Reminiscences of a Stock Operator: With New Commentary and Insights on the Life and Times of Jesse Livermore (Annotated Edition) Review

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(More customer reviews)I read Reminiscences of a Stock Operator around ten years ago. I was trying to understand trading dynamics in the market, and the book was mentioned frequently.
It is a classic. But can a classic be made better? In this case yes. Jon Markman, an able financial writer, has written notes around the narrative, with pictures and graphs that illustrate many things that would be obscure to the reader of the book. Markman brings forgotten people to life, and motivates the events that transpired.
It was an exciting era, one where the common law of contracts played a greater role, and statutory law played a lesser role. It wasn't no-holds-barred, but it was close.
We are experiencing our own era of leverage that is too high, and what happens when it breaks. The protagonist of the book, Jesse Livermore, aims for best advantage, and learns as he goes along, going broke several times in the process, and dying broke as well. Leverage cuts two ways. Live by leverage; die by leverage.
Paul Tudor Jones II writes an appendix to the volume, as well as a foreword. Being a trading billionaire who started from scratch and went broke a few times, he is an excellent man to get into the mind of Livermore on a modern basis.
Who would benefit from this book: Historians would benefit, as would those interested in trading. Economists wanting to get a look at market microstructure would also benefit. Livermore, more than most, gives a full view of technical analysis, because he lays bare the motivations of players, and how other players attempt to devine those motivations.

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12 Habitudes of Highly Successful Traders Review

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(More customer reviews)This book clearly explains 12 habits you must develop to be a successful trader. These habits are developed through having the right attitude toward trading.
Preparedness-You must be prepared to trade, do not take trades with out the right thought put into the trade and methods applied to them.
Abundance consciousness-You must believe that there is plenty of money to be made in the markets, and you deserve to have your share.
Risk Taking-You have to take the right amount of risk for your profit goals but not put yourself in a situation of blowing up your account.
Thinking in Probabilities-You must trade in a way that gives you an edge in the markets. The odds should be in your favor.
Discipline-You must follow your own methods and strategies that give you that edge. Always follow proper psychology, risk management, and method.
Courage- You must have the ability to pull the trigger and make the trade. You can't paper trade and back test systems forever.
Accept Loss-This is the most important habitude, you must decide what price will let you know you are wrong and sell to stop your losses when that price is hit. Not doing this can lead to the destruction of your account.
Comfortable with Uncertainty-You must understand that anything can happen at any time in the markets, and accept that.
Optimism-You must have a positive attitude when trading.
Open-Mindedness-You must be open to all possibilities, and be able to change styles and systems when markets change.
Long Term View-You have to understand that each trade is only one among hundreds
and that in the long term your systems and methods will be successful and you will profit even after draw downs in equity.
Detachment-You must keep your self worth and ego separated from your trading. You are not your trades. You will trade better if your life is balanced.
The book does a great job of explaining why each of these habits are essential to success and how they tie together in the way a trader must think. You can learn these principles the hard way through losing money and time trading with the wrong mindset or you can just read this book, believe the author and follow her good advice. This book is short and to the point, it does not waste a page or a sentence, I believe the price paid will be worth it to beginning traders or those that need to work on their trading psychology. The book is small but the principles it teaches are huge.


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Twelve Habitudes of Highly Successful Traders uncovers all the habits unsuccessful traders refuse to accept."Have you ever found yourself fully intending to do one thing and ending up doing quite the opposite? Or promising yourself you won't do something and going ahead and doing it anyway? Or wanting to do something but finding yourself not doing it? These are sins of omission and commission and mixed behavior."Ruth Barrons Roosevelt, a futures trader and international psychological trading coach, shows traders how to recognize emotions, resolve conflicts and how to make good habits a second nature.Are you the reason for your inability to be a prosperous trader? You may see an opportunity, have the courage to invest, and yet end up sabotaging the trade before fruition. She guides you into acknowledging your strengths and weaknesses and gives practical successful resolutions.Ruth's first book on trading psychology, Exceptional Trading, is a well acknowledged success and this book should equal or exceed your expectations. The reader will want to review the book each year to assess his current trading 'habitudes' and make adjustments under her competent tutelage.You get an extra bonus when you purchase this title or her first book. As you recognize your shortcomings and bad 'habitudes' in trading, you'll find you can apply them to your whole life. Along with owners of her first book, you will begin looking for another new title authored by Ruth Barrons Roosevelt.

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Jesse Livermore: World's Greatest Stock Trader Review

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(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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