| Reminiscences of a Stock Operator (Wiley Investment Classics) |  | Author: Edwin Lefèvre
Creator: Roger Lowenstein
Publisher: Wiley
Category: Book
List Price: $21.95
Buy New: $11.72
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Rating:  214 reviews
Sales Rank: 5,328
Media: Paperback
Edition: Revised
Pages: 288
Number Of Items: 1
Shipping Weight (lbs): 0.7
Dimensions (in): 8.4 x 5.4 x 0.9
ISBN: 0471770884
Dewey Decimal Number: 332.64273
EAN: 9780471770886
ASIN: 0471770884
Publication Date: January 17, 2006
Availability: Usually ships in 1-2 business days
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| Editorial Reviews:
Amazon.com Review
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 Reminiscences of a Stock Operator by Edwin Lefèvre. Reminiscences of a Stock Operator is the thinly disguised biography of Jesse Livermore, a remarkable character who first started speculating in New England bucket shops at the turn of the century. Livermore, who was banned from these shady operations because of his winning ways, soon moved to Wall Street where he made and lost his fortune several times over. What makes this book so valuable are the observations that Lefèvre records about investing, speculating, and the nature of the market itself. For example: "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." If you've ever spent weekends and nights puzzling over whether to buy, sell, or hold a position in whatever investment--be it stock, bonds, or pork bellies, you'll be glad that you read this book. Reminiscences of a Stock Operator is full of lessons that are as relevant today as they were in 1923 when the book was first published. Highly recommended. --Harry C. Edwards
Product Description
"Although Reminiscences...was first published some seventy years ago, its take on crowd psychology and market timing is a s timely as last summer's frenzy on the foreign exchange markets."
âWorth magazine "The most entertaining book written on investing is Reminiscences of a Stock Operator, by Edwin Lefèvre, first published in 1923."
âThe Seattle Times "After twenty years and many re-reads, Reminiscences is still one of my all-time favorites."
âKenneth L. Fisher, Forbes "A must-read classic for all investors, whether brand-new or experienced."
âWilliam O'Neil, founder and Chairman, Investor's Business Daily "Whilst stock market tomes have come and gone, this remains popular and in print eighty years on."
âGQ magazine First published in 1923, Reminiscences of a Stock Operator is the most widely read, highly recommended investment book ever. Generations of readers have found that it has more to teach them about markets and people than years of experience. This is a timeless tale that will enrich your lifeâand your portfolio.
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| Customer Reviews:
Showing reviews 1-5 of 214
 Greatest book on stock trading ever written September 1, 2010
bobby
This book was written in 1923 and to this date remains one of the best books on stock investing ever written. Its a fun read. I have listened to this book as an audio book as well, and I have to say that Rick Rohan has one of the best voices in audio books. You can listen to a preview at [...] and decide for yourself. (You can click on the audio icon below the symbol for book and listen to audio clip)
The book is still relevant because the stock market is human nature on daily display and human nature will never change.
Some of the priceless pieces of advice in this book are -
Study general conditions affecting the market or economy
Study the tape (stock prices) to decide when to begin to buy a stock
Begin to accumulate your line at exactly the right time which Larry Livingston (pseudonym for Jesse Livermore) refers to as pivot points
Let the market tell you when to take profits or cut your losses short
Be continuously bullish in a bull market 'Its a bull market you know'
I could go on and on but then I will never finish.
