First published in , “Reminiscences of a Stock Operator” is the most widely read, highly recommended investment book ever. Generations of readers have. 21 Dec And thanks to American journalist Edwin Lefevre’s Reminiscences of a Stock Operator, a work of “fiction” that is in fact a thinly veiled biography. 12 Mar Reminiscences of a Stock Operator, by Edwin Lefevre, is a classic investing book that focuses on the character Larry Livingston. Which is really.

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My plan of trading was sound enough and won oftener than it lost.

Yes; and two hundred too! 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. Oh, not because it wasn’t sportsmanship, but because they knew it would give them a black eye to publish the news that they wouldn’t take a fellow’s business just because that fellow happened to make a little money.

Reminiscences of a Stock Operator

Still, that was the only bucket shop that would take my business Reminiscences of a Stock Operator at all, and I had to accept their terms or quit trading.

The market, we would find, was philanthropically inclined that morning; in fact, clamoring to increase the supply of collegiate pocket money, of which no intelligent undergraduate ever had a sufficiency since the dawn of historic time.

All I knew was the arithmetic of it. If you wish I’ll introduce you to the manager. I looked for a break, but I was playing safe making money when I bought and chipping it out Reminiscences of a Stock Operator when I sold short so that I wasn’t profiting by the boom as much as you’d think when you consider how heavily I used to trade, even as a boy. However, ignoring his own rules and falling to the emotions of hope, fear, greed and pride, Livermore was often flat broke during his career and entered bankruptcy in It’s the guessing that develops a man’s brain power.

My friend followed me. The bucket shops refused orders that day. Just consider what you have to do to guess right. The customers of the others get frightened and they run to take their money out.


This seldom cost the bucket shop more than a couple of points on a few hundred shares, and they made thousands of dollars. The manager was a chap who looked as if he had been an actor or a stump speaker. They had a fine office and the largest reminkscence completest quotation board I have ever seen anywhere.

Reminiscences of a Stock Operator – Wikipedia

They say there are two sides to everything. Sponsored Content on ValueWalk. The divergence between the printed and the actual prices undid me. And when you know what not to do in order to lose money, you begin to learn what to do in order to win.

Jesse Livermore: 10 Investing Lessons From Reminiscences Of A Stock Operator

But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. He got to be one of the regulars. It reads as if he’s speaking to a fellow trader.

I was going to play dead safe carefully and conservatively. For a customer to lose money at his broker’s is no rare event. If you have the slightest interest in stock markets then you should read this book. Fullerton and the rest of the firm were so kind to me that after six months of active trading I not only lost all I had brought and all that I had made there but I even owed the firm a few hundreds.

And when a millionaire is right his money is merely one of his several servants. But one of the central points of the book is that fear, greed, hope and ignorance will drive the markets for as long as humans make trading decisions.

He swore the money would be waiting for me. I didn’t have as many interesting experiences as you might imagine. Jesse Livermore ,or Livington, an author of this amazing, compelling, easy-to-understand book has implemented tips and tricks of how to beat the market and knowing ahead of the “stock manipulators” through story-telling about his life as an independent trader. I can see now that my main trouble was my failure to grasp the fundamental difference between stock gambling and stock speculation.


Everybody knew that the way to do that was to take profits and buy back your stocks on reactions. According to my dope Sugar should have broken by now. Paul, not from you.

Reminiscences of a Stock Operator by Edwin Lefèvre

I just told the manager that what I was looking for was decent execution, because I always traded at the market and I didn’t want to get reports that showed a difference of a half or a whole point from the ticker price. It is still difficult to make money because the market stocj has punishing mechanisms that may reflect the vagaries of hu A classic.

And the new places reeminiscence unreliable. One chap I met did tell me a story about seeing six hundred telegrams go out one day advising customers to get aboard a certain stock and six “hundred telegrams to other customers strongly urging them to sell that same stock, at once. They say there are two sides to everything. If I buy stocks on Smith’s tip I must sell those same stocks on Smith’s tip.

Jesse Livermore was a handsome and powerful man who cherished his secrecy and his private life. The game of speculation isn’t all mathematics or set rules, however rigid the main laws may be. There were the customers same old bunch looking at the board or standing by the ticket calling out the prices and talking about the market.

They were as competent and conscientious as any; but by the time they executed my orders the stocks had broken twenty points more. But it is only after a stock operator has firmly grasped this that he can make big money.

I could see he wasn’t going to believe I ever dealt with first-class houses. From Wikipedia, the free encyclopedia. It is still difficult to make money because the market itself has punishing mechanisms that may reflect the vagaries of human nature.