Trade Like Jesse Livermore (Wiley Trading) [Hardcover]

Richard Smitten (Author)

Book Description

Series: Wiley Trading | Publication Date: October 21, 2004

The secret to Jesse Livermore's legendary trading success
Although he began his career in 1892, Jesse Livermore is still considered to be one of the world's greatest traders. In life and in death, Livermore has always been a controversial figure and his methods held up as a model for traders of all generations. Through 45 years of trading and market observation, Jesse Livermore determined that stocks and stock markets move in a series of repetitive patterns. He then developed a series of unique tools, using secret formulas and equations that allowed him to identify and interpret the movement in stocks with uncanny reliability. In Trade Like Jesse Livermore, author Richard Smitten explores the technical aspects of Livermore's trading approach and shows readers how they can use these techniques to garner the success Livermore once did. Trade Like Jesse Livermore covers every aspect of Livermore's trading methods, from discerning market behavior and trends such as top-down and tandem trading to paying close attention to indicators such as one-day reversals and spikes. With this book as their guide, readers can learn how to trade profitably without fear or greed.
Richard Smitten (New Orleans, LA) is the author of numerous books including Jesse Livermore: World's Greatest Stock Trader (0-471-02326-4), The Godmother, Capital Crimes, and Legal Tender.

Editorial Reviews

From the Inside Flap

Jesse Livermore is recognized as one of the world’s greatest traders–if not the greatest. He broke new ground in almost every area of stock market trading. Livermore developed pivotal point trading into an art form and was among the first to regularly buy stocks on new high breakouts. Although he began his career in 1892, the ideas and practices he displayed are as valid today as they were when he was first implementing them–and makingmillions.

Through forty-five years of trading and market observation, Jesse Livermore determined that stocks and stock markets move in a series of repetitive patterns. He then developed a series of unique tools, using secret formulas and equations that allowed him to identify and interpret the movement in stocks with uncanny reliability.

In Trade Like Jesse Livermore, author and Livermore expert Richard Smitten explores the technical aspects of Livermore’s trading success and shows you how to use these techniques to achieve success like Livermore. Smitten skillfully outlines Livermore’s methods of dealing with what he considered the three essentials of successful stock market trading: timing, money management, and emotional control.

Trade Like Jesse Livermore covers every aspect of Livermore’s trading principles and timing techniques, from discerning market behavior and trends like top down and tandem trading to paying close attention to indicators such as one-day reversals and spikes. This book also explores Livermore’s money management strategies, including avoiding cheap stocks, establishing a profit target, and setting stops before trading.

In life and death, Jesse Livermore has always been a controversial figure, but his methods have stood the test of time and have been held up as a model for traders of all generations. Trade Like Jesse Livermore delivers the tactics and technical details that today’s trader can use to Livermore’s own approach. With this book as your guide, you can learn how to trade without fear or greed so you can begin to trade more profitably.

From the Back Cover

"Profits always take care of themselves but losses never do."
–Jesse Livermore

Jesse Livermore is considered by many to be the greatest stock trader who ever lived. He pocketed $3 million in a single day when he predicted the crash of 1907 and made $100 million as America rolled into the Depression. Although he began his career in 1892, the ideas and practices he displayed are as valid today as they were when he was first implementing them–and makingmillions.

In Trade Like Jesse Livermore, author and Livermore expert Richard Smitten explores the technical aspects of Livermore’s trading success, and shows you how to use these techniques to achieve the success Livermore once did. Smitten skillfully outlines Livermore’s methods of dealing with what he considered the three essentials of successful stock market trading: timing, money management, and emotional control.

Trade Like Jesse Livermore covers every aspect of Livermore’s trading principles and timing techniques, from discerning market behavior and trends such as top down and tandem trading to paying close attention to indicators such as one-day reversals and spikes. This book also explores Livermore’s money management strategies, including avoiding cheap stocks, establishing a profit target, and setting stops before trading.

With Trade Like Jesse Livermore as your guide, you can learn how to trade without fear or greed so you can begin to trade more profitably.

See all Editorial Reviews

Product Details

• Hardcover: 220 pages
• Publisher: Wiley; 1 edition (October 21, 2004)
• Language: English
• ISBN-10: 0471655856
• ISBN-13: 978-0471655855
• Product Dimensions: 6.3 x 0.9 x 9.4 inches
• Shipping Weight: 14.9 ounces (View shipping rates and policies)
• Average Customer Review: 2.8 out of 5 stars  See all reviews (5 customer reviews)
• Amazon Best Sellers Rank: #1,048,473 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

40 of 42 people found the following review helpful:

1.0 out of 5 stars DONT WASTE YOUR TIME & MONEY ON THIS BOOK!!!, June 26, 2005

By 

Ming - See all my reviews

This review is from: Trade Like Jesse Livermore (Wiley Trading) (Hardcover)

If you thought you would learn the actual methods of how Jesse Livermore traded, you are WRONG.

Gives a quick outline of how Livermore traded, like 'pivotal points' but teaches you NOTHING about how to apply them.

Illustrations are very poor, just a few trend lines which any newbie could have drawn straight out from stockcharts.com

The only moderatesly useful point may have been the emphasis of the 'time stop' where Livermore states that if the stock doesn't react in a few days, get out.

The "Livermore Secret Market Key" was a total scam, once again showing and teaching you NOTHING.

Repeats about 1/4 of the book in the summary by directly cutting and pasting.

If you would like to learn more of Livermore's methods, go read Reminescences of a Stock Operator.
I'd rather have read that one more time than waste my time and money on this book. Huge buyer's remorse!

52 of 57 people found the following review helpful:

2.0 out of 5 stars Do not waste your money., December 30, 2004

By 

D. Gard "Moneytiger" (Mission Viejo, CA United States) - See all my reviews
(REAL NAME)   

This review is from: Trade Like Jesse Livermore (Wiley Trading) (Hardcover)

If you read Reminiscences of a Stock Operator, then you know Livermore's rules. As for the secret trading method (Smitten calls Pivotal Point Trading).... it boils down to trendlines. That is it. The book is so similar to the books of William ONeill I was expecting an IBD subscription card to fall out: 1. Watch the top industry groups for market signals. 2. Watch the top two stocks in each market group. 3. Cut losses at 10% (IBD is 8%). 4. Watch for volume to be up at least 50%. 5. Do not average down. 6. Buy on breakouts to new highs. etc, etc, etc.

6 of 6 people found the following review helpful:

3.0 out of 5 stars its just like the books by smitten, March 27, 2007

By 

Andrew S. Morris "love de markets" (Auckland, New Zealand) - See all my reviews
(REAL NAME)   

This review is from: Trade Like Jesse Livermore (Wiley Trading) (Hardcover)

i have read all of richard smittens books about jesse livermore. they are all very much the same. they have identical passages in different order. the trade like jesse livermore i reckon is the best or 2nd best after how to trade in stocks - due to the flow/order. i reckon first read reminiscences of a stock operator and then one of richards smittens books. richards smittens books is also about 60% repititive to reminiscences of a stock operator which i think is okay