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How to Trade In Stocks (Business Books) Paperback – March 10, 2006
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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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Top Customer Reviews
While I do agree 100% that Smitten's offering of some nonsensical JL stock trading computer program is an insult to the late and great Livermore himself, the promotion of this system is limited to maybe 3 pages total, in the entire book. WHO CARES. Yes the author is a fool to think that anyone with half a brain would buy into that crap, especially when it stands for a concept that JL spent his life decrying - not doing the work yourself and essentially living on a form of "tips".
However, Smitten does happen to put together a fantastic tribute to such an incredible figure (With the obvious exception of the promotion noted above). The anecdotes about Livermore's family life were useful and engaging for someone who appreciates history and learning about the man behind the legend. The deck of photos included in the book were such a treat! Pictures were annotated and made the book come to life.
When you buy this book, you are getting the original "How to Trade in Stocks" by JL, as well as commentary by the author, and a limited bio of JL. Of course a serious collector has read, or should absolutely read the following about JL:
Reminiscences of a Stock Operator: With New Commentary and Insights on the Life and Times of Jesse Livermore (Annotated Edition) (I read original and bought this to read and to add to my collection. I skimmed commentary and that alone makes it worth price of book)
Jesse Livermore - Boy Plunger: The Man Who Sold America Short in 1929 (Bought, skimmed through and this is another must have for a collector, I will review in full after I get through it)
Jesse Livermore's Methods of Trading in Stocks (Read this several times and it is an excellent summary of JL's trading methodology, get the audiobook too, very very cheap!)
Jesse Livermore: World's Greatest Stock Trader (I include this because I just bought it as it is recognized as being the most complete bio of JL. A must if you are a collector, but this is not so much of an investing book, it is more of a historical examination of JL's life, which is certainly appealing to me)
In closing, a summary of positives and negatives about the book:
-An intact version of the original "How To Trade in Stocks" by JL including his "Market Key" stock tracking system, reproduced in color in back of book
-Pictures of JL and family in middle of book
-Anecdotes of JL's life surrounding trading methodology to further demonstrate, illustrate and support different aspects of said methodology
-Commentary on methodology which served to reinforce points, produce up to date applications and examples, and support learning points through repetition.
-Advertisement for some ridiculous stock trading software subscription, which is indeed an insult to the memory of JL and everything he stood for.
The author made a grave error in attempting to profit off the reputation of JL through a trading system. Shame on him for that. However, his contribution to the memory and methodology of JL in this book as well as his well regarded bio of JL certainly make up for his absurd slip up with the subscription software...
Highly recommended as an investing book AND collectors item, especially at such a good price.
Do not buy your whole position at one time. If you want to buy 1000 shares buy 200-200-200 then 400. Only buy if the stock price goes up.
Do not try to predict the market. let the market tell you what to do by its volume and trend.
Follow the path of least resistance. Don't fight the tape.
Buy into strength, not weakness. Bargains are bargains for a reason.
Buy the leaders in the best performing industry.
There is nothing new in Wall Street what has happened before will happen again. It is up to you to learn the pattern.
The next 120 pages are paraphrase of Livermore's works by Richard Smitten. It's more than frustrating to read and experience Smitten's pre-school level grammar, vocabulary, and editorial skill. He blended his own comments and thoughts with Livermore's words throughout the 120 pages, but he repeated the same thing again and again with unbearably poor literary style and abuse of words - there's no consistency in his use of fonts, font sizes, or signs. Some words are misspelled, and some sentences don't make any sense! It's so painful to read Smitten's "creative" narrative that I felt sick to continue reading.
The last 8 pages are Livermore's original "Market Key" and followed by 12 pages of Livermore's trading records/examples using his "Market Key". I don't know if this is still beneficial to traders with today's computerized charting service.
If not for the low price of this title, I wouldn't have purchased this book. I would pay more for the book if Richard Smitten and the publisher would print only Livermore's original text exactly as it was. Livermore's every word is gold, Smitten's every word is trash, it's hard to enjoy it when you mix the two together.
Traders Press edition only has the original manuscript. I bought it the Traders Press edition after reading this Mc Graw Hill edition, which I think has too much clutter.
One note however; the publisher restricts you to four copies. I have a couple of computers, an iPad and phone. So, when some of them were retired for newer versions I exceeded that limit and wasn't able to get it on my current working machine. I like the book and I finally was able to buy another license, but think it was pretty tacky of the publisher. This purchase was the additional purchase so that I could get the book I bought previously back on my current machine.