What do you think?
Rate this book
Jesse Livermore: World's Greatest Stock Trader
"An excellent read."
―Ace Greenberg, Chairman, Bear Stearns Richard Smitten's Jesse Livermore is the first full biography of the legendary trader profiled in the bestselling Reminiscences of a Stock Operator ( 0-471-05970-6). Although he died more than half a century ago, Livermore is considered by today's top traders as the greatest trader who ever lived. An enigmatic loner, misanthrope, and notorious miser, Livermore revolutionized the profession with his innovative timing techniques, money management strategies, and high-momentum approach to trading stocks. Smitten provides a vivid portrait of Livermore and the times in which he lived and operated. He deftly combines eyewitness accounts of those who knew Livermore with fascinating stories of sensational love affairs, shootings, and suicides, and a detailed exploration of the trading strategies that made Livermore several fortunes in his lifetime. Richard Smitten (Key West, FL) is the author of several books, including The Godmother , the critically acclaimed story of a famous woman criminal.
―Ace Greenberg, Chairman, Bear Stearns Richard Smitten's Jesse Livermore is the first full biography of the legendary trader profiled in the bestselling Reminiscences of a Stock Operator ( 0-471-05970-6). Although he died more than half a century ago, Livermore is considered by today's top traders as the greatest trader who ever lived. An enigmatic loner, misanthrope, and notorious miser, Livermore revolutionized the profession with his innovative timing techniques, money management strategies, and high-momentum approach to trading stocks. Smitten provides a vivid portrait of Livermore and the times in which he lived and operated. He deftly combines eyewitness accounts of those who knew Livermore with fascinating stories of sensational love affairs, shootings, and suicides, and a detailed exploration of the trading strategies that made Livermore several fortunes in his lifetime. Richard Smitten (Key West, FL) is the author of several books, including The Godmother , the critically acclaimed story of a famous woman criminal.
352 pages, Paperback
First published January 1, 2000
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 30 of 31 reviews
July 27, 2018
Xã hội Mỹ phồn hoa và đầy sôi động của những năm đầu thế kỷ XX là một bức tranh rõ rệt của cuốn sách. Một đất nước mà ở đó có những con người làm thay đổi thế giới, những nhà tư bản tài ba, những doanh nghiệp tầm cỡ và 1 phố Wall "lờ mờ trong ánh sáng của núi tiền". Cuốn sách mình được giới thiệu để đọc trong những ngày lao dốc của thị trường, những lúc này nên dừng lại và học thêm những bài học mới - Thật may mắn là mình đã đọc được cuốn sách này.
Jesse Livermore - người được mệnh danh là "Con gấu vĩ đại nhất phố Wall"- nhà đầu cơ giá xuống vĩ đại. Một nhà đầu tư huyền thoại. Huyền thoại đến nổi JP Morgan phải nhờ đến J.L cứu thị trường năm 1907, J.L trong những năm đó, ông đã nắm quyền định đoạt số phận của thị trường. Chắc đến nay cũng không có 1 ai có thể làm được 1 điều tương tự.
Cuốn sách cho thấy sự khốc liệt trên TTCK, cho mình 1 cái nhìn thoáng hơn ở thời điểm hiện tại. J.L gục ngã bởi những yếu tố bên ngoài, khi mà tình cảm lấn át đi sự tinh khôn của ông. Khi những nguyên tắc của ông bị phá vỡ.
Thật tuyệt vời khi được biết thêm một nhân vật tầm cỡ, một Jesse Livermore tài ba, quật cường và những bài học quí giá từ ông.
Jesse Livermore - người được mệnh danh là "Con gấu vĩ đại nhất phố Wall"- nhà đầu cơ giá xuống vĩ đại. Một nhà đầu tư huyền thoại. Huyền thoại đến nổi JP Morgan phải nhờ đến J.L cứu thị trường năm 1907, J.L trong những năm đó, ông đã nắm quyền định đoạt số phận của thị trường. Chắc đến nay cũng không có 1 ai có thể làm được 1 điều tương tự.
Cuốn sách cho thấy sự khốc liệt trên TTCK, cho mình 1 cái nhìn thoáng hơn ở thời điểm hiện tại. J.L gục ngã bởi những yếu tố bên ngoài, khi mà tình cảm lấn át đi sự tinh khôn của ông. Khi những nguyên tắc của ông bị phá vỡ.
Thật tuyệt vời khi được biết thêm một nhân vật tầm cỡ, một Jesse Livermore tài ba, quật cường và những bài học quí giá từ ông.
February 18, 2009
I picked up this book and could not put it down and even stayed up late just to finish it. It is suprising this story hasn't been made into a major motion picture, as far as I know at least. The writing is mediocre but the story is remarkable. While it is about the world's greatest stock trader it is really a look into the life and mind of someone who is extraordinary at what he does and what made him great. I found the references to the people he knew-- J.P. Morgan, E.F. Hutton, and other famous names of that era that most people know but don't know why very entertaining and reading about that time period facscinating.
