reminiscences of a stock operator summary pdf
Advice is to stick to a trading plan which doesn’t have to be right all the time, for example, a plan that is correct seven out of ten times is considered sound. Eventually, the financial situation gets so dire that there is a general shortage of cash in the banking system and no-one is able to buy stocks. He learns that underlying market conditions and overall direction are more important than the short-term movements of individual stocks. The thinly veiled biography of real-life speculator Jesse Livermore (1877–1940), who made and lost many fortunes, accurately captures the experiences and thoughts of a trader — mistakes made, lessons learned, and insights gained — to offer solid advice about the markets.
He explains that one should buy on a rising market and sell on a falling market, never trading opposite the general trend on short-term rallies. This same sentiment could be applied to volume as a trading indicator. Eventually however, he rebuilt his wealth by gaming several new bucket shops and resumed his career on Wall Street; this time as a better educated speculator with solid trading principles. Generations of readers have found that it has more to teach them about markets and people than years of experience. He begins taking notes and making predictions, and eventually gives up his job in favor of betting on the prices. He make a few thousand dollars before they all throw him out also. Also included is the Livermore Market Key, the first and still one of the most accurate methods of tracking and recording market patterns. On his passing in 1943, Edwin Lefevre's estate in East Dorset, Vermont (near Manchester) was passed to his widow. He does describe how there are some events that cannot be foreseen that can cost a trader money, in his example of a group of coffee traders who go to Congress and get the rules changed in the middle of his trade, making it unprofitable.
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