Reminiscences of a Stock Operator
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- Create Date：2021-07-19 06:54:04
- Update Date：2025-09-06
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- Author：Edwin Lefèvre
- ISBN：1946963062
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Summary
Facsimile of 1923 Edition。 First published in 1923， Reminiscences is a fictionalized account of the life of the securities trader Jesse Livermore。 Despite the book's age， it continues to offer insights into the art of trading and speculation。 In Jack Schwager's Market Wizards， Reminiscences is quoted as a major source of stock trading learning material for experienced and new traders by many of the traders who Schwager interviewed。 The book tells the story of Livermore's progression from day trading in the then so-called "New England bucket shops，" to market speculator， market maker， and market manipulator， and finally to Wall Street where he made and lost his fortune several times over。 Along the way， Livermore learns many lessons， which he happily shares with the reader。 The book is considered an investment classic。
Reviews
Girish Joshi
，
There was nothing new under the sun。I was recommended this book about two months ago by a dear friend from my high school days。 He had noticed that I was reading books on trading and investments。 He said that this book is quite popular with the insiders of the finance industry， and not so much with the general public。 He was right， as a general public， I had never crossed my paths with this book， and I might never have if not for my friend who works with the leading investment bank。 He told There was nothing new under the sun。I was recommended this book about two months ago by a dear friend from my high school days。 He had noticed that I was reading books on trading and investments。 He said that this book is quite popular with the insiders of the finance industry， and not so much with the general public。 He was right， as a general public， I had never crossed my paths with this book， and I might never have if not for my friend who works with the leading investment bank。 He told me that Reminiscences of a Stock Operator was a historical fiction loosely based on the life of the famous American trader Jesse Livermore。 I had never heard of Jesse Livermore; so I did what people do when they do not know about something or someone。 I checked the Wikipedia page。 It read: At one time， he was one of the richest people in the world; however， at the time of his suicide， he had liabilities greater than his assets。 It was then I knew I was going to read this book。 If you are reading this， Kumar Ayush， thank you for this recommendation。 "Are you a good shot？""Well，" said the duellist， "I can snap the stem of a wineglass at twenty paces，" and he looked modest。"That's all very well，" said the unimpressed second。 "But can you snap the stem of the wineglass while the wineglass is pointing a loaded pistol straight at your heart？" An unexhaustive list of insights from this textbook of speculation disguising as a historical novel based on the life of Jesse Livermore （pioneer of day trading）: 1。 There never is anything new on Wall Street， because speculation is as old as the hills。2。 There is only one side to the stock market; and it is not the bull side or the bear side， but the right side。 Therefore， in a bull market trade with the bulls， and in a bear market trade with the bears。3。 Never argue with the tape。 （I guess it means price action？！） Tape is your telescope。4。 You do not know until you bet。 The game teaches you the game。5。 Human nature condemns virtually everyone to being a sucker。 6。 Never trade to get even or in an effort to buy something in particular。7。 Being adaptable is more important than being smart or rich。8。 Believe in yourself and your judgement， don't believe on tips。9。 If the unusual never happen then there would be no difference in people， and there would not be any fun in life。10。 Guessing develops a man's brain power。11。 No man can consistently beat the stock market。12。 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！13。 No diagnosis， no prognosis。 No prognosis， no profit。14。 They say you never grow poor talking profits。 No you don't。 But neither do you grow rich taking a four-point profit in a bull market。 The big money is not in the individual fluctuations， but in the main movements。15。 It never was my thinking that made the big money for me。 It was always my sitting。 Got that？ My sitting tight！ Men who are both right and sit tight are uncommon。 16。 It is sin to change your mind on a position after receiving well-meaning， persuasive but erroneous guidance from a colleague or a friend。