Read
December 16, 2021Cuốn này khá ổn. Tôi thương ông Livermore bao nhiêu thì càng giận ông bấy nhiêu (hầu hết các biến cố về sau đều bắt nguồn từ việc ông lăng nhăng). Một điều dễ nhận ra là biến cố cuộc đời một con người thường có nguyên do từ tình cảm, gia đình. Có thể đây cũng là lý do có câu "an cư lạc nghiệp" chăng? Đọc cuốn này xong bạn có thể mất niềm tin vào tình yêu một chút nhưng tôi nghĩ dù sao đó cũng là quy luật tất yếu của cuộc đời; tình yêu vốn là thứ không thể thao túng và dự đoán như thị trường đc :))
Tôi cũng chưa đầu tư vào thị trường nên không rõ liệu quy tắc “không bao giở để mất hơn 10% vốn” còn hiệu quả không, đặc biệt trong thời buổi portfolio của bạn có thể x1,5 sau 1 đêm như hiện nay :v
Thị trường luôn đúng, đừng tự tin vào quan điểm hay đánh giá của bản thân. Biến động của cổ phiếu thường đi theo nhóm. Biến động giả sẽ xảy ra và k nên quan tâm hay tò mò lý do tsao nó xảy ra. Luôn có những cổ phiếu có xu hướng riêng biệt với xu hướng chung của thị trường. Insider trading is not a thing, might work with some but not always with u. Be careful.
Mốc then chốt (pivotal point) dự đoán hướng vận động của cổ phiếu. Phần này tôi cần xem thêm để hiểu hơn.
Tôi cũng chưa đầu tư vào thị trường nên không rõ liệu quy tắc “không bao giở để mất hơn 10% vốn” còn hiệu quả không, đặc biệt trong thời buổi portfolio của bạn có thể x1,5 sau 1 đêm như hiện nay :v
Thị trường luôn đúng, đừng tự tin vào quan điểm hay đánh giá của bản thân. Biến động của cổ phiếu thường đi theo nhóm. Biến động giả sẽ xảy ra và k nên quan tâm hay tò mò lý do tsao nó xảy ra. Luôn có những cổ phiếu có xu hướng riêng biệt với xu hướng chung của thị trường. Insider trading is not a thing, might work with some but not always with u. Be careful.
Mốc then chốt (pivotal point) dự đoán hướng vận động của cổ phiếu. Phần này tôi cần xem thêm để hiểu hơn.
October 8, 2019
Great book about J.L
Now I have a new idol in stock market
Now I have a new idol in stock market
August 30, 2021
Một quyển sách hay về cuộc đời và tư tưởng của nhà đầu cơ huyền thoại JL. Tôi may mắn khi đọc quyển này sau quyển “Hồi ức của một thiên tài đầu tư chứng khoán” và thực sự bị cuốn hút vào nó. Quyển sách này chi tiết và rõ ràng hơn về hoàn cảnh và các tư tưởng của JL khi giao dịch. Nếu “hồi ức của 1 thiên tài đầu tư chứng khoán” là 1 câu chuyện chủ yếu về quá trình giao dịch của JL thì “chết vì chứng khoán” là bản phụ lục đầy đủ nhất về hoàn cảnh, tư duy của JL khi đưa ra các quyết định ấy. Cả cuộc đời JL đã gắn liền với chứng khoán. Chứng khoán làm ông mất tất cả nhưng cũng mang lại cho ông tất cả, từ sự nghiệp, tiền, vợ đẹp, con ngoan, lý tưởng sống, những người bạn,.. Ngay cả đến JP Morgan và thủ tướng cũng phải nhờ đến JL để bảo vệ thị trường, điều đó chứng tỏ rằng ông thật sự, thật sự có khả năng khuynh đảo thị trường. Tư duy đầu tư của ông thật sự rất khác so với mọi người tại thời của ông và có thể là cả hiện tại. Những suy nghĩ và tư duy của JL thực sự đã thức tỉnh tôi, cho tôi 1 hướng đi mới trong việc đầu cơ cổ phiếu, thật sự là khai sáng. Tuy nhiên cái kết cuối cùng về cuộc đời của JL và cả những người liên quan đến ông thật sự đau lòng, 1 nốt nhạc cao trào kết thực sự buồn trong cả cuộc đời huy hoàng của ông. Xin kính trọng và được gọi ông là “thầy”. Respect.
