Reminiscences of a Stock Operator , first published in 1923, is the fascinating and entertaining story of the life of Jesse Livermore, one of Wall Street’s greatest ever stock speculators – one of my all time favourites.
Some of the stories have become Wall Street lore especially on crowd psychology and market timing.
There are several pertinent gems and quotes from the book – two below:
“Prices are never too high to begin buying or too low to begin selling.”
“I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.”