Reminiscences of a Stock Operator Summary | Edwin Lefèvre

July 4, Leave a comment. Most personal finance books are boring. Most of them have nothing new as such.

Reminiscences of a Stock Operator Summary and Analysis (like SparkNotes) | Free Book Notes

Of course, there are the legendary books on investing that make great reading. Such books are few and far between. Most others have a kind of sameness.

First published in around , this is a book on the life of Lawrence Livingstone fictional version of the real life speculator Jesse Livermore , and his stock speculation career. He is a trader, an unabashed one, not an investor. But as he goes through his journey, he learns a lot of lessons, that may be applicable to investing as well.

It always was my sitting. It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. And their experience invariably matched mine—that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. The market does not beat them.

They beat themselves, because though they have brains they cannot sit tight. Whatever happens in the stock market today has happened before and will happen again.

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No man can always have adequate reasons for buying and selling stocks daily — or sufficient knowledge to make his play an intelligent play.

But he will make any one of ten thousand brothers or cousins of the original.

The Mistake family is so large that there is always one of them around when you want to see what you can do in the fool-play line. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping, he must fear; instead of fearing, he must hope. But neither do you grow rich taking a four-point profit in a bull market.

And there are many such super lines in this book almost in every chapter. But despite that fact, this book is full of entertaining narrations of a full fledged stock operator who risked it all multiple times and learned many lessons on the way. Filed under Books Tagged with reminiscences , speculation. You are commenting using your WordPress.

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