January 3, 2022
Cuốn sách đầu tiên tôi đọc về chứng khoán, lúc đầu nghĩ rằng nó sẽ là đủ các loại lí thuyết về thị trường này nọ nhưng không nó tập trung viết về cuộc đời của nhà đầu cơ huyền thoại phố Wall. Và như một lẽ dĩ nhiên thì cuộc đời ông gắn liền với thị trường chứng khoán phố Wall thành công cũng nhờ chứng khoán mà thất bại cũng là do chứng khoán. Qua những lần đầu tư thành bại ông đúc kết cho bản thân rất nhiều kinh nghiệm tạo thành những nguyên tắc cốt lõi trong đầu tư. Cuốn này tuy không nói nhiều về đầu tư chứng khoán nhưng qua chính cuộc đời Jesse Livemore ta cũng có thể học hỏi kinh nghiệm đầu tư và những bài học về thị trường. Tôi cảm thấy ông là người rất tuân thủ nguyên tắc cuộc chơi nhưng ai cũng sẽ phạm một vài sai lầm cả trong công việc lẫn gia đình, có người có thể sửa chữa được sai lầm có người không. Điều ấn tượng tôi ở con người này chính là lòng tin mà những người bạn cùng đầu tư dành cho ông sau vụ phá sản, ông trắng tay họ vẫn tin rằng ông có thể vực dậy và ông đã thành công trả hết số nợ. Chỉ tiếc là đến cuối cùng ông lại ra đi trong cô đơn.
September 30, 2019
Rất ổn. Đây là cuối viết về cuộc đời của một nhà đầu tư chứng khoán sừng sỏ bậc nhất phố Wall. Cuốn sách không đề cập quá nhiều đến lý thuyết, đến những kỹ thuật khi tham gia vào thị trường chứng khoán, nó chỉ như kể chuyện. Kể từ việc LiverMoore từ một cậu bé nghèo khó nhưng tài năng và ham học hỏi thế nào, cậu đã quyết tâm theo đuổi ước mơ, biết đứng lên sau mỗi lần trắng tay ra sao và một tuổi già suy sụp chán nản sau khi đã lên đến đỉnh thành công nữa. Bản thân cảm thấy khá giống với cuốn Hai Số Phận. Đây không phải cuốn tự truyện do chính tác giả viết mà chỉ là lời kể từ vợ và con trai nhưng nội dung khá cụ thể, các chi tiết được miêu tả kỹ mình rất thích điểm này. Cuối tác phẩm có tóm tắt lại những quy tắc của ông đã truyền lại cho con trai, và ông luôn nghiêm khắc tuân theo suốt sự nghiệp của mình.
August 27, 2019
Jesse Lauriston Livermore - đồng thời được biết đến với cái tên Gã đầu cơ liều lĩnh trẻ tuổi hay con gấu vĩ đại của phố Wall - là một nhà giao dịch chứng khoán đầu thế kỉ 20. Ông nổi tiếng nhờ kiếm được cũng như thua lỗ hàng triệu đô la tiền tài và bán khống cổ phiếu vào thời điểm thị trường suy thoái các năm 1907 và 1929.
Cuốn sách này vừa nói về cuộc đời ông, vừa nói về nguyên tắc đầu tư của ông, cách ông kiếm tiền cũng như cách ông tiêu tiền, và cả cách ông mất tiền...
Cuốn sách này vừa nói về cuộc đời ông, vừa nói về nguyên tắc đầu tư của ông, cách ông kiếm tiền cũng như cách ông tiêu tiền, và cả cách ông mất tiền...
August 8, 2021
Đúc kết những việc nên và không nên - đáng lẽ k nên tồn tại trong tâm trí của một người khi đầu tư và cả cuộc sống
September 25, 2023
Most stories about how Jesse Livermore traded in the stocks or commodity market repeat themselves in the book Reminiscences of a Stock Operator by Edwin Lefevre. There are more stories about his personal life in this book. Jesse Livermore always learned from his mistakes and obeyed the rules in trading but he seemed not to be able to do it in his personal life, which led to the tragic ending.
Notes from the book:
1- There is nothing new on Wall Street or in stock speculation. What has happened in the past will happen again and again and again. This is because human nature does not change, and it is human emotion that always gets in the way of human intelligence.
2- No one could or should trade the market all the time. There were times when a trader should be out of the market, in cash, waiting.
3- The only way you get a real education in the market is to invest cash, track your trade, and study
your mistakes!
4- Trading strategy:
+ First, decide on the overall direction of the market. Determine the line of least resistance. Be sure of the basic trend.
+ Second, develop a buying strategy. Probe the market. Test it by trading small positions first. Do not rush in and bet your whole stash on impulse. (20% - 20%- 20%- 40%)
+ Third, be patient and wait for all the facts. Wait for a move to play out. It is the big moves that make the big money.
5- If you know something about the stock I’m trading in, something really, really important, please keep it to yourself. Don’t tell me.
6- Distilling facts; churning information; recalling prior events; reacting to current events; watching his fellow traders; and, most of all, relying on his own judgment, not the judgment of others.
