Reminisces Of A Stock Operator
Written in 1923, this book is the trading biography of Larry Livermore, known as one of the most successful traders on Wall Street.
He details his evolution from a 'tape-reader' trader intent on the short term, to a more astute trader who understood the many challenges of trading.
Amongst the wisdom he imparts:
- always trade with the direction of the market
- most traders would prefer to gamble than study and learn, and that is why they lose money.
- buy on the way up, and sell on the way down (i.e. buy when the trend has been made, and sell when the break comes, not before)