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How to Trade In Stocks, by Jesse Livermore
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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
- Sales Rank: #28837 in Books
- Published on: 2006-03-10
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .61" w x 6.00" l, .0 pounds
- Binding: Paperback
- 224 pages
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.
Most helpful customer reviews
111 of 124 people found the following review helpful.
Shoot the works!
By -oo0(GoldTrader)0oo-
Jessie!
First off the pictures are magnificent as far as seeing about Jessie's life. Jessie took many millions of dollars out of Wall Street but he played for the game. He was up and down so often, and so high, that there was nothing left after the thrill was gone.
The antidotes on Jesse's life are very entertaining but not much use to refining a traders technique. If he had died a few years sooner he would have been a hero. As it is people confuse this personal life with that of a great trader who just got tired.
The included "Livermore Secret Market Key," reprint contains a wealth of information from Livermore's own hand. If I did not already have it, Smitten's book might have been useful.
Cycles!
Jesse mentions market swings from 5 to 20 points that take from a week to a month. It seems like Jesse is talking about what we now call cycles when he refers to the time element. Trading into the future.
Trends!
He talks about this idea that the best trades are those that show a profit right from the start. Therefore, by definition if a trade dips into a loss and violates your definition of what a trailing trend is, Speculators lose no sleep jettising it off right away.
Never permit speculative ventures to turn into investments. Involuntary Investors ... make a bet, stay with it, and if it goes wrong, they lose it all, "they buy a stock that goes down, and they refuse to sell and take their loss."
Trends work automatically, and consistently along certain lines. If you recognize a trend and wait to get in at the precise time, drawdowns should be at a minimum. The drawdown itself should flash a danger signal.
Pyramiding!
When your security is acting right you can safely add to your line from then forward.
One of the unique ideas that I may have overlooked in Reminiscences is that entering a trade a little late is a bit of added insurance.
There is a psychological value in drawing money out of your winnings. Something I just love to do.
Pivot Point!
There is allot in here about his Pivotal Point entry. However, unless you can get it out of the "Livermore Secret Market Key," reprint contained in the book you will not find it in the "Smitten," part.
Anyone can see where pivot points were, the psychological entry point can be determined when groups of other securities confirm the change in trend.
Double bottoms!
Jessie gets into what we now call a double bottom. The first bottom is the primary pivotal point the second bottom (or top) is what he calls the "Continuation Pivotal Point."
CPR's!
Jesse did early work on what we now call CPR's. Closing Price Reversals. CPR's often occur at the Pivotal Point.
He teaches us to only trade on pivot points. But then goes on to explain the benefits of Box-break outs, trading on new highs and new lows.
Livermore's system of Sister Stocks is clearly explained and is a welcomed addition to Reminiscences. I wonder why Smitten did not show these as a spread?
Money Management!
Your position is defined as the percentage of your portfolio you will invest in any single situation.
Find your Pivotal Points and trade in the direction of the momentum. It is the big swing that makes the big money for you.
Jessie suggests averaging up, "within the pivot point range," without defining what a "pivot point range," is. It may be the center reaction in the W of a double bottom.
The final time to pyramid is a break out (of the pivot point range?) on heavy volume. It is riskier to enter a pyramiding action when the stock is far from the base.
My take on this is that Reminiscences of a Stock Operator by Edwin Lef�vre is more helpful to a trader than "how to trade in Stocks."
The bottom line on Livermore's money management still remains something I learned from Stanley Kroll. To Quote Jessie Livermore in "How to Trade in Stocks."
Shoot the Works!
"The only area I may have differed from most speculators, was when I felt I was truly right, dead right, for-damn-sure right-then I would go all the way, shoot the works."
1 of 1 people found the following review helpful.
Still an outstanding tribute to a Wall Street Legend
By Amazon Customer
I have to strongly disagree with the 1 star reviews on this book. Despite reading all the negative reviews based on Smitten's shameless self promotion of his website, I bought the book anyway and am quite glad I did.
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:
Pros:
-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.
Cons:
-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.
28 of 29 people found the following review helpful.
Half and half...
By Jack Reader
One here should pay attention to the fact that out of 224 pages only about 88 pages were authored by Livermore, the remaining part is Richard Smitten's commentary.
Livermore wrote seven chapters:
"Challenge of Speculation", "When Does a Stock Act Right?", "Follow the Leaders", "Money in the Hand", "The Pivotal Point", "The Million Dollar Blunder", "Three Million Dollar Profit" and Appendix: "The Secret Market Key". These chapters are an interesting read, more of a general, anecdotal trading advice than anything dangerously or revealingly specific; more of a reflection than a battle song. Then again, why would a "loner, famously tight-lipped operator" would wanna make you an animal on Wall Street? At the very core of Livermore's trading strategy was the "Pivotal Point" (trend reversal). All his trading (whether it was short or long) boiled down to the recognition and timed entry or exit at the Pivotal Point . The problem is that you will have to accept only the following explanation as to what the Pivotal Point is: "A change in basic market direction- the perfect psychological time at the beginning of a new move. It is a major change in the basic trend." There is no calculation, algorithm, further delineation given, you get a nice, tidy, utterly useless definition. Clearly, you are not gonna make millions with this "secret". As for the "Secret Key": it is a written form of simply recorded prices. Livermore was not a "chartist", so he scribbled pages after pages filled with prices arranged in six columns. Here a look at the simplest chart worth 30 odd pages of scribbles. Surely it is easier to see resistance, support, trend reversal graphically, then following columns of numbers.
Richard Smitten wrote the "Commentary":
This part is a mixed bag. He is using a more useful and structured description of the Livermore method, using highlights, current stock charts and quotes. For awhile you truly appreciate his efforts. But when he ends up repeating the very same things an average of FIVE times, advertising his future book (with "Current Reviews"!) and website, you will start having the uneasy feeling about being cheated and your reading time abused. The same goes for the pictures of Livermore and his family; while they are interesting, they have nothing to do with titled purpose of the book. (Why did Mrs. Livermore shoot poor lil' Jesse? Why did Jesse shoot the dog? Oh, well, please read my next book on these...)
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