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Richard Smitten

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Jesse Livermore: World's Greatest Stock Trader Paperback – October 15, 2001

by Richard Smitten (Author)

178 ratings

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"An excellent read."
―Ace Greenberg, Chairman, Bear Stearns

Richard Smitten's Jesse Livermore is the first full biography of the legendary trader profiled in the bestselling Reminiscences of a Stock Operator (Wiley: 0-471-05970-6). Although he died more than half a century ago, Livermore is considered by today's top traders as the greatest trader who ever lived. An enigmatic loner, misanthrope, and notorious miser, Livermore revolutionized the profession with his innovative timing techniques, money management strategies, and high-momentum approach to trading stocks. Smitten provides a vivid portrait of Livermore and the times in which he lived and operated. He deftly combines eyewitness accounts of those who knew Livermore with fascinating stories of sensational love affairs, shootings, and suicides, and a detailed exploration of the trading strategies that made Livermore several fortunes in his lifetime.

Richard Smitten (Key West, FL) is the author of several books, including The Godmother, the critically acclaimed story of a famous woman criminal.

Editorial Reviews

Review

"...a lively and absorbing account of a trading legend..." (Lloyd's List, 23 November 2001-12-03)

"...another rich vein of fascinating wit and wisdom..." (The Independent, 8 December 2001)

Business Book of the Week (Money Week, 7 December 2001)

"...really enjoyed reading..." (Amply Interactive Investor, 13 December 2001)

From the Inside Flap

"Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes."-Jesse Livermore

Immortalized in the fictionalized bestselling investment classic Reminiscences of a Stock Operator as "Larry Livingstone," Jesse Livermore is considered by many to be the best trader in history. Now, for the first time, the complete true-life story of one of Wall Street's most intriguing and successful figures comes to life in Jesse Livermore: World's Greatest Stock Trader. Take a revealing and intimate look into the life, mind, and financial prowess of this legendary trader through family interviews, professional triumphs, and the revolutionary trading techniques he developed. Detailing Livermore's personal life story, author Richard Smitten vividly depicts the never-before-revealed private side of this enigmatic man, while educating you on the trading principles, timing techniques, and money management strategies that made Livermore several fortunes over his lifetime-when he adhered to them.

Livermore ran away from home in 1891 at the age of fourteen, with five dollars in his pocket. He started his stock market career as a chalkboard boy in the Boston offices of PaineWebber. A year later he was trading full time. He accumulated so much money by the time he was twenty that he was banned from all the "Bucket Shops" of New York and Boston. With his radical trading methods and an unlimited amount of patience, Livermore cornered the cotton market and made a killing in the stock market crash of 1907, amassing more than $3 million in one day.

J. P. Morgan personally asked him to stop shorting the market. With friends like financier Bernard Baruch, Walter Chrysler, Charlie Chaplin, and Alfred Sloan of General Motors, Livermore walked among giants and learned many lessons along the way. He sold the market short in 1929 and entered the depression with $100 million in cash. Livermore eventually discovered that social status and money could not help battle depression or repair disintegrating marriages and distant relationships with his sons.

In the only extensive biography of Jesse Livermore, you will stand at the center of his fascinating universe and watch him evolve. Experience the man, myth, and legend as you trace his progress from different wives to different trading strategies, Long Island estates to Palm Beach resorts, yachts, and private railway cars. Capture, for the first time, the full story both personally and professionally of the most successful trader of all time in a nonstop story of trading, triumph, and tragedy.

From the Back Cover

The True Life Story and Time-Tested Strategies of the World's Greatest Trader

"Excellent read! Captures the spirit and times of Jesse Livermore, legendary trader. The book tracks two major market crashes, love affairs, the shooting of Jesse Jr. by his mother, and two family suicides. . . . Never a dull moment." -Ace Greenberg, Chairman, Bear Stearns

"Terrific. I started reading it when we took off from Seoul's Kimbo Airport on my way to Germany. By the time we reached Novosibirsk, Russia . . . I had finished it. I just couldn't put it down! Not only is it a great lesson in investing and trading, it's a fascinating psychological study of what makes a great speculator tick. The rise and fall of a great speculator as well as the rise and fall of his family is great reading. The fact that it is based on interviews with Livermore's survivors and witnesses to the events makes it even more interesting. Great writing."-Mark Mobius, Managing Director, Templeton Asset Management

"As one of the most shrewd traders of all time, Jesse Livermore demonstrated how important discipline is when trading the market. Smitten . . . covers how Livermore created his rules . . . also reviews the lessons Livermore learned along the way to develop his strategies."-William J. O'Neil, Publisher, Investor's Business Daily

"A stock market classic! Most entertaining and informative book on the market that I have had the privilege to read in the last twenty years. A must-read for students of the stock market-great even for those who have no knowledge of the market. Grabs you from the start and holds you enthralled from cover to cover. Great book!"-Dan Sullivan, Publisher, The Chartist, Fund Manager, and Investment Advisor

