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Title: How to Trade in Stocks by Jesse Livermore, Richard Smitten ISBN: 0-934380-75-9 Publisher: Traders Pr Pub. Date: 14 November, 2001 Format: Hardcover Volumes: 1 List Price(USD): $29.95 |
Average Customer Rating: 3.38 (8 reviews)
Rating: 5
Summary: excellent stuff
Comment: If you want to sit in on a seminar with one of history's greatest speculators, this book and reminiscences of a stock operator are as close as you will get. There are many golden nuggets of trading philosophy and method in this book. If you can grasp what livermore says in this book, and as he says actualy have the patience and discipline to follow it you will be well on your way to success in the financial markets. It is important to realize that this book was written 17 years after the other great book on livermore ( reminiscences of a stock operator was wriiten in 1923) This book was written in 1940, the last year of Jesse livermores life after spending 40 plus years as a professional speculator. If the wisdom of a 4 decade plus career of making and losing multiple fortunes in the stock market (which in my opinion is what this book captures)does not help you, you are most likely not cut out for success in speculation. Understaning and applying the lessons of this book will cut the learning curve of becoming a succesful speculator. As for any skeptic who is critical of this book as being old and outdated, this is simply not true. If you will read this book you will understand that the workings of the financial markets never realy change because human nature never changes, and the financial markets are a representation of human beings opinions in action. This book is not the only book you need, but in my opinion it should be in your trading library. Keep in mind that all reviews are only opinions, and as jesse livermore says in this book, "Opinions are often wrong, markets never are" so find out for yourself whether this book can help you and do not mistake an opinion for a fact.
Rating: 2
Summary: Nothing New
Comment: This book was written over 60 years ago, the pivot point referred to in the book is simply what we call today a trend reversal. Only the first 56 pages are actually livermore`s writing, the rest of the book is all smitten trying to fill pages repeating the things livermore says in the beginning of the book. No big revelation in this book that you won`t find in any decent modern Technical analysis book. The material is a bit outdated, technical analysis has come a long way since the writing of this book. (Reminicences of a stock operator) , would give you a better idea of livermore`s philosophy on trading than this book if thats what you want.
Rating: 3
Summary: Shoot the works!
Comment: Jessie!
First off the pictures are magnificent as far as seeing about Jessie's life. Jessie took many millions of dollars out of Wall Street but he played for the game. He was up and down so often, and so high, that there was nothing left after the thrill was gone.
The antidotes on Jesse's life are very entertaining but not much use to refining a traders technique. If he had died a few years sooner he would have been a hero. As it is people confuse this personal life with that of a great trader who just got tired.
The included "Livermore Secret Market Key," reprint contains a wealth of information from Livermore's own hand. If I did not already have it, Smitten's book might have been useful.
Cycles!
Jesse mentions market swings from 5 to 20 points that take from a week to a month. It seems like Jesse is talking about what we now call cycles when he refers to the time element. Trading into the future.
Trends!
He talks about this idea that the best trades are those that show a profit right from the start. Therefore, by definition if a trade dips into a loss and violates your definition of what a trailing trend is, Speculators lose no sleep jettising it off right away.
Never permit speculative ventures to turn into investments. Involuntary Investors ... make a bet, stay with it, and if it goes wrong, they lose it all, "they buy a stock that goes down, and they refuse to sell and take their loss."
Trends work automatically, and consistently along certain lines. If you recognize a trend and wait to get in at the precise time, drawdowns should be at a minimum. The drawdown itself should flash a danger signal.
Pyramiding!
When your security is acting right you can safely add to your line from then forward.
One of the unique ideas that I may have overlooked in Reminiscences is that entering a trade a little late is a bit of added insurance.
There is a psychological value in drawing money out of your winnings. Something I just love to do.
Pivot Point!
There is allot in here about his Pivotal Point entry. However, unless you can get it out of the "Livermore Secret Market Key," reprint contained in the book you will not find it in the "Smitten," part.
Anyone can see where pivot points were, the psychological entry point can be determined when groups of other securities confirm the change in trend.
Double bottoms!
Jessie gets into what we now call a double bottom. The first bottom is the primary pivotal point the second bottom (or top) is what he calls the "Continuation Pivotal Point."
CPR's!
Jesse did early work on what we now call CPR's. Closing Price Reversals. CPR's often occur at the Pivotal Point.
He teaches us to only trade on pivot points. But then goes on to explain the benefits of Box-break outs, trading on new highs and new lows.
Livermore's system of Sister Stocks is clearly explained and is a welcomed addition to Reminiscences. I wonder why Smitten did not show these as a spread?
Money Management!
Your position is defined as the percentage of your portfolio you will invest in any single situation.
Find your Pivotal Points and trade in the direction of the momentum. It is the big swing that makes the big money for you.
Jessie suggests averaging up, "within the pivot point range," without defining what a "pivot point range," is. It may be the center reaction in the W of a double bottom.
The final time to pyramid is a break out (of the pivot point range?) on heavy volume. It is riskier to enter a pyramiding action when the stock is far from the base.
My take on this is that Reminiscences of a Stock Operator by Edwin Lefèvre is more helpful to a trader than "how to trade in Stocks."
The bottom line on Livermore's money management still remains something I learned from Stanley Kroll. To Quote Jessie Livermore in "How to Trade in Stocks."
Shoot the Works!
"The only area I may have differed from most speculators, was when I felt I was truly right, dead right, for-damn-sure right-then I would go all the way, shoot the works."
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Title: Jesse Livermore: The World's Greatest Stock Trader by Richard Smitten ISBN: 0471023264 Publisher: John Wiley & Sons Pub. Date: 14 September, 2001 List Price(USD): $19.95 |
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Title: Reminiscences of a Stock Operator by Edwin Lefèvre, Marketplace Books ISBN: 0471059706 Publisher: John Wiley & Sons Pub. Date: 11 May, 1994 List Price(USD): $19.95 |
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Title: How I Made 2,000,000 in the Stock Market by Nicolas Darvas, Nicolas Darvas ISBN: 0818403969 Publisher: Lyle Stuart Hardcover Pub. Date: April, 1986 List Price(USD): $12.95 |
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Title: The Battle for Investment Survival by Gerald M. Loeb, Marketplace Books ISBN: 0471132977 Publisher: John Wiley & Sons Pub. Date: January, 1996 List Price(USD): $27.95 |
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Title: The Successful Investor: What 80 Million People Need to Know to Invest Profitably and Avoid Big Losses by William J. O'Neil ISBN: 007142959X Publisher: McGraw-Hill Trade Pub. Date: 01 September, 2003 List Price(USD): $10.95 |
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