Reminiscences ........

[gupta.deep]

Hi,

Although I dont read many books, due to time constraint or out of complete laziness.

But I did got my hand on this Reminiscences of a Stock Operator - PDF which I downloaded from 4shared.com. Not sure if this is the one everyone talks about.

After reading about 30 pages, I closed the PDF out of a mixed bag of reaction - anger, disappointment and all sort of negative reactions -

This looser @#*... guy, lost so many times his complete fortune!!! If he(read -full time stock pro) can loose everything, then how can we(read - ordinary tip seaking crowd) succeed in the most apealing market, the stock market ???

How can he make easy money from those so called bucket shops that each time he looses in stock market, can go to these bucket shops and earn whatever he want????

He is always stating his method of board reading and tape reading. Where the hack this method is ??? Why i am reading 200 + pages of book and out of first 30-35, no sign of any method !! Am I wasting my Time??

How can the entire country bucket shop fear of that 15 year old boy and he shameless fellow is so proud to write in his book !!!!(The average human mind can not take anybody 12 years younger to be more successfull than him. How can he earn that much at that age, when I was earning only runs in street cricket, and goals in football. That too only very small "Points" after much hardwork !!! I mean, HOW CAN HE DO THAT, without disclosing his holy grail ????? )

Where are the methods damn...., I lost my precious time(?) reading your self praises !!!!

Why should I read your autobiography without getting a single method (read -tip to trade) ????

Well, these and other countless negative thoughts filled my mind. I closed the PDF and thought of permanently deleting it once and for always from my computer.

Hey !! But out of the "hunch" I did not delete it. And, now happy that I didn't do so after reading other 70 pages.

Will write more later.

SKG

 

[marcus]

Its an amazing book, its been the inspiration for Seykota to Smith, Raschke to Jim Simons, however if you want an exact description of the technique I suggest you read "how to profit from stocks" which was written by the master himself, the only book Livermore ever wrote detailing his own techniques. Its available for download on the internet as I think the copyrigth has since expired.

 

[gupta.deep]

Hi,

Yes Marcus ! This is indeed a great book !!

After I closed it and got some free time, I started to think more about it. "After all if everybody is so bullish about the book, there has to be something in it !" What I was missing ??

Then, I started to get lessons. What I actually wanted ? Tips ?? No way !! Trading strategy ?? May be . But till now I have read more than 20 trading plans including MA Based, MACD, RSI etc, but was not implementing any, Was I ?? No !! Then what ??


There may be many more lessons but what I got most was after I started to think why he lost so many times despite being so successful? May be because he did not get a lesson in Money Management ?? He was risking all his money on his bets.

Then I came upon following words :

The speculator's chief enemies are always boring from
within. It is inseparable from human nature to hope and to fear.
In speculation when the market goes against you -- you hope that
every day will be the last day and you lose more than you should
had you not listened to hope -- to the same ally that is so
potent a success-bringer to empire builders and pioneers, big
and little. And when the market goes your way you become fearful
that the next day will take away your profit, and you get out
too soon. Fear keeps you from making as much money as you ought
to. The successful trader has to fight these two deep-seated
instincts. He has to reverse what you might call his natural
impulses. Instead of hoping he must fear; instead of fearing he
must hope. He must fear that his loss may develop into a much
bigger loss, and hope that his profit may become a big profit.
It is absolutely wrong to gamble in stocks the way the average
man does.

This, now I feel, is the real lesson I got so far.

SKG