17。 Remember that stocks are never too high for you to begin buying or two low to begin selling。 But after the initial transaction， don't make a second unless the first shows you a profit。18。 Those who confine themselves too closely to statistics are poor guides。 There is nothing so fallacious as facts， except figures。19。 After a man makes money in stock market he very quickly loses the habit of not spending。 But after he loses his money it takes him a long time to lose the habit of spending。20。 The business of the trader in commodities is simply to get facts about the demand and the supply， present and prospective。 He does not indulge in guesses about a dozen things as he does in stock market。 21。 The man who is right has two forces working in his favour — basic conditions and the men who are wrong。22。 It's inseparable from human nature to hope and to fear。 When market goes against us we hope that every day would be our last day。 And when market goes our way we fear that the next day will take away all our profits。 A successful trader has to reverse these natural impulses。 Instead of hoping he must fear; instead of fearing he must hope。23。 If I am walking along a railroad track and I see a train coming toward me at sixty miles an hour， do I keep on walking on the ties？ Friend， I side-step。 And I do not even pat myself on the back for being so wise and prudent。24。 The only thing to do when a man is wrong is to be right by ceasing to be wrong。25。 I am firmly convinced that the public's losses would be greatly reduced if no anonymous statements of a bullish nature were allowed to be printed。 I mean statements calculated to make the public buy or hold stocks。26。 There is no asphalt boulevard to success in Wall Street or anywhere else。 Why additionally block traffic？Also， this was the first book I read that had interesting footnotes。 In fact， it was hard to be able to read this book without the footnotes。 There were some things which went completely over my mind， I guess it will be a tough read for the uninitiated， so I wouldn't recommending to those who are about to sail in the markets for the first time。 。。。more
Tania Kiltyka
，
One thing I have learnt from book is how Americans are always making deals despite everything。 They are inventive and sometimes to much assertive but they are making deals nearly always。 I’m not a trader not even beginner but I found this book a good one for those who wants to understand market trends as well as become a good trader。
Ally Light
，
I was very close to giving this book a 1 star， but come to think， I definitely got something out of this book。Livermore， the real protagonist in the book， came off as a gambler， and nothing more than any other human on the street。 I only know of the book because of the Smartest Guys in the Room about Enron scam。 I surely found the book very relevant that Enron traders was asked to make it a mandatory read。And maybe I saw thing that they didn’t see， wasn’t his tragic ending of many endlessly gree I was very close to giving this book a 1 star， but come to think， I definitely got something out of this book。Livermore， the real protagonist in the book， came off as a gambler， and nothing more than any other human on the street。 I only know of the book because of the Smartest Guys in the Room about Enron scam。 I surely found the book very relevant that Enron traders was asked to make it a mandatory read。And maybe I saw thing that they didn’t see， wasn’t his tragic ending of many endlessly greedy and foolish human beings ending？ How do we not see Enron coming？ Why are we applauding wealth and wealth only？ Is it so hard to ask for some true virtuous act， not some bullshit tax invasion？Such a disappointing read。 I walked in finding it very entertaining and was hoping for some sound small pond little shrimp financial advises， well that’s definitely NOT the book to read！ 。。。more
Ahmad Nazeri
，
A must read for anyone interested on the topic
Pascal
，
I'd read it again。。。 great insight into the growth of a stock operator at the turn of the 20th century。 Technology has changed but people haven't。。。 I'd read it again。。。 great insight into the growth of a stock operator at the turn of the 20th century。 Technology has changed but people haven't。。。 。。。more
Alexander Zvonov
，
Околохудожественная книга о спекулятивной торговле， впервые изданная 100 лет назад и до сих пор не утратившая актуальности。 Принимая во внимание специфическую тематику， заходит достаточно легко и непринужденно。
Maqsood Ali
，
Doing day trading in current times， I can still relate to nearly 95% of the material in the book。 This book has so much wisdom and gives and insight in the workings of a stock market from an operators perspective。
