itself. -No stock is too high to buy or too low to sell. -Let your winners run and cut your losses quickly."

Reminiscences Of A Stock Operator Pdf Free Download

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"I should say that a chart helps those who can read it or rather who can assimilate what they read. The average chart reader, however, is apt to become obsessed with the notion that the dips and peaks and primary and secondary movements are all there is to stock speculation. If he pushes his confidence to its logical limit he is bound to go broke."

"I made up my mind to be wise and play carefully, conservatively. Everybody knew that the way to do that was to take profits and buy back your stocks on reactions. And that is precisely what I did, or rather what I tried to do.....They say you never grow broke taking profits. No, you don't. But neither do you grow rich taking a four point profit in a bull market."

"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. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon."

"...certainly one of the most entertaining books ever written about stock trading..." (Money magazine, November 2007) "...is a classic that gives readers a sense of a trader's mind..." (Wall Street Journal, August 7, 2006)

You'll track the exploits of Jesse Livermore as he won and lost tens of millions of dollars playing the stock and commodities markets during the early 1900s. At one point, he made the then astronomical sum of 10 million dollars in just one month of trading!

In light brown cloth. Cover blind stamped. Spine lettered in gilt. Ownership signature

First edition, first issue

Reminiscences of a Stock Operator is a semi-fictional biography that chronicles the life and experiences of one Larry Livingston, a thinly disguised portrait of the legendary trader Jesse Lauriston Livermore. The book offers a firsthand account of Livingston's journey from a humble speculator to a successful and respected stock operator during the early 20th century. Through Livingston's narrative, Lefvre explores the psychological aspects of trading, market speculation, and the lessons learned from both successes and failures. Though the book presents itself as a fictionalized account through the character of Livingston, it profoundly echoes Livermore's real-life experiences and trading philosophy. The book's enduring legacy lies in its timeless wisdom about trading psychology, market dynamics, and risk management. It remains a must-read for those seeking insight into the mindset and strategies of a successful stock trader, with Jesse Livermore serving as the living inspiration behind the book's larger-than-life protagonist. Like Livermore himself, the book's allure endures, making it a classic of financial literature. Item #41344

Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street. When you read contemporary accounts of booms or panics the one things that strikes you most forcibly is how little either stock speculation or stock speculators to-day differ from yesterday. The game does not change and neither does human nature.

When asked what he thought about the market or the way a stock was acting he would usually answer with "You know, it's a bull market!" That became his trademark and an expression that many would wonder about without knowing its true meaning.

I didn't say I'd lose my job," cut in old Turkey. "I said I'd lose my position. And when you are as old as I am and you've been through as many booms and panics as I have, you'll know that to lose your position is something nobody can afford; not even John D. Rockefeller. I hope that stock reacts and that you will be able to purchase your line at a substantial concession, sir. But I myself can only trade in accordance with the experience of many years. I paid a high price for it and I don't feel like throwing away a second tuition fee. But I am as much obliged to you as if I had the money in the bank. It's a bull market, you know.

From the very beginning, Livermore was fascinated by the markets and tried to understand them. In his early years in the bucket shops of New England, he developed his skills at tape reading. To remember the movement patterns for each stock, he would write his theories down in notebooks. After a while, he found that he was able to predict how a stock would behave based on its price movement. He placed his first trade at the tender age of 14 and soon left his job to become a full-time trader.

His quantitative approach to price action will be familiar to many modern-day traders. At first, Livermore was a purely technical trader. His system gave him an insight into the short-term movement of stock prices, and he traded on these fluctuations. His style of trading was to develop over many years but he continually studied and researched the markets.

In Reminiscences, Livermore describes how a sneaky tipster tried to get him to buy a stock by introducing the idea through his wife. Knowing how resistant he was to tips, the person approached his wife telling her that there was easy money to be made by buying shares in a tin producing company. The plan to get the wife to suggest the company to Livermore backfired when his wife decided to invest herself in the company. The price quickly declined, and his wife soon lost money on her trade. The situation was worse because Livermore himself was selling the stock short!

The book mentions time and time again about the tendency of markets to trend. Livermore places crucial importance on his judgement about whether stocks are in a bull market or a bear market. This judgement is partly based on price action and partly based on his view of the fundamental factors. Take a step back from the chart and the current economic conditions and decide whether you are bullish or bearish. Once you have decided, only trade in that direction.

In 1916 Livermore took about 3 million dollars of trading profits. He was bullish with everyone else at the beginning of the year but gradually moved to the bearish side. He noticed that the previous leading stocks had stopped rising and had been overtaken by new companies. He therefore traded long on the new leaders but opened short positions on the previous leaders. He followed this tactic until the new leading stocks also weakened. Finally, the bear market kicked in and prices broke further prompting Livermore to double to short positions.

Being on the right side of the trade meant that Livermore was able to benefit from unexpected large moves in his favor. The 1916 fall in stock market prices took time to arrive. But once it did arrive each successive lurch downwards increased his paper profits. Such a large position can be difficult to exit without pushing the market against you. Livermore took his profits only when the market had moved a significant distance and was able to absorb all his outstanding short positions.

I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.

Disregarding the big swing and trying to jump in and out was fatal to me. Nobody can catch all the fluctuations. In a bull market your game is to buy and hold until you believe that the bull market is near its end. To do this you must study general conditions and not tips or special factors affecting individual stocks. Then get out of all your stocks; get out for keeps! Wait until you see or if you prefer, until you think you see the turn of the market; the beginning of a reversal of general conditions.

You have to use your brains and your vision to do this; otherwise my advice would be as idiotic as to tell you to buy cheap and sell dear. One of the most helpful things that anybody can learn is to give up trying to catch the last eighth or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.

Edwin Lefevre (1871-1943), the son of a steamship agent, trained as a mining engineer before changing his mind and pursuing a career as a journalist aged 19. He went on to become a stockbroker and an independent investor, as well as a novelist and writer of short stories. Having been born in Panama while his father, a Channel Islands emigr to the United States, was stationed there with the ...Read more on Edwin Lefevre

Jesse Livermore was a loner, an individualist - and the most successful stock trader who ever lived. Written shortly before his death in 1940, How to Trade Stocks offered traders their first account of that famously tight-lipped operator's trading system. Written in Livermore's inimitable, no-nonsense style, it interweaves fascinating autobiographical and historical details with step-by-step guidance on: reading market and stock behaviors. 17dc91bb1f