Reminiscences of a Stock Operator
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- Type：Epub+TxT+PDF+Mobi
- Create Date：2021-10-31 07:52:23
- Update Date：2025-09-06
- Status：finish
- Author：Edwin Lefèvre
- ISBN：0471770884
- Environment：PC/Android/iPhone/iPad/Kindle
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Summary
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 life--and your portfolio。
Reviews
Udit Srivastava
，
This is a difficult but wonderful read。 Since I didn't have a context to a lot of situations described in the book， it made it lesser engaging in terms of storyline。 The most amazing aspect about the book is how the market participants behave in a similar fashion across timelines。 You could literally see a lot of manipulations in the market exactly in the same way as described in the book which is written about a century back。 My key takeways from the book-1。 Never rely on tips and trust your ow This is a difficult but wonderful read。 Since I didn't have a context to a lot of situations described in the book， it made it lesser engaging in terms of storyline。 The most amazing aspect about the book is how the market participants behave in a similar fashion across timelines。 You could literally see a lot of manipulations in the market exactly in the same way as described in the book which is written about a century back。 My key takeways from the book-1。 Never rely on tips and trust your own judgements2。 Follow the trend（ if you're trading）3。 Understand how manipulation happensOverall， a good read for anyone who takes interest in markets。 Highly recommended for traders/speculators。 。。。more
Brianna Bryant
，
It is a timeless classic。 It is amazing how human psychology was exactly same almost even a century ago and how our relationship with stocks， money and gambling is still as same as it was back then。
John
，
Disappointing overrated and dull。This is not a book about investing， although it regularly gets classified as such。This is a dry book centred around the general mindset of a speculator。 "The reminiscence of a gambler" would have been a better title。This would be a good back story for spread betters， CFD players and other gamblers although even they wouldn't learn anything new。There is some interesting historical information about the bucket shop industry in the early twentieth century， in fact t Disappointing overrated and dull。This is not a book about investing， although it regularly gets classified as such。This is a dry book centred around the general mindset of a speculator。 "The reminiscence of a gambler" would have been a better title。This would be a good back story for spread betters， CFD players and other gamblers although even they wouldn't learn anything new。There is some interesting historical information about the bucket shop industry in the early twentieth century， in fact this is often quoted as one of the major references to that subect。 Hedge funders recommend it because it resonates with their addictive personalities and behaviour rather than identifying any valuable lessons for success for the average trader。We learn that the protagonist loses as much as he gains but is driven by the game rather than the winnings。 There are some useful quotes worthy of a takeaway for those interested in this field and here there are lessons in behaviour and mindset for traders。However little technical or strategic advice is given。 He has systems but he doesn't reveal them and they are mostly based on identifying mathematical patterns from observation rather than statistical analysis of historical trends。There is little if any fundamental insight into the businesses behind the assets he trades or speculates on the price movement of。A speculator is not interested in the underlying asset， just the short term movement of the price index and the split second gains that can be made。It's a classic but not in the sense of "The Intelligent investor" or a "Random walk down wallstreet"。Theres is very little information for investors or finance enthusiasts here。A dry piece of very niched historical fiction。 。。。more
Ernesto Alcantara
，