Henz Carlenry
，
This story is really amazing。
Ngoc
，
Điểm cộng （1） là những chia sẻ của tác giả rất thật thà， ông thản nhiên thừa nhận và xác định mục tiêu của mình ngay từ đầu đó là "đầu cơ chứ không đầu tư"。 Vì sao？ Bạn có thể mua cổ phiếu và chờ 10-20 năm để chờ giá lên， nhưng trong khoảng 10-20 năm đó bạn sẽ sống tạm bợ ư？ Không， ông chọn kiếm tiền nhanh nhất có thể và hưởng thụ cuộc sống của mình ở thời điểm hiện tại hơn。 （2） tác giả cũng rất kiên cường và độc lập， ông lựa chọn làm việc 1 mình， quyết định 1 mình và suy xét 1 mình thay vì kết Điểm cộng （1） là những chia sẻ của tác giả rất thật thà， ông thản nhiên thừa nhận và xác định mục tiêu của mình ngay từ đầu đó là "đầu cơ chứ không đầu tư"。 Vì sao？ Bạn có thể mua cổ phiếu và chờ 10-20 năm để chờ giá lên， nhưng trong khoảng 10-20 năm đó bạn sẽ sống tạm bợ ư？ Không， ông chọn kiếm tiền nhanh nhất có thể và hưởng thụ cuộc sống của mình ở thời điểm hiện tại hơn。 （2） tác giả cũng rất kiên cường và độc lập， ông lựa chọn làm việc 1 mình， quyết định 1 mình và suy xét 1 mình thay vì kết hợp với người khác， hay bị hoảng theo thị trường， kiểu "tự làm tự chịu"。 Và lần duy nhất hiếm hoi bị lung lay với quyết tâm đó， ông đã phải trả giá không chỉ tiền bạc mà còn cả lòng tự tôn。 （3） là qua hồi ức của tác giả， người đọc có thể nắm được khái quát lịch sử phát triển， sụp đổ， gượng dậy， cách thức giao dịch của CK Mỹ thời kỳ đó， mình không nhớ được mốc thời gian nhưng thấy cũng thú vị。 Điểm trừ là quyển sách không đáp ứng được expectation của mình。 Và mình vẫn chưa hiểu tác giả viết ra nó để làm gì？ - Để kể lại cuộc đời đầu cơ thăng trầm nhưng đã thành công của mình， insprire mọi người hay khoe mẽ về sự thành công đó？ - Oh no， văn viết của tác giả trình bày mạch lạc， từ ngữ đơn giản， rõ ràng nhưng chỉ ở mức trung bình， nhiều tình tiết lặp lại nhiều lần nhưng vẫn được tả "thừa" mỗi lần nên đọc khá chán， cảm xúc truyền tải đến người đọc cũng kém。- Để chia sẻ các kinh nghiệm cho những người đi sau - Oh no luôn， tác giả chủ yếu kể về cuộc đời mình， những lần đầu cơ thành công， thất bại， các câu chuyện đồn thổi， lâu lâu trong quá trình kể lể tác giả sẽ leak ra vài "đúc kết kinh nghiệm" tạo thành các bài học， rất lẻ tẻ và thiếu hệ thống。 Các lời khuyên đọc được trong sách mình cũng quên ngay khi dở qua trang sau， vì đa phần nó khá cơ bản và nhàm tai rồi， kiểu "Đừng quá tin thị trường， đừng chống lại nó， hãy kiên định， bla bla"。 *** Bài học rõ ràng nhất mình nhớ được là: nếu 1 CP dao động liên tục gần 1 mốc nào đó cao hơn tất cả các đỉnh giá của nó trong quá khứ nhưng mãi chưa vượt qua được， thì 1 khi vượt được， nó sẽ tiếp tục tăng giá rất mạnh。 *** 。。。more
JV
，
Great book but read Livermore's biography first （A Boy Plunger）it's even better！ Great book but read Livermore's biography first （A Boy Plunger）it's even better！ 。。。more
Mubita Mwangelwa
，
An interesting read
Inversor2185
，
Tanta fama para nada。。。Lo interesante del libro son unos pocos párrafos， el resto me ha parecido un tedio。Ademas， los párrafos que han resultado interesantes， tampoco dicen nada nuevo que no este en otros libros。
James K Worswick
，
This book absolutely contradicted my method of investing of only using fundamental analysis。。。 I loved it！The lessons provided on psychology are also timeless。
Nicholas G。
，
About Larry Livingston， a legendary trader who rises from playing bucket shops to cornering markets。 “Well you know， it’s a bull market”， was the simplest and best advice not to lose your position by selling too early。 “Never buy cheap”， try to time your buys so that you buy on the way up （same for sells）， so that you can confirm you are right。 Wait for the breakout that confirms the trend of least resistance。Trading involves “intelligent patience”。 When you speculate wrong， take it on the chin About Larry Livingston， a legendary trader who rises from playing bucket shops to cornering markets。 “Well you know， it’s a bull market”， was the simplest and best advice not to lose your position by selling too early。 “Never buy cheap”， try to time your buys so that you buy on the way up （same for sells）， so that you can confirm you are right。 Wait for the breakout that confirms the trend of least resistance。Trading involves “intelligent patience”。 When you speculate wrong， take it on the chin and don’t take it personally。 Learn from your trades。 。。。more
Maire Forsel
，
