Many of the anecdotal lessons included in the book are well known to experienced traders. Almost anyone can learn the mechanics of trading. With that in mind, this book contains dozens of important lessons.

Here are a few of my favorites:. The losses, he admits, were painful but educational:. After going broke three times in less than two years, Livermore has this advice: After a wild and lengthy rollercoaster ride as a speculator, Livermore believes he has found the secret to his success.

It was always my sitting. And their experience invariably matched mine; that is, they made no real money out of it. 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 the big money. Of all the lessons of the stock market, taking losses is one of the hardest for most people.

I forget it overnight. But being wrong, not taking the loss, that is what does the damage to the pocketbook and to the soul. Later, he elaborates what he learned: That was so obviously the wise thing to do and was so well known to me that even now I marvel at myself for doing the reverse.

If there is anything that Livermore hated, it was tips.

Reminiscences of A Stock Trader. | pupuzifecose.web.fc2.com

He preferred to trade alone based on his own strategies and analysis, but when he did listen to tips, it almost always caused him grief. How people want tips!

Unfortunately, even Livermore was vulnerable to tips from well-meaning friends. For instance, a lifelong friend sincerely desires to make you rich by telling you what he has done, and that is to buy and sell some stocks. His intent is good. If the tip goes wrong, what can you do? In addition to warning people not to trade based on tips, Livermore says you should not use the market to pay for bills or gifts.

I could build a huge hospital with the birthday presents that the tight-fisted stock market has refused to pay for. In fact, of all the hoodoos in Wall Street, I think the resolve to induce the stock market to act as a fairy godmother is the busiest and most persistent. And all a [trader] needs to know to make money is to appraise conditions.

Reminiscences of a Stock Operator - Wikipedia

Livermore also had an Eureka moment when he discovered the value of following the market trend. But I had to grasp that general principle firmly before I saw that to put it into practice really meant to anticipate probabilities. It took me reminiscence of a stock trader long time to trade on those lines. Livermore explained some of the methods he used to buy stock options silk shirts sell stocks.

One of his methods was to moneyworks filemaker integration as soon as a stock made a new high, which he said will almost certainly bring him profits.

Now, the point is not so much to buy as cheap as possible reminiscence of a stock trader go short at top binary option traders in australia, but to buy or sell at the right time.

Livermore closely studied prices for clues to market direction. For purposes of easy explanation we will say that prices, like everything else, move along the line of least resistance. He warns, however, that although this method sounds easy, you always have to guard against your natural impulses: Many of the lessons included in the book are as useful today as when it was first published in Although there is no time to include all of the lessons Livermore learned during his career, I leave you with this: He put it this way: By using this site you agree to the Terms of ServicePrivacy Policyand Cookie Policy.

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