Average Reviews:
(More customer reviews)If you are a fan of Jesse Livermore and could only read one book on his trading and life, this would be the book to read. Many people tout "Reminiscences of a Stock Operator", but that book actually never details Livermore's trading system. Also, many individuals erroneously claim that "Reminiscences" detailed how J.P. Morgan personally asked Livermore to stop shorting the market during the 1929 crash, when he allegedly walked away with 100 million dollars. Since "Reminiscences" was published in 1923, this would be a neat trick. Actually, Morgan asked Livermore to stop shorting the 1907 crash, to avoid a banking crisis.
Smitten has had a lifelong interest in Livermore, and personally interviewed family members, including son Paul and late son Jesse Jr.'s wife, and has studied all of the available articles and literature on Livermore. Consequently, this book contains many details unavailable from any other published work on Livermore, including more details on his trading system and personal life.
This book also dispels the common myth that Livermore committed suicide after going broke for the last time. In actuality, when he died he had an irrevocable trust worth $1 million, and his wife reputedly removed about $3 million in cash and $1 million in jewelry from their apartment hours after he died. Livermore's trading skills would have always allowed him to trade himself back to significant wealth. It was his lifelong battle with clinical depression that was most likely the reason behind his suicide, not his trading results.
This book's greatest significance is the detailing of his trading system and rules, which if followed today would be just as successful, indicating that as Livermore stated, nothing really ever changes in the market except the participants. In regard to Livermore's many busts as a trader, his only significant flaw as a trader was his complete lack of caution when he saw an opportunity, and consequently went "all in". When he was right, he made millions, and when he was wrong, he lost millions. This tendency was exacerbated by the illiquidity and delayed quotations/information/executions of the day in which he traded.
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