Päris uskumatu， et üks nii ammu kirjutatud raamat veel tänapäevalgi aktuaalne on， aga nagu autor ütleb: "Wall Streetil pole midagi uut。 Ei saagi olla， sest spekuleerimine on sama vana kui inimkond。 Mis iganes juhtub aktsiaturul täna， on juhtunud varem ja juhtub hiljem。" （lk 411）Samas ei pea tänapäeval enam infot lindilt lugema ja kauplemine on tänu internetile ikka uskumatult mugav。 Ei kujuta ettegi， et peaks aktsiate ostmiseks-müümiseks kuhugi kohapeale jooksma või telefoni teel korraldusi andm Päris uskumatu， et üks nii ammu kirjutatud raamat veel tänapäevalgi aktuaalne on， aga nagu autor ütleb: "Wall Streetil pole midagi uut。 Ei saagi olla， sest spekuleerimine on sama vana kui inimkond。 Mis iganes juhtub aktsiaturul täna， on juhtunud varem ja juhtub hiljem。" （lk 411）Samas ei pea tänapäeval enam infot lindilt lugema ja kauplemine on tänu internetile ikka uskumatult mugav。 Ei kujuta ettegi， et peaks aktsiate ostmiseks-müümiseks kuhugi kohapeale jooksma või telefoni teel korraldusi andma。 Seda raamatut lugedes tekkis mul mitmel korral küsimus， et millal on inimesel vara piisavalt？ Sest tundub， et kirglikud kauplejad elavad selleks， et kaubelda， mistõttu ka pankrotti minemise risk on ülimalt suur。 Oleks ju mõistlik mitte kogu oma vara mängu panna， aga selle raamatu peategelane läks pidevalt täispangale， mis tähendas seda， et kaotaski kõik lausa mitu korda elu jooksul。 Ilmselgelt andekas mees， sest suutis mitmel korral uuesti tuhast tõusta ja miljonäride hulka jõuda。Aga jah， selles mõttes õpetlik， et kusagil võiks olla mingi piir iseenda jaoks， kust edasi enam suuri riske ei võtaks。Joonisin siin mitmeid kohti alla ja panin järjehoidjaid vahele ja kui lõppu jõudsin， siis avastasin， et needsamad minu allajoonitud mõtted on raamatu lõpus eraldi tsitaatidena ära toodud。 Neid lõpulehekülgi võikski mõnikord meeldetuletuseks lugeda。 。。。more
Jamie
，
Edwin Lefèvre is the perfect novelist to write this book。 It's a prime example of someone writing what they know。 He made it so believable that it almost seem like Jesse Livermore is back from the grave smoking cigarettes with me while he tells me about all his speculations back in the days。 I'd have to be a trader for 20 years before writing a paragraph like Edwin's in this brilliant masterpiece。 Man， he writes so well。As for Jesse Livermore， you taught me so much， more than any trading book ou Edwin Lefèvre is the perfect novelist to write this book。 It's a prime example of someone writing what they know。 He made it so believable that it almost seem like Jesse Livermore is back from the grave smoking cigarettes with me while he tells me about all his speculations back in the days。 I'd have to be a trader for 20 years before writing a paragraph like Edwin's in this brilliant masterpiece。 Man， he writes so well。As for Jesse Livermore， you taught me so much， more than any trading book out there。 You have shown purity in the search for the holy grail。 You have figured out the game and you'll forever be an inspiration to me。 A fucking legend， you are。 。。。more
Dennis Willems
，
A great read on the mechanics of past day stock trading， but even more on the mindset and psychology of a trader。In the days of crypto market trading， the old tales are much more applicable in the current day than one would hope。 Insights on manipulations and the strategies of parties involved is laid out in a cool ‘old times vibe’， but the mechanics behind it are still at work today。 A book which all new age ‘investors’ should read， in order to open their eyes to the fact that speculation is fu A great read on the mechanics of past day stock trading， but even more on the mindset and psychology of a trader。In the days of crypto market trading， the old tales are much more applicable in the current day than one would hope。 Insights on manipulations and the strategies of parties involved is laid out in a cool ‘old times vibe’， but the mechanics behind it are still at work today。 A book which all new age ‘investors’ should read， in order to open their eyes to the fact that speculation is fundamentally a different game from investing。 A game in which the simple retail stock buyer is unlikely to emerge a winner。 。。。more
Robert Dormer
，
So before you read this book， a caveat you should keep in mind: it was written a century ago。 In case you haven't heard， things have changed a bit since then。 The stock market most certainly has， and most of the insider driven market manipulation written about here is not only of precious little value to the average trader， but shall we say， heavily frowned upon by the SEC at this point。 Has been for quite some time。 You should also keep in mind that Lawrence Livermore killed himself after losin So before you read this book， a caveat you should keep in mind: it was written a century ago。 In case you haven't heard， things have changed a bit since then。 