Monday, 1 December 2014

Reminiscences of a Stock Operator by Edwin Lefèvre

Reminiscences of a Stock Operator - Edwin Lefèvre

I have no idea which book to read when I first started.. but I am reading / have read the following book and think it is great. This is why I am recommending Reminiscences of a Stock Operator to you. Get it from and have it delivered right to your doorstep.

First published in 1923, "Reminiscences of a Stock Operator" is the most widely read, highly recommended trading book ever. Generations of readers have found that it has more to teach them about markets and people than years of experience. This is a timeless tale that will enrich your life--and your portfolio.

This book is written over 80 years ago and still remains a classic trading book. It depicts the life of a great stock operator by the name of Jesse Livermore. How Livermore, from a boy in the bucketshop, grew to become a market maker and market manipulator. It is definitely one of my personal favorites

AT's Key Takeaway
Well-written, interesting accounts of trading psychology and art of speculation. There are so many lessons to learn from this book. I am very much a short term trader (normally hold my positions less than a week) but having read this book, I am tempted to hold my positions longer. I share a few of my favorite quotes from the book. 

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon"

"Much more to the game of speculation than to play for fluctuations for a few points."

"Well this is a bull market,you know!"

Readability: *****

* = boring

** = you can give it a miss
*** = average
**** = excellent read
***** = just buy this book, won't you?

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Financial freedom = Passive Income > Expenses. Always remember that there are two sides to the equation of financial freedom. Beside working on how to improve our passive income through investing, we should never neglect the expenses portion. By striving to improve both side of the equation, we can achieve our financial goals and win in the game of money.

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