The more things change August 8, 2010
Heat
Although this book was written in 1923, much of what it contains is ageless advice for investors. As the protaganist Livermore himself says in the book, nothing has ever really changed in the stock market. As evidence, he cites anecdotes from as early as 1867! There is nothing specific in here for anyone, and little of fundamentals, but for those interested in the human or psychological side of the market, this book will prove invaluable. Livermore was one of the greatest traders of the early part of this century...mostly known as a short trader. He was a kind of momentum trader before that term even existed. The book consists of series of observations and stories by Livermore related to his friend LeFevre, the author. You will feel as if you are sitting across the table from Livermore drinking coffee or beer, enjoying many tales of how to trade in the market. Although short on specifics, the book is chock full of advice on how to govern oneself and anticipate movements in stocks. Some examples....Livermore never took tips from anyone else, and never trusted them. He states many times that each investor should develop their own system, and stick to it. The sticking to it is the most important part...as evidence he cites a colleague with a system radically different from his, who was also successful, who went away from his own system at a critical time and lost millions. He also gives the readers a great exposition of his own system, which started out strictly as what we might call day trading on technical indicators (what he calls "watching the tape") but was greatly strengthened when he also learned to factor in fundamentals (what he calls "the big picture"). This is a very good, well-written read with many amusing anecdotes as well, such as the time his wife tried to trade without his knowledge or the tale of caution regarding two traders who insisted on believing "inside tips" to their great harm. Livermore at the end of the day was more speculator than investor (as he freely admits), and he never could seem to quit. He made millions and lost them over and over again...although when he died he was worth $5 million, we learn from this book that this was only because he put a few million in trust funds that he was not allowed to touch under any circumstances! Although he suffered from a "gambling fever" approach that he never could quite escape, he did in fact "know himself" well enough to make millions, over and over again repeatedly. For those wanting well-written insight into the human side of the market sprinkled with interesting and often amusing anecdotes, this is a MUST READ.
This Book Made Me Money June 7, 2010
C. Oliver (Worcester, MASSACHUSETTS United States)
In the awkward and werid markets we've had in the last year and half or so, I decided i would start investing in stock markets after doing it for awhile when I was in high school and stopping for three years in high school. I was no amateur, but I was no professional either. I started off with 2 thousand dollars and got killed in the market, buying long and selling it after a point or two, holding onto a stock as it took a nose dive, consolidating, all the stuff I'd trained myself not to do when I was working with a professional trader "a friend of my mother's," after school on my senior year. I picked up this book, it was always in my collection, but I wasn't paying attention to it, and hadn't read it.
I read it straight through. All the happening advice, all the small anecdotes, eventually built up my ability to understand the market. One statement in particular came striking back at me, with the stock STEC which I got into at 23, watched it spring up to 43 (mind you, 8 other stocks had failed by this point, but I'd learned to cut my losses short) and sold it at 38. I knew there was something wrong about it, it's moves jerky, it's actions wrong. It was unhealthy, something was up, the owners had dumped their stocks a month before, and I remembered what Jesse Livermore said, "If I shouldn't be long in it, I should be short in it," or something to that extent, and I bought puts in the stock at twenty four, after it broke it's 28 low, and I watched it drop in a very short time to 14 dollars amidst scandal and then inch down to 11. It was a great day for me and it was all because i read this book and remembered those little ideas (though lucky for me the trade turned out better than his, when he was taking someone elses advice).
I made enough money to pay for my last year of college. A few other books I read:
Stan Weinstein's Secrets for Profiting in Bull and bear Markets
Martin Zweig's Winning on wall Street.
Van Tharp Trade Your Way to Financial Freedom
Gerald Loeb The Battle For Investment Survival
All of William O'Neil
All of Nicolas Darvas
Michael Covel Trend Following
The Five Rules of Successful Stock Investing
Benjamin Graham The Intelligent Investor and Security Analysis
Philip A. Fisher Common Stock and Uncommon Profits
These books helped me develop a winning strategy that I hope will make me a good deal of money.
The Reminiscences Of A Stock Operator - Written Almost A Century Ago And Still As Relevant Today June 7, 2010
A J Meade (London, UK)
Watch Video Here: http://www.amazon.com/review/R38R5P3IZM6IG9 This book is a timeless classic. Written nearly a century ago, traders are still learning the same lessons today and the only book of its kind handed down over the generations.Reminiscences of a Stock Operator (Wiley Investment Classics)
A book that got me into trading March 19, 2010
Socrates Socrates
2 out of 2 found this review helpful
This is among the books, if not the only one, that got me started in trading. So many reviewers have said more than I can. My feeling is if after reading this book you do not like it, then the probably is close to certainty that trading is not for you. It's been many years since I read the book and I still have to find what the book missed in terms of markets and market participants.
Showing reviews 1-5 of 214
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