The stock market most certainly has， and most of the insider driven market manipulation written about here is not only of precious little value to the average trader， but shall we say， heavily frowned upon by the SEC at this point。 Has been for quite some time。 You should also keep in mind that Lawrence Livermore killed himself after losing a massive fortune。 This was the third or fourth time， mind you， but this time he went from briefly being the world's richest man to。。。。not even close。 So while you should take a lot of this old timey advice with a generous pinch of salt， there are some things that never change。 The descriptions of the psychology of the uniformed， tip-seeking crowds （the bag holders or sheep， depending on who you ask） ring just as true today as when they were written。 There are certainly quite a few timeless gems to be found in this book - you'll just have to pick through a lot of tedium and endless descriptions of trading techniques that are now of historical interest only to find them。 I mean， I trade， and I thought that the detailed descriptions of trading got a little boring at times。 Worth a read for the experience if you're a trader， but don't be surprised if it's not the most enjoyable book you read this year。 。。。more
Новиков Никита
，
Скорее реально воспоминания。 Послушать можно， но уроков много не извлечёшь
Gabriel Stein
，
Brilliant。 A must for anyone who owns as little as one share， let alone more than that。
Omar
，
A book about trading and behavioral finance that is still relevant today。 Great read for anyone interested in this space。
Cameron
，
An excellent book recounting the stories and lessons of a Stock Operator。 I quite enjoyed this book as it's an intoxicating mix of personal story within the trading world as well as lessons and learningsTakeawaysBe right and sit tight， make the correct move and then have the conviction to sit with your decisionCommodities of the same group usually rise together so you can follow laggards （Unless there's a specific reason）Inside selling - bearish， inside selling bullishThere's also a lot about ma An excellent book recounting the stories and lessons of a Stock Operator。 I quite enjoyed this book as it's an intoxicating mix of personal story within the trading world as well as lessons and learningsTakeawaysBe right and sit tight， make the correct move and then have the conviction to sit with your decisionCommodities of the same group usually rise together so you can follow laggards （Unless there's a specific reason）Inside selling - bearish， inside selling bullishThere's also a lot about market manipulation， media manipulation and insider trading which is very fascinating especially how it relates to the crypto market。 。。。more
Passant Rashad
，
I don't know why this book is highly rated。 Though it is a very entertaining book， there is very little to learn。 He tries to portrait himself as a logical speculator not a gambler。 Though throughout the book， it is evident that he was gambling。 It baffles me how he attempts every time to analyze his failures and never for once considered that he was gambling。 This is a man who made and lost his entire fortune an ample of times。 He once bought a stock he didn't even remember its name because the I don't know why this book is highly rated。 Though it is a very entertaining book， there is very little to learn。 He tries to portrait himself as a logical speculator not a gambler。 Though throughout the book， it is evident that he was gambling。 It baffles me how he attempts every time to analyze his failures and never for once considered that he was gambling。 This is a man who made and lost his entire fortune an ample of times。 He once bought a stock he didn't even remember its name because the whole market was bullish。 Another time he shorted a stock because he had a FEELING！ When his friend asked him why， he said no reason I just felt like shorting it。 The only parts of the book that are worth reading， are the last couple of chapters about the market manipulations。 Whether you find the idea appalling or not， it is based on logic and not just luck。 This is were his brilliance actually materialized。 Though it is completely irrelevant to today's market （you need to be a trillionaire to own the market like he did， though I believe his methods are still done in a smaller scale）。 Though it is enigmatic why people are still following the father of technical analysis up until now， though the father himself lost his entire fortune and killed himself playing this game。 。。。more
Steven
，
It is definitely not bad or uninteresting， but you really have to be in the correct mindset regarding your expectations。 This book is about the operations of a stock trader/manipulator and as such singularly focused on this topic。 Worth your time if you are interested in these matters， but lacking in other aspects and as such not suitable for the general reader without any background or special interest。
