An excellent read. —Ace Greenberg, Chairman, Bear Stearns Richard Smitten’s Jesse Livermore is the first full biography ofthe legendary trader profiled in the. Trade like Jesse Livermore / Richard Smitten. p. cm.—(Wiley trading series). Includes index. ISBN (cloth). 1. Investment analysis—Case studies. Trade Like Jesse Livermore has 26 ratings and 2 reviews. Mike said: Very interesting book, I’m paper trading my first approximation of his system and so.
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Want to Read Currently Reading Read. Refresh and try again. Open Preview See a Problem? Thanks for telling us about the problem. Return to Book Page. Preview — Jesse Livermore by Richard Smitten. Although he diedmore than half a century ago, Livermore is considered by today’stop traders as the greatest trader who ever lived. An enigmaticlo “An excellent read. An enigmaticloner, misanthrope, and notorious miser, Livermore revolutionizedthe profession with his innovative timing techniques, moneymanagement strategies, and high-momentum approach to tradingstocks.
Smitten provides a vivid portrait of Livermore and thetimes in which he lived and operated. He deftly combines eyewitnessaccounts of those who knew Livermore with fascinating stories ofsensational love affairs, shootings, and suicides, and a detailedexploration of the trading strategies that made Livermore severalfortunes in his lifetime. Richard Smitten Key West, FL is the author of severalbooks, including The Godmotherthe critically acclaimedstory of a famous woman criminal.
Paperbackpages. Published October 15th by Wiley first published January 1st To see what your friends thought of this book, please sign up. To ask other readers questions about Jesse Livermoreplease sign up. Lists jfsse This Book. This book is not yet featured on Listopia.
Feb 17, Karin rated it really richaard it Shelves: 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. Hutton, and other famou I picked up this book and could not put it down and even stayed up late just to finish it.
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. Jul 28, Marco den Ouden rated it it was amazing. 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 Jesse Livermore was known as the Boy “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 ruchard plumb its depths and leave with wheelbarrows full of gold bars, if they can!
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 jessee problem and won. But his father had other ideas. He pulled young Jesse out of school to work the family farm.
Trade Like Jesse Livermore by Richard Smitten
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. The bucket shops were a hustle and most were owned by underworld kingpin Arnold Rothstein, the man reputed to have fixed the 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.
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 jese – long and short. 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. Smitten brings these early episodes as well as the rest of Livermore’s smitetn 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.
Infive years after making his killing on Wall Street, the great man declared bankruptcy for last time. He never regained his touch. Richadd 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.
Morgan and Ed Bradley, owner of the Beach Club – the longest running illegal gambling parlor in American jeswe. The most useful parts of the book for investors, of course, are the chapters dealing with Richarrd 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. 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 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.
This and other reviews can be found at my website, marcodenouden. Sep 22, Gautam Subramanian rated it it was amazing.
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. Feb 28, Nicky Billou rated it it was amazing. Spectacular book about a stock market legend.
Trade Like Jesse Livermore
Learned a lot about the Livermore trading system. Mar 04, Rohan rated it it was amazing. 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. Jun 09, Sebbe P rated smittenn really liked it Recommends it for: 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, emitten and of course, the tragic downfall.