"After reading Smitten's magnificent biography, two Japanese proverbs came to mind: 'Fortune favors the bold' and 'Darkness lies one inch ahead.' Smitten shows how fortune and darkness were integral parts of Livermore's life . . . has the intrigue of a mystery novel and the lessons of a trading master. What more can one ask for? I eagerly recommend this book to anyone interested in history, the markets, and trading psychology."-Steve Nison, author of Japanese Candlestick Charting

About the Author

RICHARD SMITTEN is a full-time author and trader who resides in Ft. Lauderdale, Florida. He holds a BA in English from the University of Western Ontario. As executive vice president of MTS International, he oversaw personnel on North Sea oil rigs, the design of the Dassault Mirage jet fighter, and security for the then newly discovered Nigerian oil fields. He also worked for the Vick Chemical Company where he became marketing director of the Canadian division. Smitten is the author of a number of books, including The Godmother, Capital Crimes, and Legal Tender, and the coauthor (with Robin Moore) of Inside the Cocaine Cartel.

Product details

Publisher ‏ : ‎ Wiley; 1st edition (October 15, 2001)
Language ‏ : ‎ English
Paperback ‏ : ‎ 352 pages
ISBN-10 ‏ : ‎ 0471023264
ISBN-13 ‏ : ‎ 978-0471023265
Item Weight ‏ : ‎ 2.31 pounds
Dimensions ‏ : ‎ 6 x 0.7 x 8.9 inches

Best Sellers Rank: #389,164 in Books (See Top 100 in Books)
- #143 in Commodities Trading (Books)
- #659 in Stock Market Investing (Books)
- #1,226 in Biographies of Business & Industrial Professionals

Customer Reviews:
178 ratings

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178 global ratings

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Customers find the book insightful, with one mentioning how it provides real-life examples of valuable trading lessons. Moreover, the book is easy to read and features an interesting story, particularly the Reminiscences section.

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Insight Readability Storyline

20 customers mention "Insight"20 positive0 negative

Customers find the book insightful, with one customer noting how it provides real-life examples of valuable trading lessons, while others appreciate how it serves as a history lesson.

"...It is very hard to put down, it reads like a novel, stock trading manual, Greek tragedy, and wisdom teachings all in one. I had my doubts, but..." Read more

"...It also does a great job giving a history lesson on the stock market of the time...." Read more

"...celebrity, while remaining very private and yet brilliant in his ability to foresee market trends. I'd definitely recommend this book." Read more

"...this book to every young man and woman, they can learn about important things in life, and work, and human behavior, this book is very important in..." Read more

18 customers mention "Readability"16 positive2 negative

Customers find the book easy to read.

"...It is very hard to put down, it reads like a novel, stock trading manual, Greek tragedy, and wisdom teachings all in one. I had my doubts, but..." Read more

"...There are some very valid points made about the importance of keeping emotions out of trading and listening to yourself more than the "..." Read more

"...Kind of a good read to make you understand the traps and pitfalls of too much money." Read more

"...The best way I can describe this book is a great try. For that I give the author much credit...." Read more

11 customers mention "Storyline"11 positive0 negative

Customers enjoy the storyline of the book, particularly the Reminiscences section, with one customer highlighting the Appendix conclusions as their favorite part.

"To me this book was primarily a history lesson on the early 20th century stock market...." Read more

"While I'm not finished reading it, yet, I find the book fascinating...." Read more

"...Not only does this make the book interesting, but it gives real life examples to the valuable trading lessons, which distinguishes this book from a..." Read more

"Interesting story line. The Appendix conclusions was my favorite part, that lasted Livermore's strategies...." Read more

Top reviews from the United States

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Steve Burns
The Real reminiscences of a stock operator
Reviewed in the United States on March 25, 2007
Verified Purchase

If you have ever read the Reminiscences of a stock operator by Edwin Lefevre and liked it then this book is a must read. It is very hard to put down, it reads like a novel, stock trading manual, Greek tragedy, and wisdom teachings all in one.
I had my doubts, but after reading this book I believe that Jesse Livermore was the greatest stock trader the world has ever seen. At the age of fourteen he walked into a "bucket shop" and got a job posting stock prices. The next year in 1892 at fifteen he makes his first successful stock trade. He was a millionaire in his early 20's and by 1907, J.P. Morgan had to personally ask him to stop selling stocks short before he did serious damage to the stock market during a crash. His greatest achievement of all was walking away from the great crash of '29 with $100 million in profit from selling stocks short when everyone else was going long.
The sad part of this book was how he lost everything several times and was bankrupt, the final one happening late in his life. He had a problem with beautiful women which lead to several divorces and ruin. He committed suicide in 1940 and his son Jesse Jr. also committed suicide 35 years later.His story was really an eye opener to the pitfalls of being wealthy and lacking self control in your personal life and child rearing.
This book is packed with wisdom and stock trading tactics of the master himself. Get out a highlighter and prepare to mark key learning's as you go because there are many. Here are some:

Cut your losses quickly.
Be sure to confirm your judgement before you take your full position.
Let your profits ride if there is no good reason to close the position.
The action is with the leading stocks, which change with every new market.
Keep the number of stocks you follow limited in order to focus.
New all time highs are to be bought on breakouts.
Cheap stocks often appear to be bargains after a large drop.They often continue to fall, most have little potential to rise in price. Leave them alone.
Use pivotal points to identify changes in trend and confirmations in trends.
DON'T FIGHT THE TAPE!