A lot has been written about this book。 It’s been almost 100 years since it was first published。 I’ll add my comments anyway。I enjoyed the Sunday comic strip style it was written and narrated in。 A lot of throw back words give you a flavor of the times the story takes place。 But the markets have remained very much the same because “human behavior remains the same”。 Also the psychological factors that drive those behaviors “fear， greed and hope” have not changed。Timeless nuggets of wisdom in almo A lot has been written about this book。 It’s been almost 100 years since it was first published。 I’ll add my comments anyway。I enjoyed the Sunday comic strip style it was written and narrated in。 A lot of throw back words give you a flavor of the times the story takes place。 But the markets have remained very much the same because “human behavior remains the same”。 Also the psychological factors that drive those behaviors “fear， greed and hope” have not changed。Timeless nuggets of wisdom in almost every chapter。 Even if the game has been modified by technology the mindset and lessons learned by the protagonist still ring true。 。。。more
Raimundas
，
Istorija po istorijos。。。 Norint prekiauti akcijų biržoja reikia skaityti ne techninės analizės knygas， o būtent tokias kaip ši。 Labiausiai mane knygoje žavi istorijos susijusios su "insaideriais"， kurie "nutekinta labai slaptą informaciją" ;）。 Istorija po istorijos。。。 Norint prekiauti akcijų biržoja reikia skaityti ne techninės analizės knygas， o būtent tokias kaip ši。 Labiausiai mane knygoje žavi istorijos susijusios su "insaideriais"， kurie "nutekinta labai slaptą informaciją" ;）。 。。。more
Ariel Franco
，
Excelente libro
Rabin Rai
，
long read， but worth it to understand trading psychology。
Dimitri Popov
，
Интересная книга для всех кто хочет связаться с акциями。 Она полна рекомендаций как/что делать нельзя。 Есть тут и советы， что работает:-реально большую роль играет удача！ Без неё 100%е акции двигаются не туда。 Или не тогда！-Это знание - без них， это игра в рулетку или тупо на удачу！-Это имя и влияние - когда на тебя смотрят с открытым ртом и следят за каждым действием можно делать деньги！ «Глобальные идеи без денег - душевное расстройство。 Они же с деньгами - это успех и больше денег。 Больше ден Интересная книга для всех кто хочет связаться с акциями。 Она полна рекомендаций как/что делать нельзя。 Есть тут и советы， что работает:-реально большую роль играет удача！ Без неё 100%е акции двигаются не туда。 Или не тогда！-Это знание - без них， это игра в рулетку или тупо на удачу！-Это имя и влияние - когда на тебя смотрят с открытым ртом и следят за каждым действием можно делать деньги！ «Глобальные идеи без денег - душевное расстройство。 Они же с деньгами - это успех и больше денег。 Больше денег - это влияние и ещё больше денег！»-Это манипуляции - можно их применять если есть влияние。 Можно их использовать когда их примиряют другие。 А если не понимать， что почти вся информациями на бирже сводится той или иной форме манипуляции то будит один конец - потеря денег！ 。。。more
Ryan_hg
，
One of the best trading book that I have ever read。 Although this book was first published in1923， it's principal of trading and market manipulation remains true and relevant to this day in 2021。 The only regret I have is not to read this book earlier in my life， which I am sure will make a great difference in my trading journey One of the best trading book that I have ever read。 Although this book was first published in1923， it's principal of trading and market manipulation remains true and relevant to this day in 2021。 The only regret I have is not to read this book earlier in my life， which I am sure will make a great difference in my trading journey 。。。more
Bora Eresici
，
Arz ve Talepin tahta uzerindeki savasini guzel orneklerle anlatildigi temel derslerin verildiği bir kitap。
Alex Rodionov
，
Художественная биография выдающегося трейдера Джесси Ливермора， который торговал на бирже в начале 20 века。 С тех пор значительно изменились способы торговли， были введены новые биржевые правила， изменилось правовое регулирование， стал очень изощренным технический анализ。 В конце-концов появилось в 100 раз больше акций и финансовых инструментов。Но самое главное то， что психология людей и фундаментальные принципы работы рынка （и спекулянта） остались неизменными。 И эта книга их раскрывает。В "Воспо Художественная биография выдающегося трейдера Джесси Ливермора， который торговал на бирже в начале 20 века。 С тех пор значительно изменились способы торговли， были введены новые биржевые правила， изменилось правовое регулирование， стал очень изощренным технический анализ。 В конце-концов появилось в 100 раз больше акций и финансовых инструментов。Но самое главное то， что психология людей и фундаментальные принципы работы рынка （и спекулянта） остались неизменными。 И эта книга их раскрывает。В "Воспоминаниях биржевого спекулянта" достаточно подробно описаны мысли Джесси Ливермора на счет поведения рынка， толпы， инсайдеров。 Затронуты эмоции и чувства трейдеров。 Книга дает понимание базовых причин роста и падения акций。Нет детального технического описания всех успешных сделок главного героя。 Главная цель книги - это передать взгляд автора на принципы успешной биржевой игры。 Подходит для широкого круга читателей， но читатель должен быть подготовленным: знать， как осуществляются операции на рынке， что такое тренд， лонг и шорт。 。。。more
