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Lessons from the Greatest Stock Traders of All Time Paperback – May 21, 2004


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Product Details

  • Paperback: 150 pages
  • Publisher: McGraw-Hill; 1 edition (May 21, 2004)
  • Language: English
  • ISBN-10: 0071437886
  • ISBN-13: 978-0071437882
  • Product Dimensions: 6.1 x 0.3 x 8.8 inches
  • Shipping Weight: 8 ounces (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (31 customer reviews)
  • Amazon Best Sellers Rank: #375,761 in Books (See Top 100 in Books)

Editorial Reviews

From the Back Cover

Timeless rules for profitable, low-risk trading--from five investing legends

Over the course of a century, in every type of economy and market, five traders wrote and perfected the rules for successful stock trading. Lessons from the Greatest Stock Traders of All Time examines these amazing traders and their careers, and reveals how you can use their remarkably similar skills, disciplines, and trading rules to improve your performance in today's high-risk, high-reward markets.

Look to these "Babe Ruths of Trading" to discover:

  • Jesse Livermore--How early market defeats taught him the number one rule of profitable trading--Cut your losses and move on!
  • Bernard Baruch--Techniques Baruch learned from his $5 a week Wall Street job--and how they helped him build a multimillion dollar portfolio
  • Nicolas Darvas--What this "outsider" did to regularly outmaneuver Wall Street's top pros in his spare time
  • Gerald Loeb--What Loeb saw that many others missed, allowing him to sidestep the Crash of 1929
  • William O'Neil--How O'Neil expanded on the time-honored rules of his predecessors to become a great modern-day success story

Certain rules and techniques have always distinguished the best traders. Discover what those strategies are, and how to use them to power your trading profits while dramatically cutting your losses, in the entertaining, technique-driven, and always fascinating Lessons from the Greatest Stock Traders of All Time.

About the Author

John Boik is an active trader and former stockbroker. He is the former assistant controller and special finance project manager for Washington Mutual Finance. He lives in Atlanta.

Customer Reviews

This book is very easy to read.
Keyon Decker
This book is a must read for new and old investors.
Stuart L. Henderson
I read this while logged into my brokerage site.
Lin O

Most Helpful Customer Reviews

105 of 110 people found the following review helpful By Steven Phillips on August 31, 2004
Format: Paperback
This is an "ok" book that describes supposed trading methods of some "old master" traders in terms of an event-based trading model. This model requires buying upside breakouts from congestion areas on increasing volume during bull markets. This is a good method if one's disposition can withstand generally high-volatility trades. However, to claim that this mode of trading was actually used by Livermore, Baruch, or Loeb is perhaps claiming too much.

Livermore was highly secretive about his trading. Although he discussed his psychology of trading in LeFevre's work, he did not go into much detail about his actual trading method. He later claimed that industry changes wrought by the SEC in the early 1930s made the markets less amenable to his brand of analysis. He made and lost four fortunes and ended his career and life by suicide in 1940.

Baruch made a significant portion of his trading gains by means of London - New York arbitrage. There is further evidence that he traded, scalped, value invested, growth stock invested, etc. The trader, Baruch, described in this book is only a microcosm of this highly complex, and multi-faceted individual.

Loeb was in, out, and sometimes back in again on a single day on a particular stock! He was a feverish trader! He seldom held a stock for the intermediate-term, and almost never for the long-term. To trade in his manner, one has to be correct a minimum of 30% of the time, and be capitalized enough to bear heavy trading expenses.

Nicolas Darvas wrote two books, "How I Made $2,000,000 In The Stock Market," and "Wall Street: The Other Las Vegas." They are both must reads for the aspiring trader, and best exemplify the event-based model covered by this book under review.
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25 of 26 people found the following review helpful By ServantofGod on January 7, 2005
Format: Paperback
Notwithstanding the author's substandard writing and analytical skill reflected by the passages/chapters in concluding the rules, strategies and, similarities of the five legends, the material available to the chef (author) is just so superb that the dish is still too good for any trader to miss. I dont mean to undermine the author in whatever sense. However, I had read at least two whole books about each of the five gurus (except Nicholas Darvas, which I had read only one) that the impression of copy and paste is really strong. In fact, I had read six out of the 12 books marked in the Bibliography section and it's so hard for me not to get that uneasy feeling of plagiarism.

In case you had not heard of those gurus before, this book will be a huge treasure to you. If you had heard the great names but read only bits and pieces of them, this book will do you much good. If you had read books including "Reminiscences of a stock operator" about Jesse Livermore, "My own story" by Baruch, "The battle for investment survival" by Gerald Loeb, "How I made $2 million in the stock market" by Nicholas Darvas and any book by William O'Neil, your liking of this book will drop inproportionately.

p.s. I strongly recommend readers to buy and read the titles I mentioned above. The return on the money and time invested will be over a hundred fold.
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12 of 13 people found the following review helpful By Rolf Dobelli HALL OF FAMETOP 1000 REVIEWER on February 23, 2005
Format: Paperback
Can ordinary people really make money in the stock market? The five famous traders author John Boik profiles here would probably answer "yes," but it would be a qualified yes. Beating the market requires more than just following a trading formula, as the stories of these traders' lives make abundantly clear. To win at the great game of Wall Street, a trader must learn from experience, and that means spending long hours studying. The trading rules and strategies in this book are enlightening, but most of them involve judgment calls that could only have been made by someone familiar with the daily rhythms of the market. Though the careers of the subtitle's "Greatest Stock Traders of All Time" span more than a century, their personalities and strategies are strikingly similar, a fact that Boik highlights well. Their similarities suggest that successful traders may be born with the necessary high risk tolerance, but that to become sustained victors, they need to develop strong work ethics, cultivate independent minds and never give up. We suggest this book to active traders, not buy-and-hold investors - those with low risk tolerance need not apply.
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17 of 20 people found the following review helpful By K. Kaczmarek on July 5, 2005
Format: Paperback
Having been an avid trader for some years now, and a huge follower of William O'Neil I decided a book such as this could give me some insight into the mind of the other great traders outlined here. What you gather out of these five gentlemen's stories is the common themes of: Volume is the most important indicator, Buy stocks at all time highs, Add to positions thru pyramiding, and while all of these principles are common, and shown thru in the book, the author misses in providing examples for concrete evidence. Throughout the book there are maybe 7 charts, and most all of them devoted to the O'Neil section, and for that you will need to select from the selected reading section at the end to better understand how each of these individuals bought their winners.

This book is a great starter in learning who the men are, and their life stories, but you have to dig outside this publication to really get the how behind their success.
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More About the Author

Author of three market books published by McGraw-Hill, Lessons From the Greatest Stock Traders of All Time was chosen by Barron's as one of the top 25 Best Books of 2004. A former stockbroker and currently a financial controller, his second book was released in April 2006 titled How Legendary Traders Made Millions. In the fall of 2007 his highly anticipated third title Monster Stocks will be released.

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