7- Only speculate if you can make it a full-time job. Don’t take tips of any kind, no matter where they come from. Don’t worry about catching the tops or bottoms, that’s fool’s play. Keep the number of stocks you own to a controllable number. It’s hard to herd cats, and it’s hard to track a lot of securities. Take your losses quickly and don’t brood about them. Try to learn from them, but mistakes are as inevitable as death. And only make a big move, a real big plunge, when the majority of factors are in your favor.
8- Stocks did not move alone when they moved. They moved in industry groups.
9- Go with the leader, the anchor of the group. Occasionally, a smaller, well-managed stock in the group would assume leadership, perhaps with a new product, and knock out the old leader.
10 - Entire groups went in and out of favor with each new major bull market. The leading stock groups of one market most likely would not be the leading groups of the next major market. And Livermore followed only the leading groups because he believed that if he could not make money with the leading active issues and groups, then he would not make money speculating in the market as a whole..
11- Look toward volume indications as a key signal at the end of a major move, either in the entire market or an individual stock. Also, I observed that at the end of a long move, it was not uncommon for stocks to suddenly spike up in a straight shot with heavy volume and then stop, roll at the top, exhausted, and then retreat, never to make a “new high” before the onslaught of a major correction.
12- Money-management tips.
+ Rule 1: Don’t lose money. And remember to establish in your mind the total amount of
shares you want to purchase before you begin the trade.
+ Rule 2: Always establish a stop. what percentage of your portfolio you will invest in any play,
and your general upside price target, you should always have a clear price at which to sell if the stock moves against you. “And you must obey your rules, no cheating by waiting!
Never take a capital loss of more than 10%
+ Rule 3: Keep cash in reserve.
+ Rule 4: Let the position ride. Profits take care of themselves, losses never do. Stick with the winners. Let them ride until you have a clear reason to sell.
+ Rule 5: Take the profits in cash.
Notes from the book:
1- There is nothing new on Wall Street or in stock speculation. What has happened in the past will happen again and again and again. This is because human nature does not change, and it is human emotion that always gets in the way of human intelligence.
2- No one could or should trade the market all the time. There were times when a trader should be out of the market, in cash, waiting.
3- The only way you get a real education in the market is to invest cash, track your trade, and study
your mistakes!
4- Trading strategy:
+ First, decide on the overall direction of the market. Determine the line of least resistance. Be sure of the basic trend.
+ Second, develop a buying strategy. Probe the market. Test it by trading small positions first. Do not rush in and bet your whole stash on impulse. (20% - 20%- 20%- 40%)
+ Third, be patient and wait for all the facts. Wait for a move to play out. It is the big moves that make the big money.
5- If you know something about the stock I’m trading in, something really, really important, please keep it to yourself. Don’t tell me.
6- Distilling facts; churning information; recalling prior events; reacting to current events; watching his fellow traders; and, most of all, relying on his own judgment, not the judgment of others.
7- Only speculate if you can make it a full-time job. Don’t take tips of any kind, no matter where they come from. Don’t worry about catching the tops or bottoms, that’s fool’s play. Keep the number of stocks you own to a controllable number. It’s hard to herd cats, and it’s hard to track a lot of securities. Take your losses quickly and don’t brood about them. Try to learn from them, but mistakes are as inevitable as death. And only make a big move, a real big plunge, when the majority of factors are in your favor.
8- Stocks did not move alone when they moved. They moved in industry groups.
9- Go with the leader, the anchor of the group. Occasionally, a smaller, well-managed stock in the group would assume leadership, perhaps with a new product, and knock out the old leader.
10 - Entire groups went in and out of favor with each new major bull market. The leading stock groups of one market most likely would not be the leading groups of the next major market. And Livermore followed only the leading groups because he believed that if he could not make money with the leading active issues and groups, then he would not make money speculating in the market as a whole..
11- Look toward volume indications as a key signal at the end of a major move, either in the entire market or an individual stock. Also, I observed that at the end of a long move, it was not uncommon for stocks to suddenly spike up in a straight shot with heavy volume and then stop, roll at the top, exhausted, and then retreat, never to make a “new high” before the onslaught of a major correction.
12- Money-management tips.
+ Rule 1: Don’t lose money. And remember to establish in your mind the total amount of
shares you want to purchase before you begin the trade.
+ Rule 2: Always establish a stop. what percentage of your portfolio you will invest in any play,
and your general upside price target, you should always have a clear price at which to sell if the stock moves against you. “And you must obey your rules, no cheating by waiting!
Never take a capital loss of more than 10%
+ Rule 3: Keep cash in reserve.
+ Rule 4: Let the position ride. Profits take care of themselves, losses never do. Stick with the winners. Let them ride until you have a clear reason to sell.
+ Rule 5: Take the profits in cash.
July 28, 2014
"The stock market is the world's biggest gold mine, a gold mine that opens its doors every day and invites anyone and everyone in to plumb its depths and leave with wheelbarrows full of gold bars, if they can!" That was Jesse Livermore telling his two sons about the stock market. And he knew because he had done it.
