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Jesse Livermore's Methods of Trading in Stocks |  |
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Jesse Livermore's Methods of Trading in Stocks | |
Jesse Livermore's Methods in Trading Stocks The material presented here first appeared as a continuing series of articles in the Magazine of Wall Street. They were obtained through exclusive interviews with Jesse Livermore by R.D. Wyckoff at a time when Livermore was the single most formidable factor in the market. After being "lost" for many years. these interviews are now brought together for the first time under the covers of a book.
网友对Jesse Livermore's Methods of Trading in Stocks的评论
严格来说，本书只能是Wyckoff对Livermore的采访记录。前者是华尔街日报的创始人，也获得了证券行业的巨大收益，后者可以说是金融史上最有名的天才。
本书非常薄，可能有的人会说不值这个价钱，但在美国亚马逊上的评价还是很高。虽然没有使用很多数字和图表，但是本书是最接近被采访者思想的，对于懂的人而言，价值性也确实超过书的价格。
The contents of this 32 page book were first published in serial form in The Magazine of Wall Street and Business Analyst between (roughly) 1921 and 1923. Installment No. 6 of the story is partially available and free on Google Books. Richard D. Wycoff, author of the contents of this book, was the editor and publisher of that fascinating magazine.
Wycoff's interviews with Jesse L. Livermore, as described in this book, are the most comprehensive analysis of Livermore's trading methods that I have seen. They reveal that the aspects of Livermore's trading described in Edwin LeFevre's "Reminiscences of a Stock Operator" and Livermore's own "How to Trade in Stocks" only partially reveal his approach. The former is a lively story of his development as a trader filled with trading wisdom. The latter reveals his technical method and trading rules. This book, in contrast, shows a stock operator (a synonym for professional trader) who pays attention to economics, business conditions, company fundamentals, market psychology, personal health and fitness and his own weaknesses.
There are quite a few direct quotes from Livermore's own lips. For example, he says "There is no magic. Investigate before you invest; look before you leap; stick to the fundamentals and disregard everything else." Wycoff emphasizes how Livermore is a master skeptic when it comes to news and tips. "Headlines are for the public" he says. "The real news is buried in the back pages." He is "a keen student of human nature" and, Wycoff says in astonishment, "he has even taken a course in psychology."
Wycoff spent time in Livermore's unmarked private offices on Wall Street. He describes how Livermore has a "stand-up office" where the ticker tape machines are on tall pedestals, the phones are high, and a huge chalkboard fills the wall, all of which enable Livermore to spend all day on his feet. The detailed descriptions of place and conversations and Livermore's revelations lend credibility that Wycoff's writings are the real deal, not the imagination of a journalist jinning up a story.
That leads to the most surprising and important revelation in this book. Wycoff says, "If the methods of Jesse Livermore were to be told in two words, they would be these: He anticipates." This comment is worth a book of its own. In the chapter entitled "How Livermore Reads the Tape" Wycoff lists 33 indicators, both technical and subjective, Livermore uses to connect the dots that reveal the state of the trend for a stock, group and the market as a whole. Those indicators gave Livermore a feeling for the market that enabled him to interpret the "pivotal points" that he describes in "How to Trade in Stocks. Pivotal points are turning points where trends reverse. Livermore would wait for weeks or even months for the right "psychological moment" to enter a trade, then quickly pyramid on success or exit if wrong. He used both price and time stops to keep his capital working and to always have dry powder for the next opportunity.
The print in this book is tiny - perhaps 8 point type - and the line spacing is tight, making it a bit hard to read. There is a tremendous amount of information packed into those 32 pages. My handwritten notes span 24 pages of their own.
I highly recommend this book to anyone serious about trading. The book rates 4 stars with one knocked off for the micro-print typography.
This is just a little bit more on top of what you will learn about Jesse Livermore in his book "How I Trade Stocks". It gives some info on one of the most successful traders in history. Whether he would be successful today is questionable, and his method's may have stopped working for him towards the end of his life (methods that work in this market may continue to work for the rest of a bull market, and stop when the market stops going up; maybe they will work again/maybe they won't). In addition to books on Livermore, I suggest studying Nicolas Darvas and Joel Greenblatt's book "You can be a stock market Genius." Barron's and IBD are good resources. But, this book is pretty good. Tape reading is basically intra-day technical analysis. I will look at intra-day charts on heavily traded issues, and they can be predicted in a similar manner to long term charts, with comparable accuracy.
Most of Livermore's trading wisdom is simply slammed into 32 pages. Now, one thing I just learned was that Livermore was a bit more fundamentally based than I would have thought, considering he is a trader. What I think Wyckoff tried to demonstrate was that Livermore traded short term through long term and that his shorter trades were based on behavioral economics and technical aspects. His long term trades were based more on trends and fundamental shifts. I really enjoyed the tips on Livermore's sleeping and studying patterns. You don't read that advice too much in other books. In summary, a super book that should be read by all traders.
When I first opened the package that contained this "book" (It more resembles a pamphlet)I was disappointed by its paper cover and brief 32 pages. However I was not disappointed by its content. This book contains articles written by the legendary trader Richard Wyckoff for his Magazine of Wall Street from interviews with Jesse Livermore. Written around 1921 it a treasure because of the knowledge presented by these two legends. This book covers all the most important principles of successful stock trading quickly and clearly:
1. Only trade the strongest stocks in the strongest industries.
2. Stocks have seasons and know which ones are currently in fashion.
3. Anticipate future trends.
4. Get plenty of sleep.
5. Have a full understanding of the current economic situation.
6. Stay away from other people and influences to keep your mind clear.
7. The big money is in the long swings.
8. He let the ticker tape tell him what was really going on accumulation or distribution.
9. Only trade a stock with a potential 10 point swing coming with a reasonable time.
10. Get out of a stock if it moves against you 3 or 4 points.
11. Pyramid buy your wins not your losses. Adding to winning positions for the first few points,
12.Sell stocks that are not moving up and buy the current best prospect, keep your capital liquid and working.
You will also get details on Livermore's office set up and personal tendencies. Who better to learn from than a man you made millions several times from nothing?
The help one gets from older approaches to trading is the same qualities that one must apply in the modern electronic world. Careful planning, controlled emotions, patience and focus. All of those were demonstrated in Mr Livermore's dealings with the stock market.
Some things never change.
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