Reminiscences of a Stock Operator

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This book by Edwin Lefevre is the annotated edition. Jon Markham has added commentary in the margins all through the book to the characters, times, locations in the book adding local colour and background information that would have been obvious to a contemporary reader in the 1920’s. This edition also has a forward by Paul Tudor Jones.

There are quite a few versions and editions of this book available but this annotated version is my recommendation.

The book is a biography of the legendary trader Jesse Livermore who went from great riches to completely bust several times before eventually committing suicide.

Almost every saying you have heard about trading comes from this book (certainly most of the ones I have ever heard)

“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.”

“The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.”

“The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think.”

“I don’t know whether I make myself plain, but I never lose my temper over the stock market.  I never argue with the tape.  Getting sore at the market doesn’t get you anywhere.”

“Losing money is the least of my troubles. A loss never troubles me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does the damage to the pocket book and to the soul.”

“A prudent speculator never argues with the tape.  Markets are never wrong, opinions often are.”

“People who look for easy money invariable pay for the privilege of proving conclusively that it cannot be found on this earth.”

This book will not tell you how to trade! It is more about the mindset and psychology of trading. I enjoyed it!

Originally posted 2017-05-02 14:23:28.