But he cautioned, "when the bell rings at the end of the day they have gone from pauper to prince... or gone stony broke." And he had done that too!
Jesse Livermore was known as the Boy Plunger, the Great Bear of Wall Street, and widely regarded as the greatest stock trader in history. And Richard Smitten's biography is a fascinating account of the man and his times. It also gives an excellent account of Livermore's trading secrets - the rules to success in the stock market that gave him his edge, and the pitfalls that brought him down.
Without a doubt Livermore was a genius. He had a brilliant mind for mathematics and a photographic memory for numbers. As a school boy he plowed through three years of arithmetic in one. He challenged a teacher to a race to solve a problem and won.
But his father had other ideas. He pulled young Jesse out of school to work the family farm. With the help of his mother, 14 year old Jesse ran away to Boston where he landed a job as chalkboard boy at Paine Webber.
Every day he would write stock quotes on the blackboards and he began to notice something. With his photographic memory and facility with numbers, he noticed patterns in the action. He realized that a careful analysis of a stock's action could give clues about its future price direction.
With his meager resources Livermore explored the second great influence in his market education - the bucket shops. These were quasi-brokers somewhat akin to betting parlors. People could walk in off the street and bet on a stock with 10% down. The bucket shops were a hustle and most were owned by underworld kingpin Arnold Rothstein, the man reputed to have fixed the 1919 Black Sox World Series.
The operators were known at times to manipulate the market, forcing a ten percent drop in a stock to wipe out a bettor, for that would wipe out the ten percent margin play. But even without manipulation the house won 95% of the time because of the high leverage.
At the bucket shops Livermore naturally learned one of his great trading rules - limit your losses to ten percent. But with his mind for numbers and patterns, Livermore won consistently. He played the market both ways - long and short. By age 16 he had over $1000 in cash, a heady sum in those days. He sent half back to his mother and with his remaining resources started to create his reputation.
He became known as the Boy Plunger for his youthful good looks and habit of making large bets. He was so successful that the bucket shops banned him from their premises, just as casinos will banish consistent winners.
So Livermore moved up to the big leagues - the stock market proper. And the rest, as they say, is history. Because he played both sides of the market, Livermore made some of his biggest plays in down markets - the crash of 1907 and the great crash of 1929 when he made over $100 million going short.
Smitten brings these early episodes as well as the rest of Livermore's life into sharp focus. Based on extensive research, including an interview with Livermore's son Paul, Smitten pieced together an account of a man both brilliant and tragic. A man who developed a set of winning rules for trading the market, but who as often broke his rules and went broke. In 1934, five years after making his killing on Wall Street, the great man declared bankruptcy for last time. He never regained his touch.
The book also gives a fascinating glimpse of his personal life - his three marriages, his friends and acquaintances including ex-pat Canadian Arthur Cutten, considered one of the greatest commodity traders in history, Bernard Baruch the great financier, banker J.P. Morgan and Ed Bradley, owner of the Beach Club - the longest running illegal gambling parlor in American history.
The most useful parts of the book for investors, of course, are the chapters dealing with Livermore's methods. But his fascinating life is also a lesson to us all. Money is not the most important thing in life. For all his wealth, Livermore suffered from clinical depression. He was a womanizer who alienated and ultimately divorced the one true love in his life, his second wife Dorothy. His oldest son, Jesse Jr., was a misfit, spoiled and often in trouble with the law.
And he obviously didn't recognize the ominous omen of marrying his last wife, a woman whose four previous husbands had all committed suicide. Livermore was no exception for the luckless lady and he shot himself in November 1940.
For all his foibles and problems, Livermore is a great role model for investors. At the peak of his powers he exhibited a steadfast confidence, a shrewd analytical mind and the fearlessness to follow his convictions. The rules he developed are still widely misunderstood and ignored. But they have been refined and developed to a large degree in the works of William O'Neil who acknowledges the influence of Livermore in his own thinking.
His basic rules are cut your losses, probe the market with partial positions before committing full positions, and gauge the market based on price and volume. For a fuller account with examples, read the book.
This is a fascinating read, both for its subject, the elegant, handsome and brilliant Jesse Livermore, and for the insight into his methods. Highly recommended! (This and other reviews can be found at my website, marcodenouden.com)
But he cautioned, "when the bell rings at the end of the day they have gone from pauper to prince... or gone stony broke." And he had done that too!
Jesse Livermore was known as the Boy Plunger, the Great Bear of Wall Street, and widely regarded as the greatest stock trader in history. And Richard Smitten's biography is a fascinating account of the man and his times. It also gives an excellent account of Livermore's trading secrets - the rules to success in the stock market that gave him his edge, and the pitfalls that brought him down.
Without a doubt Livermore was a genius. He had a brilliant mind for mathematics and a photographic memory for numbers. As a school boy he plowed through three years of arithmetic in one. He challenged a teacher to a race to solve a problem and won.
