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Reddit mentions of Reminiscences of a Stock Operator
Sentiment score: 21
Reddit mentions: 30
We found 30 Reddit mentions of Reminiscences of a Stock Operator. Here are the top ones.
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- John Wiley & Sons
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I'd read A Random Walk Down Wall Street first. Then Intelligent Investor before Security Analysis.
The first book I read when I was a n00b was The Neatest Little Guide to Stock Market Investing. It's pretty simple and basic and made for total beginner's.
Also, you may want to read Reminiscences of a Stock Operator at some point.
Also, check out Robert Shiller's Financial Markets course.
Stock Charts is a good online introduction to technical and fundamental analysis.
Have fun!!
Edit: correction
That being said if you want some good books about the market I suggest:
https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lef%C3%A8vre/dp/0471770884
https://www.amazon.com/Dark-Pools-High-Speed-I-Financial/dp/B008ARPZFK/ref=sr_1_1?s=books&ie=UTF8&qid=1504266590&sr=1-1&keywords=dark+pools
Schabacker is supposed to be the bible but it's from 1932 and not modern. That being said, modern isn't the be all and end all. Human mindset doesn't change. We have the same limbic system they did. And battling extremes of greed and fear are no different now than then and tend to play out in similar ways despite our modern tech.
My favorite read for insight from one of history's greatest speculators, Jesse Livermore, is Reminiscences of a Stock Operator.
Reminiscences teaches that a trader's greatest battle is not with the market but with his own mind. The most money is made identifying a bull market, getting on board early, or at least when it corrects, and riding it until just before it breaks. Which means basically doing nothing for a long period of time, other than adding on dips. Most people can't stand to do nothing. They try to catch the little swings, playing for peanuts, and end up missing the bulk of the move.
Better to sit tight, forget about it even, as long as the bull remains intact. Like, for example, the people who forgot they mined a lot of bitcoin early, only remembering about it after the price had soared. It's like Rip Van Winkle waking up rich. Do you think they would have had the fortitude or resilience to hold their position to that point had they been watching the market everyday? No. Or maybe perhaps 1 in a 1000. Forgetting was their saving grace. Sitting tight is the way to ride the bull.
I’ve become consistently profitable for a little while, so here’s a brain dump of the things I wish I had caught on to slightly earlier. Sorry for the novel...
You can use investopedia to look up anything you don’t understand, but most any site or you tuber is going to try to sell you some sort of system. Honestly these are for suckers and the best thing you can do is just get in there, trade the minimum and garner up some experience. The psychology is different and you’ll likely have a lot more nerves once you have lost a handful of trades with real money. After a few wins you’ll likely be tempted to up your lot size but you really shouldn’t and instead pace yourself until you’re really confident. Stick with one or two pairings at first to really understand the tendencies, not all charts and indicators are created equal.
As far as books, my favorite is Reminiscences of a Stock Operator. It’s something you’d likely want to give a read or listen a few times as you gain experience. There’s a decent number of lessons in there that will resonate at different stages in your career. I’m on my third listen and still finding things I didn’t see as relevant at the time. https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lefèvre/dp/0471770884
Other than that one book, I wouldn’t suggest spending any money on educational materials. Youtube should be sufficient, but don’t be tempted by the shiny offer at the end of each video. Instead try and just take the good. These guys don’t make money from trading, they make money from selling manuals. If they had a magic bullet, they’d use it and be driving their Bugatti or what have you instead.
Side tips: Trade, don’t gamble. If you’re unsure, it’s a gamble. Stick to your time frame and don’t rely on indicators to tell you when to trade. This can be tough, but you’ll understand how to use them as confirmation instead of signal in due time. Always take the time to understand what the indicators are telling you and always take news into consideration before making a trade. Sometimes the best thing to do is nothing. I use almost all of the default time frames to paint a complete understanding and as additional confirmation to what I think I should do (M1 M5 M15 M30 H1 H4 D).
Finally, if you feel like you’re most of the way to your profit target, I (personally) like to just take the guaranteed profit and move on to my next idea. The market can have unexpected changes in sentiment and it’s often not worth throwing away profit for the last 10-15% of a movement.
My mantra is “modest daily gains are best gains.”
Reminiscenses of a Stock Operator is a pretty good and easy read to start with. 2,3 & 4 are good. Michael Lewis' Big Short and Liar's Poker are pretty entertaining and definitely worth picking up.
I suggest you read a few books about speculation and poker betting strategies as well as historical investment bubbles.
Read the classics as there's nothing new about human nature and human nature is what moves all asset prices. Ask yourself this question; Why do people pay a half a billion dollars for art that most people wouldn't hang on their walls for free?
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https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lef%C3%A8vre/dp/0471770884
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Longer, but Reminiscences of a Stock Operator is great.
https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lef%C3%A8vre/dp/0471770884
You should read or listen to that book.
Dont trade in that first couple hours your Ritalin starts working or you'll make a shit decision that you feel really good about lol
I'll give you some books to use as a starting point. You want to start out as generally as possible and then follow what interests you. Someone can give you a list of top books, but if they don't fascinate you enough to really dig in deep and reflect on them to sate your own curiosity, you'll just be scratching the surface. I don't care what it is, you can make money anywhere in the markets. So starting generally will help you find out what direction to go.
