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Reminiscences of a Stock Operator (English Edition) par [Lefevre, Edwin]
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Reminiscences of a Stock Operator (English Edition) Format Kindle

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Longueur : 269 pages Word Wise: Activé Composition améliorée: Activé
Page Flip: Activé Langue : Anglais

Descriptions du produit

Stock investing is a relatively recent phenomenon and the inventory of true classics is somewhat slim. When asked, people in the know will always list books by Benjamin Graham, Burton G. Malkiel's A Random Walk Down Wall Street, and Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher. You'll know you're getting really good advice if they also mention Reminiscences of a Stock Operator by Edwin Lefèvre.

Reminiscences of a Stock Operator is the thinly disguised biography of Jesse Livermore, a remarkable character who first started speculating in New England bucket shops at the turn of the century. Livermore, who was banned from these shady operations because of his winning ways, soon moved to Wall Street where he made and lost his fortune several times over. What makes this book so valuable are the observations that Lefèvre records about investing, speculating, and the nature of the market itself. For example:

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! 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. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. 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."

If you've ever spent weekends and nights puzzling over whether to buy, sell, or hold a position in whatever investment--be it stock, bonds, or pork bellies, you'll be glad that you read this book. Reminiscences of a Stock Operator is full of lessons that are as relevant today as they were in 1923 when the book was first published. Highly recommended. --Harry C. Edwards

Revue de presse

"...certainly one of the most entertaining books ever written about stock trading..." ( Money magazine, November 2007) " a classic that gives readers a sense of a trader′s mind..." ( Wall Street Journal , August 7, 2006) " an engaging read, chock–full of pearls of wisdom and amusing anecdotes...candid and analytical style evoking sympathy for the narrator." ( Money Week , October 2006) contains timeless advice on the markets. ( The Independent, Extra , Thu 13th March)

" a classic that gives readers a sense of a trader′s mind..." ( Wall Street Journal, August 7, 2006)

" an engaging read, chock–full of pearls of wisdom and amusing anecdotes...candid and analytical style evoking sympathy for the narrator." (Money Week, October 2006)

contains timeless advice on the markets. (The Independent, Extra, Thu 13th March)

Détails sur le produit

  • Format : Format Kindle
  • Taille du fichier : 775 KB
  • Nombre de pages de l'édition imprimée : 269 pages
  • Pagination - ISBN de l'édition imprimée de référence : 1479161047
  • Utilisation simultanée de l'appareil : Illimité
  • Langue : Anglais
  • Synthèse vocale : Activée
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  • Word Wise: Activé
  • Lecteur d’écran : Pris en charge
  • Composition améliorée: Activé
  • Moyenne des commentaires client : 5.0 étoiles sur 5 3 commentaires client
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Par Mathieu Gomes le 30 septembre 2016
Format: Broché Achat vérifié
While I have been studying the markets for the past ten years, I had never had the chance to read "Reminiscences". Having now finished it, I have to admit it is perhaps the greatest book on the market, and certainly the greatest book about trading I have ever read. Even though it was first published in 1923, the lessons it contained are as valuable today (maybe more valuable) as they were then. Of course, a lot of things are outdated and some behaviours described in the book are now outlawed, but the insights on market psychology and traders' biases are pure gold.
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Format: Format Kindle Achat vérifié
There is really only one negative about this book: The Kindle edition has some strange paragraph breaks inserted in the middle of sentences. Mildly annoying, but excusable for a 99cts book

Although the text is old, it is still relevant. I really enjoyed his rant on insider tips. Everyone starting trading should read this book to learn from his mistakes which mostly root in human nature. This book might not protect you from yourself, but it will help the analysis of your failures
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It is very interesting to have a view of how things were working at that time. I also like the way it is written because I could literally feel in the story. It also give you a clear explanation between a profitable trader and gamblers. It made me smile because in fact, things have not really changed at all. Some of famous adages have never changed: "have and follow a system that fits you", "follow the trend", "close positions when unsure or uncomfortable". The author also gives us a remarkable sense of perseverance.
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Commentaires client les plus utiles sur (beta) 4.5 étoiles sur 5 555 commentaires
8 internautes sur 8 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 The Trading Handbook! 15 septembre 2013
Par O. Halabieh - Publié sur
Format: Broché Achat vérifié
1- "Another lesson I learned early is that there is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market to-day has happened before and will happen again. I've never forgotten that. I suppose I really manage to remember when and how it happened. The fact that I remember that way is my way of capitalizing experience."

2- "It takes a man a long time to learn all the lessons of all his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of Stock speculation."

3- "If the unusual never happened there would be no difference in people and then there wouldn't be any fun in life. The game would become merely a matter of addition and subtraction. It would make of us a race of bookkeepers with with plodding minds. It's the guessing that develops a man's brain power. Just consider what you have to do to guess right."