Furkan
，
Ben beğendim。
Landon Brixey
，
I truly loved this book。 Not only a great story on its own but also full of trading wisdom。 From technical and emotional mistakes that plagues both a novice and professional， to an invaluable insight into the world of the market maker and how they can manipulate price action to complete their own goals， at the detriment of the common trader。
Scott Carpinteri
，
Worth the read。 Despite the story being set in the early 1900s， many of the observations and lessons can be applied to today。 The book can get a little tedious at times with the movements and stock prices and the lead character's resulting actions， but overall still a good read。 Worth the read。 Despite the story being set in the early 1900s， many of the observations and lessons can be applied to today。 The book can get a little tedious at times with the movements and stock prices and the lead character's resulting actions， but overall still a good read。 。。。more
Ryan Clarke
，
Somewhat out of date but still very relevant especially the psychological aspects of trading which have not changed。
Luc Nguyen
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Đây là 1 quyển sách hay。 Tôi học được từ Livingston （hay Livermore） cách tư duy khi đầu tư chứng khoán và những bài học kinh nghiệm sâu sắc từ ông。 Câu trích tôi thích nhất là “thay vì hi vọng， ta phải lo sợ。 Thay vì lo sợ， ta phải hi vọng。 Lo sợ những thua lỗ lớn hớn và hi vọng khoản lợi nhuận lớn hơn”。 Sẽ đọc lại quyển sách này trong 1 ngày gần nhất để thấm thía hơn những bài học của nhà “đầu cơ” huyền thoại và là thần tượng của tôi。 Jesse Livermore。
Deny
，
Classic。 Still good to learn from， 100 years after the publishing。。。A bit boring and slow-pacing at the beginning but then it more than compensates for it
Paul balderrama
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AmazingGreat info for traders， helps to realize how markets move and why they move， would definitely recommend for a day trader
Brita
，
"Reminiscences of a Stock Operator" tells a story about how a famous stock gambler Jesse Livermore earned and lost millions of dollars at the beginning of 20th century America。 The blurb on the back of the book says that even for the people who do not try their luck in the stock market。 I am really interested in stocks and how they behave in different situations， but I did not find it an enjoyable read。 I disliked that the genre was not precisely fiction or nonfiction， but probably the closest o "Reminiscences of a Stock Operator" tells a story about how a famous stock gambler Jesse Livermore earned and lost millions of dollars at the beginning of 20th century America。 The blurb on the back of the book says that even for the people who do not try their luck in the stock market。 I am really interested in stocks and how they behave in different situations， but I did not find it an enjoyable read。 I disliked that the genre was not precisely fiction or nonfiction， but probably the closest one would be a biography， told in the form of a story。 The book was a slow-paced fact swamp and I found it really deterring。 It would have been easier to get to the point without highlighting （what it seems） every single transaction。 However， it was interesting to read how back then， all of the prices and transactions were telegraphed and multiple operators were sitting in the banks to trade。 Nowadays， anyone can invest in stocks from any place that has a connection to the internet。 This makes me wonder what investing will be like in the 22nd century。 。。。more
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。
mr。 阿創
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成書百年，但節奏明快，現在來看還是蠻有點意思。雖然主角是個股市放空達人，但我最記得的卻是他勸人要在「多頭做多」，順勢而為，別輕易跟市場對作，除非你有破產的能耐。
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
，