Editorial Reviews. From the Inside Flap. Reminiscences of a Stock Operator is the fictionalized Jesse Livermore won and lost tens of millions of dollars playingthe stock and commodities markets during the early s, at onepoint making ten. Reminiscences of a Stock Operator, by Edwin Lefevre, is a classic investing Which is really a depiction of Jesse Livermore, one of the most. Reminiscences of a Stock Operator has ratings and reviews. Jesse Livermore was one of the most infamous ‘stock operators’ who ever lived.

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Reminiscences of a Stock Operator

He cannot bet on the unreasonable or on the unexpected, however strong his personal convictions may be about man’s unreasonableness or however certain he may feel that the unexpected happens very frequently. They say you never grow broke taking profits. It never was my thinking that made the big money for me. Well, I might as well get as much of their money as I can and then look for a new crop.

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. But one of the central points of the book is that fear, greed, hope and ignorance will drive the marke This book is a marvel.

If the market traded a quarter of a million shares, it was a huge day. Of all speculative blunders there are few greater than trying to average a losing game.

It’s when you actually think about who is buying and who is selling what quantity in this batch and what quantity in total at what time that’s where the real story is. The word’s gone out that there is no limit to the play and that the house roll has got the Rock of Gibraltar faded to the shadow of a bantam Reminiscences of a Stock Operator operaror. The customers of the others get frightened and they run to take their money out.

There was one stock that I stockk short of, and that was Northern Pacific. If you do not have a good understanding of stock and commodity trading then you will probably not understand this book, since the author uses trading terminology all the time jeses defining his terms.


Now I want to give you some friendly advice: Dorothy Livermore and a friend in a white wicker Pedi-cab on the grounds of the Breakers Hotel. On the level, I didn’t. I knew something was wrong somewhere, but I couldn’t spot it exactly.

I went broke several times, and that is never pleasant, but the way I lost reminscences is the livermorr everybody loses money who loses money in Wall Street. He was very impressive. I came to New York at the age of 21, bringing with me all I had, twenty-five hundred dollars.

He understood it all. Of course, I have taken an extreme case, but the fact remains that in A.

It worked very satisfactorily. Along the way, Livermore learns many lessons, which he happily shares with the reader. 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.

Disaster may come from a convulsion of nature or from the weather, from your own greed or from some opegator vanity; from fear or from uncontrolled hope. It was the only paying job he ever had.

The only way to move it down is for people to sell it. But they did not hit me very hard they couldn’t, with my shoestring margins. The markets at the time weren’t for the faint hearted, especially if you used to trade with the kind of aggressiveness that Mr. But if with all I had I still lost, what chance does the green outsider have of winning, or, rather, of cashing in?

Whenever there was an unexplained sharp drop which was followed by instant recovery, the newspapers in those days used to call it a bucket-shop drive. Jesse Livermore stands on the porch of the Breakers Hotel in Palm Beach where he took a large apartment every winter. He must bet always on probabilities that is, try to anticipate them.


After shooting her son, Dorothy Livermore stands in a Santa Barbara, California courtroom waiting to be arraigned.

Reminiscences of a Stock Operator Quotes

Bucket shops in those days seldom lay down on their customers. Of course I let the craving for excitement get the better of my judgment. There are times when there are regular epidemics of bucketeering bankruptcies, like the old-fashioned runs on several banks after one of them goes up. I had a stock ticker put in and I began to trade conservatively. My adherence to that general principle of speculation saved me. They were having some pretty oprrator times those days and the market was very active.

It ran along the whole length of the big room and every imaginable thing was quoted. My one concern was with getting together a stake and returning to Liverjore York to trade in fair amounts in an office where you did not have to be afraid the police would raid the joint, as they did the bucket shops, or see the postal authorities swoop down and tie up your money so that you’d be lucky to get eight cents on the dollar a year and a half later.

Reminiscences of a Stock Operator – Wikipedia

You remember those times? It never was my thinking that made the big money for me. Instead of leaving for home the moment I was through with my work, I’d jot down the figures I wanted and would study the changes, always looking for the repetitions and parallelisms of behaviour learning to read the tape, although I was not aware of it at the time. I looked at the board again as if to guess wisely and told him, “Two hundred Omaha. However, at the age of nineteen, he began his career as a journalist and eventually became a stockbroker, as well.