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Reminiscences of a Stock Operator
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4.4 | (4,619 reviews)

Reminiscences of a Stock Operator

"A must-read classic for all investors, whether brand-new or experienced." — William O'Neil, Investor's Business Daily founder and Chairman

Author: Edwin Lefèvre

Publisher: Dover Publications

Published: November 2018

DIFFICULTY

intermediate

PAGES

288

READ TIME

≈ 420 mins

About Reminiscences of a Stock Operator

The core idea explored in this investors' field manual disguised as a memoir is that markets evolve whereas human nature doesn’t—so the winning edge is psychological, not predictive.

Through a thinly veiled Jesse Livermore, Lefèvre turns Wall Street into a laboratory of behaviour: bucket-shop beginnings, headline-fuelled manias, and the brutal tuition of losses. The lessons are specific and unsentimental—wait for the right setup, scale into strength, cut quickly, and when you’re right, sit tight. Tips are poison; a plan, position sizing, and emotional control are oxygen. The “tape” is less about prices than about crowds, and the hardest work is resisting the crowd inside your own head.

Told with brisk, novelistic pace - it’s an early, lucid guide to decision-making under uncertainty: essential for investors, founders, and anyone whose job is to keep their nerve when stakes rise.

What You'll Learn

  • The psychology of speculation and crowd behaviour
  • Apply risk management through position sizing and stop-losses
  • Repeating market patterns and momentum dynamics
  • Build discipline to follow a trading plan and avoid tips
  • Trading in bucket shops vs. organized exchanges
  • Cultivate patience—knowing when to trade and when to sit tight

Key Takeaways

  • Cut losses; let winners run
  • Patience: sitting tight pays
  • Nothing new on Wall Street
  • Avoid tips; trust your plan
  • Size positions, manage risk

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