4- "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!"

5- "After spending many years m Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! 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. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. 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. I . I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance."

6- "The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."

7- "Even as a lad I always got my own meanings out of such facts as I observed. It is the only way in which the meaning reaches me. I cannot get out of facts what somebody tells me to get. They are my facts, don't you see? If I believe something you can be sure it is because I simply must."

8- "A stock speculator sometimes makes mistakes and knows that he is making them. And after he makes them he will ask himself why he made them; and after thinking over it cold-bloodedly a long time after the pain of punishment is over he may learn how he came to make them, and when, and at what particular point of his trade; but not why. And then he simply calls himself names and lets it go at that. Of course, if a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the 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."

9- "The weaknesses that all men are prone to are fatal to success in speculation--usually those very weaknesses that make him likable to his fellows or that he himself particularly guards against in those other ventures of his where they are not nearly so dangerous as when he is trading in stocks or commodities. The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you you hope that every day will be the last day--and you lose more than you should had you not listened to hope--to the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way you become fearful that the next day will take away your profit, and you get out--too soon. Fear keeps you from making as much^money as you ought to. 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. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does."

10- "The professional concerns himself with doing the right thing rather than with making money, knowing that the profit takes care of itself if the other things are attended to. A trader gets to play the game as the professional billiard player does--that is, he looks far ahead instead of considering the particular shot before him. It gets to be an instinct to play for position."

11- "A trader, in addition to studying basic conditions, remembering market precedents and keeping in mind the psychology of the outside public as well as the limitations of his brokers, must also know himself and provide against his own weaknesses. There is no need to feel anger over being human."

12- "A bear tip is distinct, positive advice to sell short. But the inverted tip that is, the explanation that does not explain--serves merely to keep you from wisely selling short. The natural tendency when a stock breaks badly is to sell it. There is a reason--an unknown reason but a good reason; therefore get out. But it is not wise to get out when the break is the result of a raid by an operator, because the moment he stops the price must rebound. Inverted tips!"

13- "The belief in miracles that all men cherish is born of immoderate indulgence in hope. There are people who go on hope sprees periodically and we all know the chronic hope drunkard that is held up before us as an exemplary optimist. Tip-takers are all they really are."

14- "I have found that experience is apt to be steady dividend payer in this game and that observation gives you the best tips of all. The behaviour of a certain stock is all you need at times. You observe it. Then experience shows you how to profit by variations from the usual, that is, from the probable."

15- "The manipulator to-day has no more need to consider what they did and how they did it than a cadet at West Point need study archery as practiced by the ancients in order to increase his working knowledge of ballistics. On the other hand there is profit in studying the human factors--the ease with which human beings believe what it pleases them to believe; and how they allow themselves-- or by the dollar-cost of the average man's carelessness. Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was. Weapons change, but strategy remains strategy, on the New York Stock Exchange as on the battlefield."

16- "Speculation in stocks will never disappear. It isn't desirable that it should. It cannot be checked by warnings as to its dangers. You cannot prevent people from guessing wrong no matter how able or how experienced they may be. Carefully laid plans will miscarry because the unexpected and even the unexpectable will happen. Disaster may come from a convulsion of nature or from the weather, from your own greed or from some man's vanity; from fear or from uncontrolled hope. But apart from what one might call his natural foes, a speculator in stocks has to contend with certain practices or abuses that are indefensible morally as well as commercially."

17- "But today, a '"an is trading in everything; almost every industry in the world is represented. It requires more time and more work to keep posted and to that extent stock speculation has become much more difficult for those who operate intelligently."
1 internautes sur 1 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 Great Speculator Or Gambling Addict? 21 février 2015
Par L. Craig - Publié sur
Format: Format Kindle Achat vérifié
This is a historical fiction that follows the real life of Jesse Livermore, one of the greatest stock/commodity traders in U.S. history. I highly recommend that you read this in conjunction with the biography of Jesse Livermore. You need to have both perspectives to understand the whole person. .

While there is much to learn from Livermore's investing rules, his life is more like a Shakespearean tragedy. He was obsessed with stock trading and speculation, to the point of addiction. With great personal discipline, he mastered the art of taking big risk for a gigantic reward. However, his personal life was a mess that led to his downfall and suicide. His personal life was in many ways the exact opposite of his stock trading life: no rules, no discipline, no insight, and lavish living with no limits. Overall a very sad story.
2 internautes sur 2 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 Not the way Buffett does it 21 octobre 2014
Par fitzalling - Publié sur
Format: Format Kindle Achat vérifié
If you're interested in the culture behind Wall Street in the early 20th Century or if you like the story of how a boy gets introduced to what amounts to gambling and becomes addicted, this book should appeal to you. I gave it 4 stars and not 5 because much of the first half of the book became repetitive. The second half of the book, roughly chapters 13 through 24 take Larry Livermore, who was a high-profile figure on Wall Street, from one of his periodic insolvencies back to prominence. The book ends with Mr. Livermore's thoughts on the stock market, how to manipulate individual stocks in the stock market with specific examples, and some thoughts on the psychology of stock market "plungers" or speculators. Mr. Livermore was not what would now be called a fundamental investor (think Warren Buffett); rather, he looked for patterns in individual stock prices as these may be affected by the overall bullishness or bearishness of the market as a whole. When the patterns appeared fortuitous, he put his money where his mouth was and plunged. Many times this worked out for him, but the book contains specific instances where it did not. Going broke seems to have been a regular occurrence; resilience was an essential quality in his life.

The book reads like an autobiography, but it is not. The book was written by Edwin LeFevre about Mr. Livermore. The book has the tone of the life of a gambler (which Wall Street may be-Warren Buffett reportedly lost a $1B in value in his IBM stock today) and if you find gambling distasteful, you may want to avoid this book.

The book intrigued me with its description of some of the denizens of Wall Street of a 100 or more years ago. There were fundamental investors, which Mr. Livermore did not regard highly. There were the charlatans and shysters who sought to profit from the get-rich-quick proclivities of other players in Wall Street. There seems to have even been some who sought to develop mathematical formulas to aid their investing (think today's algorithms). There were even fellow stock market operators who enlisted Mr. Livermore's help and then complained when he didn't leave himself open to their attempts to profit by the aid that he was providing them. I found it fascinating that 100 years had passed and much had not changed.

If you have an interest in Wall Street, mass psychology, men's baser instincts, and staying alive in a financial jungle, I recommend the book. I believe that it will reward your time.
8 internautes sur 8 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 "Fear keeps you from making as much money as you ought to" 16 avril 2008
Par Chris Jaronsky - Publié sur
Format: Broché Achat vérifié
I have reviewed a few books and had some reservations about reviewing "Reminiscences of a Stock Operator" because there are hundreds of positive reviews out there already for this book. After all, this is the bible of stock trading. Only a complete amateur, or total beginner would trade in the stock market without reading this book first!

I will try to keep this review short. Basically, if you are going to trade, you need to understand how the market works and how the market is manipulated. Strong-hands (mutual funds, hedge funds, very large private investors, small countries, etc ) will always try to buy quietly during periods of low activity in a stock. When they have accumulated their line, they then start to show action in the stock and cause the price to rise. They run it as high as they can, getting the weak-hands (average investors, smaller investment groups, stupid hedge funds, etc) to buy this stock. Then the strong-hands start to unload (distribution) at a great profit. They then start shorting the market and profit from the stocks inevitable decline. Then they look for the next target stock and start all over again.

This book was written about 80 years ago and the game has remained the same. Because even though the names change, and the products offered change, the psychology of human emotions remains unchanged. Humans are ruled by fear and greed. As long as that is true, a select few who completely understand themselves and control their emotions will always take the money from the huge masses that let fear and greed control them.

I just finished reading this book for the third time in four years and I picked up many ideas from it. This book is a classic and as you learn and experience more in the markets, when you read it a second or third, or twentieth time you will pick up more and understand the markets more.

Some people say Jesse Livermore was a failure because he died broke and killed himself in a restaurant bathroom. Forget the way he died, learn from the way he lived. He started poor, worked hard, and made a fortune. Only to lose that fortune when he strayed from his trading rules. Then he made the money back, lost it again, and repeated that cycle a few times. This was a man that understood the market and understood human psychology. You can learn from his lessons and from his mistakes.

If you trade, or are thinking of trading or investing, READ THIS BOOK.

Another reason to read this book is to finally learn where most of the quotes used in the financial markets come from. 80 years old and we are still using the timeless wisdom of this book on a daily basis. I know I do, I trade price action and one of the reasons I understand it is because of this book.
5.0 étoiles sur 5 The timeless classic delivers time and time again 9 février 2017
Par Zarif Alimov - Publié sur
Format: Broché Achat vérifié
Reminiscences seems to be referenced in just about every story about and a profile of a successful investor. I have read all of Jack Schwager's "Market Wizards" books and struggle to remember a single interviewee that did not mention, in a positive way, this timeless classic my Edwin Lefevre. Albeit not an investor or a trader myself, I have read Reminiscences several times and each time it seems to deliver something new, something intangible, something that seems to make you wiser. Despite being touted as a must-read for traders, this outstanding book is only marginally about trading. Instead, quite simply, it's about life. The nuggets of wisdom it drops in your lap from what seems like every page can be applied in your every day life as well as in the stock market. The diversity of characters and personalities makes it a very entertaining read. The remarkable rises and falls coupled with his ability to learn from his mistakes makes the main character, in my view, a savant in the field of "life".
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