This is my #1 recommendations for stock trading books.
Also read all of Dr. Alexander Elder's books for basics in money management and technical analysis.

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14 people found this helpful

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Jorge Berova
Great History Lesson!
Reviewed in the United States on June 3, 2010
Verified Purchase
To me this book was primarily a history lesson on the early 20th century stock market. It details the life of Jesse Livermore and the lessons he learned trading stocks. It also does a great job giving a history lesson on the stock market of the time.

I would recommend this book to the following people:

1: You are either a new stock trader or looking to be one. Having a history of the market will help your trading. There are some very valid points made about the importance of keeping emotions out of trading and listening to yourself more than the "experts".

2: You are a history buff and want to learn about the stock market from the peoples point of view and not just numbers and what happened.

3: You like a good biography.

At least some basic stock market knowledge is recommended in order to truly appreciate this book.

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5 people found this helpful

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C. Saar
Jesse Livermore - A Tragic Genius
Reviewed in the United States on April 11, 2010
Verified Purchase
While I'm not finished reading it, yet, I find the book fascinating. The stock trading techniques described in the book are now pretty much common knowledge, yet to trade them, in a disciplined manner is just as hard as ever.

Jesse's life, while enviable at times, was quite sad and bizarre at times, due to his first two wives' issues. Still, he kept on until, well, I haven't gotten that far, yet, but I believe a sense of pointlessness must have taken over his disposition, and he acted on this. Along the way, he lived the life of a major celebrity, while remaining very private and yet brilliant in his ability to foresee market trends.

I'd definitely recommend this book.

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Awesome quality, they stay on your feet while you’re running hard, I mean on your ankles great socks 🧦
Human behavior
Reviewed in the United States on November 8, 2024
Verified Purchase
I love it , Learn about many things , I recommend this book to every young man and woman, they can learn about important things in life, and work, and human behavior, this book is very important in classroom, middle schoolers and high schoolers,

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Godspeed
I Enjoyed Livermore's Lessons/Strategies
Reviewed in the United States on May 5, 2024
Verified Purchase
I Enjoyed Livermore's Lessons/Strategies explained in this book.

I only read the clearly financial trading strategy sections, namely the approximately 50 pages in: Chapter 7 "Market Theory", and Chapter 11 "When To Hold & When To Fold".

I found this material to be very helpful and well explained.

By contrast, I have read Livermore's book: How To Trade Stocks, but I did not like that very much even though it came directly from Livermore himself (albeit only months before he committed suicide).

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Amazon Customer
Trading
Reviewed in the United Kingdom on January 16, 2016
Verified Purchase

Excellent reading. The book provides an insight into life and psychology of one of the greatest traders in this world

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chris m
Le complément parfait à "Memories of a stock operator"
Reviewed in France on September 1, 2014
Verified Purchase
Bonne surprise que cet ouvrage écrit il y a une dizaine d'année et qui relate de façon biographique la vie de Jesse Livermore, grandeur et décadence d'un génie de la finance. Un must read pour tout ceux qui veulent savoir comment suivre les tendances et couper rapidement ses pertes.

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Great book
Reviewed in Canada on April 1, 2023
Verified Purchase
This is a must read even for non traders . Many insightful lessons

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Ivan Bruce
very interesting
Reviewed in Italy on January 16, 2023
Verified Purchase
very detailed and well written

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Iggy
Educational, Discriptive....A very Good read!
Reviewed in the United Kingdom on April 26, 2017
Verified Purchase
One of the best books l've read about the Greatest Stock Operator!

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5.0 out of 5 stars The Real reminiscences of a stock operator

5.0 out of 5 stars Great History Lesson!

4.0 out of 5 stars Jesse Livermore - A Tragic Genius

5.0 out of 5 stars Human behavior

5.0 out of 5 stars I Enjoyed Livermore's Lessons/Strategies

Top reviews from other countries

5.0 out of 5 stars Trading

5.0 out of 5 stars Le complément parfait à "Memories of a stock operator"

5.0 out of 5 stars Great book

5.0 out of 5 stars very interesting

5.0 out of 5 stars Educational, Discriptive....A very Good read!

The Real reminiscences of a stock operator

Great History Lesson!

Jesse Livermore - A Tragic Genius

Human behavior

I Enjoyed Livermore's Lessons/Strategies

Trading

Le complément parfait à "Memories of a stock operator"

Great book

very interesting

Educational, Discriptive....A very Good read!