Brian Sachetta
，
It’s definitely hard to judge this one fairly。 After all， it was written in 1923 — almost 100 years ago at the time of this review。 That said， I did try to give it a little more leeway with its narrative， knowing it’s essentially a relic at this point。On the positive side， there are definitely a few solid takeaways for traders and those who follow the public markets。 Lefèvre goes out of his way to say that his advice is always of a more broad level than that of the “stock tip” type。 This is a fa It’s definitely hard to judge this one fairly。 After all， it was written in 1923 — almost 100 years ago at the time of this review。 That said， I did try to give it a little more leeway with its narrative， knowing it’s essentially a relic at this point。On the positive side， there are definitely a few solid takeaways for traders and those who follow the public markets。 Lefèvre goes out of his way to say that his advice is always of a more broad level than that of the “stock tip” type。 This is a fairly clear theme throughout the work， and it both keeps him out of trouble with those who heed his advice and makes it more timeless。On the negative side， this one feels like a bit of a journal at times。 Especially since the book is now ~100 years old， these journal-like stories don’t hit the reader like they probably did in 1923。 Again， I tried to give some leeway here given the book’s age， but still， when so much of the work reads like a journal， it inevitably becomes a bit less interesting and engaging。So， overall， I’d say this one is a bit of a mixed bag for me。 I’m sure it was more entertaining back in the day， but today， I found it to be just okay。 I certainly wrote down some notes and will consider those takeaways in my future dealings in the market， but I will also remember the slow pace at which Lefèvre revealed them。-Brian SachettaAuthor of “Get Out of Your Head” 。。。more
Craig
，
When I was learning to trade stock options several decades ago， this was one of two books everyone said was must-reading。Though SEC regulations make impossible many of the things the subject and his cohorts did， the "rules" of trading remain relevant today （and well into the future）。I remembered this book today （and am writing this belated review） because of a discussion I was having about Bitcoin and cryptocurrencies。 Now that the "market cap" of Bitcoin is over $1 trillion， and many big Wall S When I was learning to trade stock options several decades ago， this was one of two books everyone said was must-reading。Though SEC regulations make impossible many of the things the subject and his cohorts did， the "rules" of trading remain relevant today （and well into the future）。I remembered this book today （and am writing this belated review） because of a discussion I was having about Bitcoin and cryptocurrencies。 Now that the "market cap" of Bitcoin is over $1 trillion， and many big Wall Street players are getting involved， I expect there will be some of the manipulation and shenanigans that used to be prevalent on the NYSE。 There's nobody regulating or even monitoring cryptos to prevent or expose it。 。。。more
Christophe Meyer
，
Manipulations of the stock market in the early 1900's Manipulations of the stock market in the early 1900's 。。。more
Sean S
，
Reads as a very informal conversation with a real swell chap。 Interesting blast from the past， but I didn't care much for his omniscient perspective on everything， or his contradictions in logic。 Sometimes its all about the tape， other times its about general conditions， other times its about inside information。 At once he takes tips， heeds information， at other times he is so sure of himself he could not be swayed by any diety or god。 Still， it gives some anecdotal insight into the wheeling and Reads as a very informal conversation with a real swell chap。 Interesting blast from the past， but I didn't care much for his omniscient perspective on everything， or his contradictions in logic。 Sometimes its all about the tape， other times its about general conditions， other times its about inside information。 At once he takes tips， heeds information， at other times he is so sure of himself he could not be swayed by any diety or god。 Still， it gives some anecdotal insight into the wheeling and dealing of the stock market， and more reason to see why the deck is stacked against us mortal 'retail traders'。 。。。more
Filip Grochowina
，
Must-read for any trader or investor
Alastair Woodward
，