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How to Trade In Stocks + Reminiscences of a Stock Operator + How I Made $2,000,000 in the Stock Market
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Product Details

  • Paperback: 224 pages
  • Publisher: McGraw-Hill; 1 edition (February 17, 2006)
  • Language: English
  • ISBN-10: 0071469796
  • ISBN-13: 978-0071469791
  • Product Dimensions: 8.9 x 6 x 0.7 inches
  • Shipping Weight: 14.4 ounces (View shipping rates and policies)
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (74 customer reviews)
  • Amazon Best Sellers Rank: #33,528 in Books (See Top 100 in Books)

Editorial Reviews

From the Back Cover

The Success Secrets of a Stock Market Legend

Jesse Livermore was a loner, an individualist-and the most successful stock trader who ever lived. Written shortly before his death in 1940, How to Trade Stocks offered traders their first account of that famously tight-lipped operator's trading system. Written in Livermore's inimitable, no-nonsense style, it interweaves fascinating autobiographical and historical details with step-by-step guidance on:

  • Reading market and stock behaviors
  • Analyzing leading sectors
  • Market timing
  • Money management
  • Emotional control

In this new edition of that classic, trader and top Livermore expert Richard Smitten sheds new light on Jesse Livermore's philosophy and methods. Drawing on Livermore's private papers and interviews with his family, Smitten provides priceless insights into the Livermore trading formula, along with tips on how to combine it with contemporary charting techniques. Also included is the Livermore Market Key, the first and still one of the most accurate methods of tracking and recording market patterns

About the Author

Jesse Livermore is a stock market legend who made and lost four stock market fortunes in 40 years. Livermore's revolutionary timing techniques, money management systems, and high-momentum approach to trading are as valid today as they were three-quarters of a century ago.

Richard Smitten teaches the “Jesse Livermore Trading System" and is developing "Trade Like Jesse Livermore" software. His other books include How to Trade Like Jesse Livermore and a number of novels.

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Customer Reviews

Any "advice" "offered" is very vague and the entire book is very thin.
Iordanis Georgiadis
The part written by Richard Smitten adds great clairity to the principales addressed by Mr. Livermore.
This book is considered a must read for anyone who has thought about or is a trader.

Most Helpful Customer Reviews

131 of 133 people found the following review helpful By bixodoido on August 28, 2006
Format: Paperback
First things first. The most important thing to recognize about this book is that the majority of it (about 2/3) was not actually written by Jesse Livermore. It was written by Richard Smitten, a man who tries (and fails miserably) to create a sort of monologue of Livermore, complete with phony quotation marks, in which the great trader outlines his system. Having said that, Livermore's actual writings are very interesting. The first few chapters of the book is a word for word transcript of Livermore's original text, and contains much in the way of useful insight and helpful tips and information. The Livermore Market Key at the end of the book is also Livermore's creation, and it, too, is useful in its own way.

The rest of the book is cobbled together by Richard Smitten, a man who seems to have made it his life's work to piggyback on Livermore's success in order to make a name for himself. Smitten took letters and interview transcripts and pieced together a phony Livermore monologue. It is unconvincing and a complete waste of time. The writing is abysmal, and Livermore's concise points and techniques (from the first part of the book, the part Livermore actually wrote) are repeated over and over and befuddled to the point that you have to remember that it is not actually Livermore speaking. Smitten's attempt to adopt Livermore's style of conversation fails miserably, and the whole of his work is tedious to the power of ten. I couldn't even get through it-I had to skip to the Livermore Market Key at the back.

The book also contains some shameless self-promotion in which Smitten attempts to peddle his biography of Livermore onto the reader and also his trading system, which he shamelessly claims will help you trade like the great legend.
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63 of 63 people found the following review helpful By R. Mak on June 8, 2001
Format: Hardcover
Jesse Livermore's book, in my opinion, is the single all time best book ever written on trading stocks.
I have read many books on trading, 7 out of 10 ordinary books are written by people who are good at writing textbooks. They are good at talking theory, but when it comes to combat in the trading battlefield, they come short and leaves you unsatisfied.
Jesse walks you through important trading principles which he learned through mistakes himself. He walks you through the emotions, the struggles, the mistakes, together with the success. This is no textbook, but you will learn important principles from a man who has been through the trenches himself.
THis book is not for ordinary investors, but for traders with a bit of experience. For those who are full time traders, this book is a must read. It leaves the ordinary trading textbooks in the dust.
The only draw back is Richard Smitten bought the copyright to the original book (from what I know), and he removed 3 chapters at the end of the original book, and he replaced it with his own materials. I went through great troubles to get hold of the orignal book with the final 3 chapters intact(the juicy stuff).
Overall, a must read for traders. If you can find the original edition, buy it and forget the new edition by Smitten.
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46 of 46 people found the following review helpful By A Customer on March 27, 2001
Format: Hardcover Verified Purchase
I have a really fragile copy of a reprint of the this book printed in 1966. I purchased this edition so I could have a newer copy which would not have pages falling out of it. Unfortunately the editors have already removed three chapters of Livermore material and replaced them with original material by Richard Smitten. The Smitten material is ok, but it should have been added to the original book as an appendix not as a substitute for the last three chapters written by Livermore.
The original book was only 112 pages long and the material from that book stops at page 56 in this new edition leaving you with around 122 pages of new material not written by Livermore. For that sin I can only give this book two stars.
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44 of 46 people found the following review helpful By Mike McPartlan on May 22, 2002
Format: Hardcover
Jesse Livermore must be wearing holes in his funeral clothes turning in his grave about the butchery that Smitten and Trader's Press have perpetrated on his book. Never before have I seen so many errors in punctuation, spelling, and grammar. Did a fourth grader edit the manuscript? Furthermore, it is difficult to determine which words were actually written by Livermore and which parts were added. Since the "Livermore Key" is printed in this edition exactly as it appeared in the original (1940) edition, one may surmise that Trader's Press has an entire copy of the original. Why not just reproduce the original exactly at it was printed in 1940 to maintain some coherency? This book was jam-packed with ads for Smitten's and Trader's Press other books. However, the part actually written by Livermore is pure gold.
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108 of 121 people found the following review helpful By -oo0(GoldTrader)0oo- on February 24, 2003
Format: Hardcover
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.
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.
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.
When your security is acting right you can safely add to your line from then forward.
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