Reminiscences of a Stock Operator...

davelansing2004 · Aug 26, 2004

Quote from patsup:[/i]

"just wondering... is there a real difference between the two? why is the original worth so much more?
i.e. does the new one omit some important info? or is it just additional useless stuff "

Apparently, the Smitten version from Traders Press excludes the last three chapters of the original version (published in 1940 just before Livermore's death)... the "missing" chapters include Livermore's approach to trading the markets...these three chapters alone are worth the $100. It's not so much that these chapters reveal "secrets", but rather reveals the simplicity that Livermore used to analyze price movement that made him millions... When combined with the first 60 pages or so regarding the mentality differences of successful and non-successful traders, $100 is a steal. In addition, Livermore stresses repeatedly that when he lost his millions, it was because he didn't check himself mentally and thus didn't follow his rules...

The Smitten version includes his "analysis" of Livermore's trading (Smitten is NOT a trader). Since I haven't read the Smitten version, I would defer to the Amazon site for reviews...

http://www.amazon.com/exec/obidos/t...f=sr_1_4/104-8676007-8700702?v=glance&s=books

maczter · Aug 26, 2004

Quote from davelansing2004:

Quote from patsup:[/i]

"just wondering... is there a real difference between the two? why is the original worth so much more?
i.e. does the new one omit some important info? or is it just additional useless stuff "

....

The Smitten version includes his "analysis" of Livermore's trading (Smitten is NOT a trader). Since I haven't read the Smitten version, I would defer to the Amazon site for reviews...

http://www.amazon.com/exec/obidos/t...f=sr_1_4/104-8676007-8700702?v=glance&s=books

Here's the first review I came across on the Smitten version (glad I skipped that version

)...

"I'm not sure whether this book deserves 1 star or 5. I read the thing several times and learned a lot from it. The first few chapters (50 or so pages) are the original text from Livermore's book of 1940. The rest is an astonishingly poorly written, edited and organized 'summary' and 'expansion' of the original text.

The first 50 pages are a must-read. The rest is an irritating dog's breakfast from someone who does not appear to be terribly familiar with the stock market and trading."

pound_sterling · Oct 1, 2004

I also recommend The Art Of War by Sun Tsu.. sounds odd but it's helped me a lot.

science_trader · Oct 1, 2004

Again one of these books where a guy takes a maximum of leverage and doesn't do like the others. Had he lost everything and disappeared no one would have cared. He became rich (although he lost everything too more than once...), then he's a hero... Survival bias again.

However, it's the best book of that kind, for sure !

ramora · Oct 1, 2004

There is a very interesting thread on Livermore at TradeStationWorld.

http://www.tradestationworld.com/discussions/Topic.aspx?Topic_ID=31001

It includes a attempt to create a state diagram of Livermore's approach. There is also some Easylanguage code and screen shots of an attempt to hard code Livermore's approach.

Good trading!

mdl060374 · Oct 1, 2004

IT is an entertaining and good book, but very overated IMO. I have heard so many times that this is the "BEST BOOK."

It simply isnt. It has some psychology lessons built in, and some "morals of the story" fluff, and is decent, but I am tired of hearing that it is the best book ever written regarding trading..

patsup · Oct 1, 2004

iceman1 · Oct 1, 2004

Quote from mdl060374:

IT is an entertaining and good book, but very overated IMO. I have heard so many times that this is the "BEST BOOK."

It simply isn't. It has some psychology lessons built in, and some "morals of the story" fluff, and is decent, but I am tired of hearing that it is the best book ever written regarding trading..

if this isn't ONE of the best books ever then what is ... in your opinion bro?

My view is as time goes on and the more you trade and are involved in the markets, the more this book reveals. In other words on the first reading many don't even gain the insight, yet later readings will shed more pearls of wisdom, and one will eventually understand that in the simplicity of the story is contained all one really needs to know to be a successful trader. IMHO.

Good trading

Ice

chasinfla · Oct 1, 2004

notwithstanding what might have been an ulterior motive for writing the book (and I stress "might"), Livermore shot straight. That never goes out of style.

Hydroblunt · Oct 1, 2004

Quote from mdl060374:

IT is an entertaining and good book, but very overated IMO. I have heard so many times that this is the "BEST BOOK."

It simply isnt. It has some psychology lessons built in, and some "morals of the story" fluff, and is decent, but I am tired of hearing that it is the best book ever written regarding trading..

Let me guess, because it does not provide you with a trading system or a holy grail?

I am reading the book now, it is amazing because you can literally read a passage and say to yourself "I was just in that same situation a day or two ago".

Forget bullshit rules, Livermore speaks from experience and shares that experience in a realistic portrayal instead of worn out statements.