But his father had other ideas. He pulled young Jesse out of school to work the family farm. With the help of his mother, 14 year old Jesse ran away to Boston where he landed a job as chalkboard boy at Paine Webber.
Every day he would write stock quotes on the blackboards and he began to notice something. With his photographic memory and facility with numbers, he noticed patterns in the action. He realized that a careful analysis of a stock's action could give clues about its future price direction.
With his meager resources Livermore explored the second great influence in his market education - the bucket shops. These were quasi-brokers somewhat akin to betting parlors. People could walk in off the street and bet on a stock with 10% down. The bucket shops were a hustle and most were owned by underworld kingpin Arnold Rothstein, the man reputed to have fixed the 1919 Black Sox World Series.
The operators were known at times to manipulate the market, forcing a ten percent drop in a stock to wipe out a bettor, for that would wipe out the ten percent margin play. But even without manipulation the house won 95% of the time because of the high leverage.
At the bucket shops Livermore naturally learned one of his great trading rules - limit your losses to ten percent. But with his mind for numbers and patterns, Livermore won consistently. He played the market both ways - long and short. By age 16 he had over $1000 in cash, a heady sum in those days. He sent half back to his mother and with his remaining resources started to create his reputation.
He became known as the Boy Plunger for his youthful good looks and habit of making large bets. He was so successful that the bucket shops banned him from their premises, just as casinos will banish consistent winners.
So Livermore moved up to the big leagues - the stock market proper. And the rest, as they say, is history. Because he played both sides of the market, Livermore made some of his biggest plays in down markets - the crash of 1907 and the great crash of 1929 when he made over $100 million going short.
Smitten brings these early episodes as well as the rest of Livermore's life into sharp focus. Based on extensive research, including an interview with Livermore's son Paul, Smitten pieced together an account of a man both brilliant and tragic. A man who developed a set of winning rules for trading the market, but who as often broke his rules and went broke. In 1934, five years after making his killing on Wall Street, the great man declared bankruptcy for last time. He never regained his touch.
The book also gives a fascinating glimpse of his personal life - his three marriages, his friends and acquaintances including ex-pat Canadian Arthur Cutten, considered one of the greatest commodity traders in history, Bernard Baruch the great financier, banker J.P. Morgan and Ed Bradley, owner of the Beach Club - the longest running illegal gambling parlor in American history.
The most useful parts of the book for investors, of course, are the chapters dealing with Livermore's methods. But his fascinating life is also a lesson to us all. Money is not the most important thing in life. For all his wealth, Livermore suffered from clinical depression. He was a womanizer who alienated and ultimately divorced the one true love in his life, his second wife Dorothy. His oldest son, Jesse Jr., was a misfit, spoiled and often in trouble with the law.
And he obviously didn't recognize the ominous omen of marrying his last wife, a woman whose four previous husbands had all committed suicide. Livermore was no exception for the luckless lady and he shot himself in November 1940.
For all his foibles and problems, Livermore is a great role model for investors. At the peak of his powers he exhibited a steadfast confidence, a shrewd analytical mind and the fearlessness to follow his convictions. The rules he developed are still widely misunderstood and ignored. But they have been refined and developed to a large degree in the works of William O'Neil who acknowledges the influence of Livermore in his own thinking.
His basic rules are cut your losses, probe the market with partial positions before committing full positions, and gauge the market based on price and volume. For a fuller account with examples, read the book.
This is a fascinating read, both for its subject, the elegant, handsome and brilliant Jesse Livermore, and for the insight into his methods. Highly recommended! (This and other reviews can be found at my website, marcodenouden.com)
June 16, 2020
Check out my other reviews on Jesse Livermore books--they're all on my one and only shelf. (Saves lots of dusting!)
But I would like share the opening quote of this book, which really makes you think. The author took this quote from "Waking from the American Dream" by Donald McCullogh. (It's an especially good quote to keep in mind when (re)reading "The Great Gatsby.")
"In 1923, seven men who had made it to the top of the financial success pyramid met together at the Edgewater Hotel in Chicago. Collectively, they controlled more wealth than the entire United States Treasury, and for years the media had held them up as examples of success.
"Who were they? Charles Schwab, president of the world's largest steel company [My Note: NOT the Charles Schwab of the brokerage company]; Arthur Cutten, the greatest wheat speculator of his day; Richard Whitney, president of the New York Stock Exchange; Albert Fall, a member of the President's Cabinet; Jesse Livermore, the greatest bear on Wall Street; Leon Fraser, president of the International Bank of Settlement; and Ivan Kruegger, the head of the world's largest monopoly.
"What happened to them? Schwab and Cutten both died broke; Whitney spent years of his life in Sing Sing penitentiary; Fall also spent years in prison, but was released so he could die at home; and the others, Livermore, Fraser and Kruegger, committed suicide."
