Why did I love this book?
Of all the books about trading written over the decades, perhaps none is still so beloved, revered, and followed as this 1923 classic by journalist Edwin Lefèvre. Although technically a work of fiction, the book really is about the life and trading style of one of the greatest speculators of all time, Jesse Livermore (told under the guise of âLarry Livingstonâ).
What makes this book such a treasure is not just its fun prose, and interesting glimpse into what the process of investing in old exchanges and âbucket shopsâ was over a century ago, when ticker-tape and board boys with chalk and ladders were oneâs only information about market prices, but also how the mind of one of the worldâs greatest traders worked.
This book offers many gems of knowledge about tradingâbased upon the general principle that, although methods and technologies change, human nature does not and therefore âthere is nothing new on Wall Streetâ. Indeed, many of the trading techniques and strategies Livermore aka Livingston describes in this book have been taken to heart and applied by some of the worldâs most successful investors and traders to this very day.
The bookâs longevity is a testament to its value even now, one hundred years after it was published. This is the work I first recommend to anyone interested in learning about trading, and the psychological/emotional components involved in successfully playing the markets year in and year out.
7 authors picked Reminiscences of a Stock Operator as one of their favorite books, and they share why you should read it.
Reminiscences of a Stock Operator is a fictionalized story based on the trading career of Jesse Livermore. It follows his journey from the age of 15 when he made his first $1,000 to becoming a Wall Street legend.