Speculation As a Fine Art and Thoughts on Life (Fraser Publishing Library) [Paperback]

Dickson G. Watts (Author)

Book Description

Publication Date: June 1, 1965

The bible for successful speculators, written on speculation, by a successful speculator. Watts was president of The New York Cotton Exchange between 1878 and 1879, which was then one of the greatest arenas of speculation in America. This is a combination of what is speculation, along with some thoughts on life, business, society, and language. An excellent thought starter.

Product Details

• Paperback: 54 pages
• Publisher: Fraser Publishing Co. (June 1, 1965)
• Language: English
• ISBN-10: 0870340565
• ISBN-13: 978-0870340567
• Product Dimensions: 8.7 x 5.5 x 0.4 inches
• Shipping Weight: 2.4 ounces (View shipping rates and policies)
• Average Customer Review: 3.9 out of 5 stars  See all reviews (10 customer reviews)
• Amazon Best Sellers Rank: #295,084 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

12 of 12 people found the following review helpful:

5.0 out of 5 stars Good advice!, September 2, 2004

By 

Steven Phillips (Ada, OK United States) - See all my reviews
(VINE VOICE)    (REAL NAME)   

This review is from: Speculation As a Fine Art and Thoughts on Life (Fraser Publishing Library) (Paperback)

This booklet was written by cotton trader, Dickson G. Watts in the 1880s. The first few pages are an excellent summary of the required state of mind for the successful trader. The rest of the booklet consists of epigrams on how to have and enjoy a good life. The author seems to assert (correctly, I believe) that internal balance and a positive relationship with one's environment are both necessary prequisites for true success.

As good as it is, this booklet would have most likely gone out of print years ago if it had not been mentioned in Lefevre's "Reminiscences of a Stock Operator," the bio of Jesse Livermore. Livermore is quoted as saying that Watts "wrote the book on speculation."

11 of 11 people found the following review helpful:

5.0 out of 5 stars Socrates of the trading world., July 10, 2005

By 

Nater "Individual trader" (Utah) - See all my reviews

This review is from: Speculation As a Fine Art and Thoughts on Life (Fraser Publishing Library) (Paperback)

"There is no royal road to success in speculation....Those who make for themselves or others an infallible plan delude themselves and others." The best book on speculation you can read. The above passage is as true today as it was in 1880 when Watts wrote it.

There is some great information in this book. The end result is that a trader has to find what works for him. This way he will keep the most important trait in trading, his head. Staying calm when others panic, keeping a cool head under all conditions, is the most important trait a trader can have. The guidelines spelt out in this book help a trader develop into a trader that can keep his/her cool.

This book was quoted several times in "Reminicences of a Stock Operator" for a reason. Livermore greatly admired Watts as a trader, and so should we. A great book, a real classic.

9 of 10 people found the following review helpful:

2.0 out of 5 stars Disappointed with this "Classic", September 29, 2007

By 

Steve Burns (Nashville, TN) - See all my reviews
(VINE VOICE)    (TOP 500 REVIEWER)   

Amazon Verified Purchase

This review is from: Speculation As a Fine Art and Thoughts on Life (Fraser Publishing Library) (Paperback)

I had to add this book to my library due to it being mentioned by the cloaked "Jesse Livermore" in reminiscences of a stock operator. I am a successful trader and read all things related to Jesse Livermore. This book only consisted of 43 pages and a nice card board cover. It contains seven pages of stock trading advice, yes 7, that is it. The remaining pages have some proverbs about life, which if you are mature in years you will probably find light reading. One of the proverbs is "If speculation keeps you up at night, sell down to the sleeping point". which is excellent common sense advice. The stock trading tips are:
1. Never over trade
2. Never reverse a position and go the other way.
3. Run Quickly or not at all.
4. Reduce your position when doubtful.
5. It is better to average up than down in a position (I completely agree)
6. Do not ignore public opinion.
7. Sell in weak markets.
8. Always factor in chance in your trading.

This is probably one of the first books ever written on speculating so it may have been why it was mentioned, their were no others. I would say skip this one and buy any of these to really learn in detail about speculating:

"How I made $2,000,000 in the stock market" Darvas
"How to trade in stocks" Livermore
"How to make money in stocks" O'Neal