Reminiscences of a Stock Operator is probably one of the best and well known books on the subject of financial speculation.
The book is a thinly disguised biography of the great stock trader Jesse Livermore, but also documents the time of financial speculation during the early 20th century.
Reminiscences of a Stock Operator tells how Livermore started his amazing career when he was a teenager working in one of the bucket shops that were common during this time. He had a head for numbers and noticed how stocks reacted during times of heavy buying or selling.
He became smart to the fact that he was able to trade successfuly on what he had learnt and went on to create and destroy several huge fortunes.
Even though Reminiscences of a Stock Operator is an old book and tells a story of a time that is largely removed from todays computer controlled markets, there is a lot of wisdom that you can take from this book to help you with your trading.
Also, take note that this is the one book that is pretty much required reading for most of the traders that are interviewed in Jack Schwagers Market Wizards – Interviews With Top Traders.
Each chapter covers different aspects of how Livermore ran his trading affairs, and it is interesting to take specific note of how Livermore managed to lose such massive fortunes with uncharacteristic moves – and not do the same yourself!
Finaly, if you are still in any doubt that an ‘old book’ will not be of any use, then just check out the reviews that Reminiscences of a Stock Operator gets at Amazon.com.
Where to buy Reminiscences of a Stock Operator
If you are keen to buy the book, I would recommend the following websites for getting a better deal than buying at a shop: