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Reminiscences of a Stock Operator (Wiley Investment Classic Series)
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6 von 6 Kunden fanden die folgende Rezension hilfreich.
am 16. Februar 2006
Edwin Lefèvre published this classic in 1923. His subject is Jesse Livermore, an infamous speculator and the world's first documented successful day trader. Lefèvre thinly disguises Livermore, assigning him the fictional name Larry Livingston. First published as a series of Saturday Evening Post articles, this book explores greed, fear, envy and the relentless pursuit of fame and fortune, all as relevant today as in 1923 - one reason that this remains required reading for investors. The writing style is quaintly dated and Runyon-esque. Lefèvre's use of old market jargon ("plungers," "bucket shops," "bear raids" and stock "operators" instead of brokers) reminds readers that this is a journalistic, a novelistic and a fiscal period piece. The illustrations by M.L. Blumenthal evoke its original publication date. Interestingly, market bubbles, whether in high-tech, railroads or real estate, remain basically as emotional and nonrational as they were in the early 1920s, so the lessons here remain meaningful. Speaking from that more innocent time, Lefèvre provides lasting market insights, including Livermore's investing secrets. He distills the eternal truth that markets only go up or down, and that investors run on fear and greed. We strongly suggest this classic to serious investors and financial reporters. As you read it, you will hear the voice of its time and its lessons for today.
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3 von 3 Kunden fanden die folgende Rezension hilfreich.
Selten war ich in letzter Zeit von einem Buch über den Aktienmarkt so begeistert wie von "Reminiscences of a Stock Operator", das auch mega-erfolgreiche Trader wie James Cramer immer wieder lobend erwähnt haben. Edwin Lefèvre alias Larry Livingston alias Jesse Livermore, ein berühmter Baisse-Spekulant, liefert in diesem Buch in glasklarer Sprache und messerscharfer Logik u.a. beeindruckende Analysen von dreisten Börsenmanipulationen durch Insider und Aktienpool-Operatoren ab. Sie können sich Livermore's dünnes und weitgehend nutzloses Büchlein "How To Trade In Stocks" sparen - kaufen Sie lieber gleich dieses sehr viel bessere Werk. Wenn Sie einmal verstanden haben, wie das nichtsahnende Börsenpublikum tagtäglich abgezockt wird, ist dieses Wissen für immer ein unbezahlbares "Rettungspaket" für "Investoren" und den vielfachen Preis dieses Buches wert. Viele Kapitel sind auch bei mehrmaligem Lesen noch interessant, da das Buch in einem lebhaften und anekdotischen Stil geschrieben wurde.
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3 von 3 Kunden fanden die folgende Rezension hilfreich.
am 20. Juli 2000
This book is a great study of human nature. It follows the life of a stock trader from rags to riches, back to rags again then riches, next to a nasty "incident" then to more riches, finally rags for the last time and then on to millions! The book is not a "how-to" on investing, but rather a collection of stories each of which offer a lesson in investing and human nature. It shows how easily the price of a stock can be manipulated (for a short period of time), how unreliable "tips" are, and the advantages of pyramiding your stock purchases. I found the first half of the book (the younger years) to be much more entertaining than the latter half (the big money deals), but overall the book is excellent. I was disappointed in the fact that the book did not include the crash of 29 and the depression. I would like to know how Larry handled that situation.
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2 von 2 Kunden fanden die folgende Rezension hilfreich.
am 21. Januar 2000
This is the best book I ever read about investing. It contains lots of market psychology that did not change a bit over the last 80 years. If you have ever invested in stocks you can feel with the author. After reading 10 pages I had to read the whole book at once. If you buy this book, watch out you could get addicted to it.
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am 29. November 1999
Like Muhammed Ali, this book is undisputedly the greatest. A true & timeless classic that will endure for as long as people speculate, "Reminiscences" is to trading what Sophia Loren was to curves or Raquel Welch was to breasts...and then some. It really does require genuine market experience and multiple re-readings to gain the full benefit of the invaluable insights from this incredible book. Livermore was almost certainly the greatest natural talent in the entire history of trading - if he played basketball, he would probably make Michael Jordan look like a clueless 5'6" sophomore klutz. But unlike sport, trading requires discipline as well as talent, and Livermore was chronically deficient in the former. That he blew out multi-million dollar fortunes (back in the days when a million dollars meant something) repeatedly, and then came back with a few thousand and managed to run it up to millions again within a couple of years, not just once but several times, just goes to show what a unique trader he truly was.
So is this book going to help your trading, or is it just a fascinating look at a trading legend? Well, lots of professional traders have cited this as the most influential book on trading they ever read (see the laudatory comments in "Market Wizards"), and I can only second that opinion. There is really great discussion of trading techniques, such as the usefullness of adding to a position as the market confirms your original idea, how to trade in big size, how to read the tape to determine the market's underlying strength or weakness, etc. There are also great psychological insights - it is obvious that Livermore was a very introspective and perceptive man, at least in respect to his ability to trade.
In some ways this is a melancholy book - one can only imagine how much wealth Livermore would have possessed if he had been able to exercise even an ounce of discipline. Any pro trader who reads this book will see the man for what he is - a one-off whose like we will not see for many a year. The man makes current gurus George Soros and Warren Buffett look like a bunch of clueless high school students.
"Prices are never too high to begin buying or too low to begin selling."
"Always sell what shows you a loss and keep what shows you a profit."
"There is nothing like losing all you have in the world for teaching you what not to do."
"Millions come easier to a trader after he learns how to trade, than hundreds did in his days of ignorance"
This book is full of such timeless wisdom. Feast on it, and die disgustingly rich.
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I must say this book is a rare (or extinct) product from the combinations of a competent author and an unbelieveable traders who possess unparallel trading skills.
Trading will never be the same without this book. The way the author describes every individual trades, it just bring you back into the 1920s. Be it how Livermore decide on a long or short position or how he managed to corner the July Cotton.

