Must Read Book For All Traders
January 5, 2007 by Trader Rich
I mentioned today that the book "Reminiscences of a Stock Operator" is free and can be downloaded and distributed freely. I've heard more than once that it's a must read for all traders but read some very interesting information about Jesse Livermore (who the book is all about.)
Jesse Livermore was a trader who made $100 million in 1929 dollars in the stock market crash. This amount of money translates to about $1 billion in today's dollars. So while the country was plunging deep into depression, he was living large. But in 1934, he filed for bankruptcy. It took only about 5 years for him to blow through all that money! In 1940, Jesse Livermore blew his brains out in the bathroom stall of a hotel. So why would you or I want to read such a book? I haven't read it yet but supposedly all serious traders have. This book talks about the trading strategies that made him rich.
Popularity: 1%
Loading ...
I think reading about failed traders can be as worthwhile an experience (if not more so) than reading about the successful ones. I just read Rouge Trader by Nick Lesson who bankrupted Barings Bank. Highly recommended by the way.
Not only is it a gripping read, but you get to understand the phsychology underlying his demise. In a nutshell, by the end of the book I
thought “Right - well I won’t do THAT!!!”