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Reminiscences of a Stock Operator, by Edwin Lefevre
Download PDF Reminiscences of a Stock Operator, by Edwin Lefevre
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Product details
Paperback: 250 pages
Publisher: Albatross Publishers (July 4, 2017)
Language: English
ISBN-10: 1946963062
ISBN-13: 978-1946963062
Product Dimensions:
6.1 x 0.6 x 9.2 inches
Shipping Weight: 14.1 ounces (View shipping rates and policies)
Average Customer Review:
4.4 out of 5 stars
590 customer reviews
Amazon Best Sellers Rank:
#211,194 in Books (See Top 100 in Books)
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 everything. 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. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of Stock speculation."3- "If the unusual never happened there would be no difference in people and then there wouldn't be any fun in life. The game would become merely a matter of addition and subtraction. It would make of us a race of bookkeepers with with plodding minds. It's the guessing that develops a man's brain power. Just consider what you have to do to guess right."4- "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!"5- "After spending many years m Wall Street and after making and losing millions of dollars I want to tell you this: 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. I . 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."6- "The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."7- "Even as a lad I always got my own meanings out of such facts as I observed. It is the only way in which the meaning reaches me. I cannot get out of facts what somebody tells me to get. They are my facts, don't you see? If I believe something you can be sure it is because I simply must."8- "A stock speculator sometimes makes mistakes and knows that he is making them. And after he makes them he will ask himself why he made them; and after thinking over it cold-bloodedly a long time after the pain of punishment is over he may learn how he came to make them, and when, and at what particular point of his trade; but not why. And then he simply calls himself names and lets it go at that. Of course, if a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the ten thousand brothers or cousins of the original. The Mistake family is so large that there is always one of them around when you want to see what you can do in the fool-play line."9- "The weaknesses that all men are prone to are fatal to success in speculation--usually those very weaknesses that make him likable to his fellows or that he himself particularly guards against in those other ventures of his where they are not nearly so dangerous as when he is trading in stocks or commodities. The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you you hope that every day will be the last day--and you lose more than you should had you not listened to hope--to the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way you become fearful that the next day will take away your profit, and you get out--too soon. Fear keeps you from making as much^money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does."10- "The professional concerns himself with doing the right thing rather than with making money, knowing that the profit takes care of itself if the other things are attended to. A trader gets to play the game as the professional billiard player does--that is, he looks far ahead instead of considering the particular shot before him. It gets to be an instinct to play for position."11- "A trader, in addition to studying basic conditions, remembering market precedents and keeping in mind the psychology of the outside public as well as the limitations of his brokers, must also know himself and provide against his own weaknesses. There is no need to feel anger over being human."12- "A bear tip is distinct, positive advice to sell short. But the inverted tip that is, the explanation that does not explain--serves merely to keep you from wisely selling short. The natural tendency when a stock breaks badly is to sell it. There is a reason--an unknown reason but a good reason; therefore get out. But it is not wise to get out when the break is the result of a raid by an operator, because the moment he stops the price must rebound. Inverted tips!"13- "The belief in miracles that all men cherish is born of immoderate indulgence in hope. There are people who go on hope sprees periodically and we all know the chronic hope drunkard that is held up before us as an exemplary optimist. Tip-takers are all they really are."14- "I have found that experience is apt to be steady dividend payer in this game and that observation gives you the best tips of all. The behaviour of a certain stock is all you need at times. You observe it. Then experience shows you how to profit by variations from the usual, that is, from the probable."15- "The manipulator to-day has no more need to consider what they did and how they did it than a cadet at West Point need study archery as practiced by the ancients in order to increase his working knowledge of ballistics. On the other hand there is profit in studying the human factors--the ease with which human beings believe what it pleases them to believe; and how they allow themselves-- or by the dollar-cost of the average man's carelessness. Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was. Weapons change, but strategy remains strategy, on the New York Stock Exchange as on the battlefield."16- "Speculation in stocks will never disappear. It isn't desirable that it should. It cannot be checked by warnings as to its dangers. You cannot prevent people from guessing wrong no matter how able or how experienced they may be. Carefully laid plans will miscarry because the unexpected and even the unexpectable will happen. Disaster may come from a convulsion of nature or from the weather, from your own greed or from some man's vanity; from fear or from uncontrolled hope. But apart from what one might call his natural foes, a speculator in stocks has to contend with certain practices or abuses that are indefensible morally as well as commercially."17- "But today, a '"an is trading in everything; almost every industry in the world is represented. It requires more time and more work to keep posted and to that extent stock speculation has become much more difficult for those who operate intelligently."
This book is excellent. Great for beginners to seasoned veterans. However, this publisher/editor that released this copy did a terrible job on this book. It is riddled with grammar and spelling errors. This book must be public domain so this company just threw it together without even running a thorough spell check. Do yourself a favor and spend a few dollars extra and go with another publisher on Amazon. Here is just a snippet...
A timeless classic! This book examines the thoughts, strategies, and practices of one of the all time best speculators. The author uses a pseudo name for the character. The subject is Jesse Livermore. Livermore has often been quoted by modern day market guru's, for good reason. He was perhaps the first to understand the power of the trend. His methods are as sound today as they were in his time. I first heard of Livermore while studying William J. O'Neil's masterpiece "How to Make Money in Stocks." Reading this book, along with the actual writings of Livermore, it's easy to see how O'Neil was inspired by his work. If you are a serious trader or just getting started, this is a book to add to your study.
This is a historical fiction that follows the real life of Jesse Livermore, one of the greatest stock/commodity traders in U.S. history. I highly recommend that you read this in conjunction with the biography of Jesse Livermore. You need to have both perspectives to understand the whole person. .While there is much to learn from Livermore's investing rules, his life is more like a Shakespearean tragedy. He was obsessed with stock trading and speculation, to the point of addiction. With great personal discipline, he mastered the art of taking big risk for a gigantic reward. However, his personal life was a mess that led to his downfall and suicide. His personal life was in many ways the exact opposite of his stock trading life: no rules, no discipline, no insight, and lavish living with no limits. Overall a very sad story.
In the age of Reg FD and high frequency trading, how insightful can the 'reminiscences of a stock operator'/expert 'tape reader' from almost a century ago be? It turns out, quite a bit. Although the tools may have changed, human psychology is still the same and the book is full of insights that anyone who has played around in the market or chosen it as a career will surely appreciate. There are also a number of fun stories depicting the wild ride of investing in the markets before regulations really kicked in.The book isn't the easiest to digest though and parts do tend to drag due to datedness or loose structuring. By that, I mean there isn't much cohesion to the book.I firmly believe anyone who invests themselves will get something out of this book. As an aside, I read the attractively priced Kindle edition - fine, but there were a number of typos and copy editing issues.
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