Below is two of my favorite quote, among many other interesting one you find in the book.

"Fundamental conditions were fighting for me. It was not difficult to be both fearless and patient. A speculator must have faith in himself and in his judgment. With me, I cannot fear to be wrong because I never think I am wrong until I am proven wrong." (paperback p228)

"I have to do my own seeing and my own thinking. But I can tell you after the market began to go my way I felt for the first time in my life that I had allies-the strongest and truest in the world: underlying conditions. They were helping me with all their might. Perhaps they were a trifle slow at times in bringing up the reserves, but they were dependable, provided I did not get too impatient." (p101)

If you will to read between the lines and it sounds familiar with what you had just done not long ago, then it pays to check out this book.
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am 8. Oktober 1999
This is an absolute classic. I read this book as a rookie on Wall Street in 1987, only months before the crash. I just bought it again as a gift for a client's son graduating Wharton. The theme 75 years ago applies today and will apply in 75 years to come. From Boston to New York to Palm Beach and back, Jesse Livermore "swings a big line" (trades larger and larger blocks in the stock positions he takes) and along the way teaches us all about what is to trade, to lose, to win. Todays daytraders could learn much from this book as well as newly minted Ivy League MBA portfolio managers. It is a brilliant reflection on the true spirit, grit, culture and challenge of man versus market and the subsequent lessons learned of the ultimate enemy in trading: self. The rumour around this book for years has been that the fictionalized version of Jesse Livermore died penniless, having gone through multiple fortunes. However, I have heard from many old liners in those very same cities otherwise. Read the book.
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am 9. Juli 2013
This book is said to be the most recommended book for traders... Now this is my opinion about it:
Reminiscences of a Stock Operator describes quite entertainingly Jesse Livermore's career with its ups and downs, it gives some interesting and valuable insights of this early stock guru. However: the book was written at the beginning of the last century. The language is a little antiquated and things at the stock exchange have changed dramatically - thus, many insights are not that helpful in today's market business - and most other insights are common market knowledge ("cut your losses, let your profits run"...).
So in conclusion, this is imho not a must read if you simply want to learn your craft as a trader, but it is a nice, inspring and motivating peace of literature for those who are dealing with the markets.
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am 1. September 1999
This book was very interesting with the stock operator writing about his experiences in stocks from the late 1800s til the early 1900s. What impressed me most was how little things have changed from the time it was first published to the present. We hear of a new paradigm in investing today and the operator heard this statement earlier this century. A lot of interesting insight was gained by this reader on past bull and bear markets. The book touched on market tops and when to buy securities after complete demoralization suddenly develops in a bear market. The writer didn't go into great detail in any one area of the market, but provided fairly detailed and interesting insight into what is involved in the art of stock manipulation.
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am 7. Februar 1999
I've nearly finished the book, and the simple ways of trading is something I think will be valuable to me in my future trading. Of course you do not rely solely on Livermores ways - the economy and the stock market is more complex today than it appeares to have been then. But when you make your educated guesses, I think his lowbrow way of letting the price action prove or disapprove the thinking, and then pyramiding up (on longs) or down (on shorts) is actually a nice way of letting yourself into a position. I do not think you have to do his extreme concentration on one or two stocks. As long as you can keep up with the action, a bigger number of stocks can keep you away from his boom/bust experiences thru diversification.
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