But I would like share the opening quote of this book, which really makes you think. The author took this quote from "Waking from the American Dream" by Donald McCullogh. (It's an especially good quote to keep in mind when (re)reading "The Great Gatsby.")
"In 1923, seven men who had made it to the top of the financial success pyramid met together at the Edgewater Hotel in Chicago. Collectively, they controlled more wealth than the entire United States Treasury, and for years the media had held them up as examples of success.
"Who were they? Charles Schwab, president of the world's largest steel company [My Note: NOT the Charles Schwab of the brokerage company]; Arthur Cutten, the greatest wheat speculator of his day; Richard Whitney, president of the New York Stock Exchange; Albert Fall, a member of the President's Cabinet; Jesse Livermore, the greatest bear on Wall Street; Leon Fraser, president of the International Bank of Settlement; and Ivan Kruegger, the head of the world's largest monopoly.
"What happened to them? Schwab and Cutten both died broke; Whitney spent years of his life in Sing Sing penitentiary; Fall also spent years in prison, but was released so he could die at home; and the others, Livermore, Fraser and Kruegger, committed suicide."
September 6, 2022
Tệ.
Một cuốn sách có nguyên 1 chương để miêu tả cách 2 tên cướp lên kế hoạch và thực hiện vụ cướp mà nạn nhân nhắm tới là JL. Phần lớn nội dung sách lan man và chắp vá các câu chuyện (có cả những lời đồn) về cuộc đời của livermoore mà thực chất chỉ cần tóm tắt nội dung trong 5 phút. Thay vì đọc cuốn sách này, có thể lên wikipedia và đọc nội dung ở đó còn nhanh và tiết kiệm thời gian hơn.
Thật sự tệ.
Một cuốn sách có nguyên 1 chương để miêu tả cách 2 tên cướp lên kế hoạch và thực hiện vụ cướp mà nạn nhân nhắm tới là JL. Phần lớn nội dung sách lan man và chắp vá các câu chuyện (có cả những lời đồn) về cuộc đời của livermoore mà thực chất chỉ cần tóm tắt nội dung trong 5 phút. Thay vì đọc cuốn sách này, có thể lên wikipedia và đọc nội dung ở đó còn nhanh và tiết kiệm thời gian hơn.
Thật sự tệ.
September 22, 2017
Was in awe of Livermore after I finished reading this book many years ago. This book is not so much about tools of trading as about tape reading. Livermore was a gutsy trader who backed his instincts and took huge risks, many a time to his advantage.
If you read between the lines, there is a big risk management lesson to be learned as well.
If you read between the lines, there is a big risk management lesson to be learned as well.
January 14, 2022
Jesse Livermo - một trong những huyền thoại phố Wall và có lẽ là một trong những người tiên phong trong trường phái phân tích kỹ thuật với dân trading. Một thiên tài với cuộc đời quá thú vị mà cũng không kém phần bi thảm về những năm cuối đời. Không biết nói gì hơn, đối với người đam mêm thị trường chứng khoán cũng như forex, đọc để thưởng thức cuộc đời của một trong những trader vĩ đại nhất.
March 25, 2022
"Chiến thắng ở thị trường cổ phiếu không phải là chiến thắng về trí tuệ mà là chiến thằng về mặt cảm xúc".
Nếu ai đó nối nhiều tiền sẽ có hạnh phúc hay tiến đến hạnh phúc thì cuộc đời của J.L như một cú tát vào những nhận định như vậy.
Nếu ai đó nối nhiều tiền sẽ có hạnh phúc hay tiến đến hạnh phúc thì cuộc đời của J.L như một cú tát vào những nhận định như vậy.
February 28, 2018
Spectacular book about a stock market legend. Learned a lot about the Livermore trading system. Very valuable book.
August 12, 2020
Anyone interested in the stock market should read this story of the greatest trader ever.
January 2, 2021
It was OK - another person responsible for the modern western world. Appreciated the summary of all his tips at the end of the book.
June 1, 2021
A sad ending for such a great investor in the world's history.
August 15, 2021
A must read
March 4, 2017
One of the best biographies I have read.
Reminiscences of a Stock Operator got me interested about Jesse Livermore and his life and this was the 3rd book I read about Jesse Livermore. The story of Jesse Livermore is remarkable and one can learn a lot from him.
Reminiscences of a Stock Operator got me interested about Jesse Livermore and his life and this was the 3rd book I read about Jesse Livermore. The story of Jesse Livermore is remarkable and one can learn a lot from him.
June 9, 2013
Many people say that this book isn't that good compared to "Reminiscences of a Stock Operator" by Edwin Lefèvre. So you all should know that I haven't read "Reminiscences of a Stock Operator" before writing this review. But hopefully, I will read it sometime in the future...
The only reason I give this book 4 stars is because of Jesse Livermore. I love that Richard Smitten wrote it but it isn't his writing that made it so good, it's the story itself. So if Smitten was a perfect author with perfect writing skills I would give it 5 stars.
Livermore lived a very interesting life that contained both happiness and depression, wealth and poverty, success and of course, the tragic downfall. He was the Sid Vicious of the stock market, a real rock star.
I can recommend this book to everyone, it doesn't matter if you don't know anything about stocks or the market. Of course there is a bit about his trading strategy but that isn't the main topic in the book. It's a good book about a man building up a fortune from nothing, but a second later he tears it all down.
The only reason I give this book 4 stars is because of Jesse Livermore. I love that Richard Smitten wrote it but it isn't his writing that made it so good, it's the story itself. So if Smitten was a perfect author with perfect writing skills I would give it 5 stars.
Livermore lived a very interesting life that contained both happiness and depression, wealth and poverty, success and of course, the tragic downfall. He was the Sid Vicious of the stock market, a real rock star.
I can recommend this book to everyone, it doesn't matter if you don't know anything about stocks or the market. Of course there is a bit about his trading strategy but that isn't the main topic in the book. It's a good book about a man building up a fortune from nothing, but a second later he tears it all down.
October 3, 2011
Smitten's book is an excellent biography of Jesse Livermore with many details/stories that cannot be read in "Reminiscences of a Stock Operator". It gives a fantastic insight into JL's business, and more important, private life. While this biography covers some of JL's trading strategies, it goes more in other details of JL's exciting life. I still believe the "Reminiscences of a ..." is essential reading in understanding JL's trading life. The biography can never (and maybe should not) get into the trading thinking of JL. Whoever is deeply intereted in JL should read "Reminiscences of a .." first, and than the biography. The reader will have a much bigger picture on JL (and will re-read both books several times)
April 7, 2018
The young boy who arrived to NY looking for better opportunities instead of hard life in his rural area.
He started his carrier as shop stock tickets writer....
with the time he was learning the secrets of gambling and investing...
He made huge fortune many times but lost all in 1929...he never recovered from this crash...
His decisions were based in other people...finally commitin suicide...
His principles and understand of the 1920s markets are awsome....
Even today are usefull...
He´s one of may favorite speculators with Soros
He started his carrier as shop stock tickets writer....
with the time he was learning the secrets of gambling and investing...
He made huge fortune many times but lost all in 1929...he never recovered from this crash...
His decisions were based in other people...finally commitin suicide...
His principles and understand of the 1920s markets are awsome....
Even today are usefull...
He´s one of may favorite speculators with Soros
July 6, 2021
Đọc sách về cuộc đời Livermore thấy khá shock với những gì ông và gia đình ông phải trải qua với cái kết khá là thảm, ông và con trai đều tự tử 😔😔😔. Có lẽ ông đã mất đi niềm đam mê duy nhất là thị trường sau khi li hôn dorothy, cái mà ông đã dành cả đời để theo đuổi. Chẳng ai biết con người lầm lì trầm tĩnh và luôn kiểm soát được cảm xúc ấy nghĩ gì. Chỉ tiếc cho một gia đình đã từng hạnh phúc và đạt đến đỉnh cao cuộc đời lại có kết quả như vậy.
Sách truyền tải kiến thức khá ổn nhưng chưa được chi tiết và đầy đủ, chủ yếu là đưa ra lời khuyên và các quy tắc.
Sách truyền tải kiến thức khá ổn nhưng chưa được chi tiết và đầy đủ, chủ yếu là đưa ra lời khuyên và các quy tắc.
August 19, 2021
Sách nói lên được những quan sát từ khía cạnh người thứ 3 của cuộc đời 1 con người vĩ đại nhưng nhiều vấp ngã. Sự đấu tranh giữa nỗ lực kiểm soát cảm xúc trong giao dịch nhưng lại để cảm xúc làm ảnh hưởng đến cuộc sống gia đình, dẫn đến bi kịch lớn của chính cuộc đời ông và những thành viên khác. Duy nhất chỉ có đứa con trai út, không được quan tâm nhiều nhưng lại trở nên miễn nhiễm và an toàn trước bi kịch đó. Sự thành công về mặt tài chính không chỉ đánh gục ông trong lúc ông sơ sảy, mà còn đập vỡ nền tảng gia đình làm cuộc sống ông vỡ vụn.
April 4, 2012
Good overview of the life and investing philosophy of one of the pioneers of "techno-fundamentalist" stock trading.
The book would have been better served, though, by ending when Livermore shoots himself to death instead of rambling on about the disastrous lives of his ex-wife and son.
The book would have been better served, though, by ending when Livermore shoots himself to death instead of rambling on about the disastrous lives of his ex-wife and son.
February 10, 2014
This reads like a non-stop commercial for investing in stocks. There was but a little useful information in it.
January 10, 2016
Well, one of the best books ever written for a trader. It's rich, instinctive and has to be read again and again to gauge it's true strength.
Displaying 1 - 30 of 31 reviews