So, that said, these are the ones I'd recommend starting out with
https://www.amazon.com/Market-Wizards-Updated-Interviews-Traders/dp/1118273052
https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lef%C3%A8vre/dp/0471770884
https://www.amazon.com/gp/product/1400063515/
https://www.amazon.com/gp/product/0684840073/
https://www.amazon.com/gp/product/0809045990/
Some less conventional ones I really liked
https://www.amazon.com/gp/product/1578645018/
https://www.amazon.com/gp/product/1422121038/
Chaos theory describes some properties that pop up again and again in markets. I really liked this one.
https://www.amazon.com/Deep-Simplicity-Bringing-Order-Complexity/dp/140006256X
I also highly recommend finding a few good books on behavioral investing, just to get acquainted with the common mistakes investors make (how you can avoid them, and how you can exploit them). I don't have a lot here because the books I read are outdated and you can find better. So one example:
https://www.amazon.com/gp/product/0470067373/
But in general reading about psychology will help you understand the world better, and that's always a good thing.
https://www.amazon.com/Flow-Psychology-Experience-Perennial-Classics/dp/0061339202
> I started trading after weeks of reading documentation/watching videos about the basics of any FOREX market, technical analysis and fundamental analysis etc.
After you've been trading longer you will realize that 99% of all that stuff you've read is wrong and written by people that don't trade for a living. When you can sort the 1% that's real out of the other 99% written by "professionals" you can consider yourself at least a novice trader.
I started trading the dot com bubble in the late 90's and did quite well for about 3 years. Then a bear market arrived and I realized two things:
Edit: If you haven't read it yet, you should read Reminiscences of a Stock Operator. It's useful and very entertaining as well. It is just as relevant today as when it was first published in 1923!
to complement these (and i know you asked for books):
video:
how the economic machine works
pdf:
turtle trading
i put this because this is the way real people making real money traded. and the rules are VERY simple.
books:
market wizards
reminiscences of a stock operator
urls:
the best investment advise you'll never get
--i will come back and edit this post and add some more stuff.
--> note, i RARELY trade single name stocks.
The real bad thing with trading (which investing actually is, just longer term) is that there really is no place to go for a good advice.
If the OP doesn't have time to do the research, then I would recommend looking into some managed accounts or funds (and doing the research there - it still requires research work).
I trade differently from the parent, I'm a techie/quant (well I do some fundie stuff too) so depending on your history, I would look into different methods on how to trade. There are plenty.
Buy and hold is what some people praise, especially those newbie stock books but I really wouldn't like to advocate that approach but that's just me.
edit: As some people posted links, I'll post some good books - forums tend to be full of crap and it takes at least of 6 months (at least, possibly years) to be able to understand who know something and what really is somehing you should be reading so here are some great books:
This is an easy to read, good book for beginners in a form of a story
http://www.amazon.com/Adventures-Currency-Trader-Trading-Courage/dp/0470049480
These two are must
http://www.amazon.com/Market-Wizards-Interviews-Top-Traders/dp/0887306101
http://www.amazon.com/New-Market-Wizards-Conversations-Americas/dp/1592803377
This is a real classic and still relevant
http://www.amazon.com/Reminiscences-Stock-Operator-Investment-Classics/dp/0471770884
This is good if you are interested in technical analysis/trading system design (and not too complicated)
http://www.amazon.com/Reminiscences-Stock-Operator-Investment-Classics/dp/0471770884
Top books to get into Finance and trading. This first one is by far the most fundamental book. Most jobs you get you will be asked to read this, and even if you aren't its still an amazing read. Published in 1931, still very relevant today, you will read 10+ times over your Finance career
Reminiscences of a stock operator
Then the Market Wizards series by Jack Schwager
Market Wizards
Hedge Fund Market Wizards
The New Market Wizards
This is where I would start. GL
These are investing and trading books I'd read. Even if you don't believe their strategy, others do, and that makes them important to read.
http://www.amazon.com/Reminiscences-Stock-Operator-Investment-Classics/dp/0471770884
http://www.amazon.com/Trading-Living-Psychology-Tactics-Management/dp/0471592242/ref=pd_sim_b_27
http://www.amazon.com/exec/obidos/ASIN/0393315290/$%7B0%7D
http://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661/ref=pd_sim_b_28
http://www.amazon.com/One-Up-On-Wall-Street/dp/0743200403/ref=pd_sim_b_26
Reminiscences of a Stock Operator should be required reading for this sub, moreso than any other investment book ever written.
"It's a bear market!" - words to remember in the coming years of knife-catching (read the book to understand the entire significance)
I'm not really the right person to ask as I'm a day & swing trader of futures (ES, CL, GC)...but I enjoyed "Reminiscences of a Stock Operator" (https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lefèvre/dp/0471770884).
Also, you can learn a lot from Buffet's shareholder letters: http://www.berkshirehathaway.com/letters/letters.html
Lastly, when it comes to technical analysis I'm a huge fan of market profile. Here's a great free ebook about it: https://www.cmegroup.com/education/interactive/marketprofile/handbook.pdf
It is how I make my bread, day in and day out, so I can't complain. It'd be more helpful if you iterated what exactly you're interested in, but I'll list books/resources that I always give people to start out with. I think it's really important to get a solid understanding of how the entire system works before jumping straight in (which most people end up doing, and their performance shows it).
Oh lmao my b
I’ve heard McMillan on Options is a good read, though I haven’t read it myself.
A good book on psychology and market behavior is Reminiscences of a Stock Operator
Options as a Strategic Investment is personally what I read and it’s very easy to understand and has plenty of examples.
https://www.amazon.com/McMillan-Options-Lawrence-G/dp/0471678759
https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lefèvre/dp/0471770884/ref=mp_s_a_1_1?keywords=reminiscence+of+a+stock+operator&qid=1565785781&s=gateway&sprefix=reminiscen&sr=8-1
https://www.amazon.com/Options-as-Strategic-Investment-Fifth/dp/0735204659/ref=pd_aw_sbs_14_1/132-8096628-1903040?_encoding=UTF8&pd_rd_i=0735204659&pd_rd_r=311ef362-2080-434e-899b-ea36ca08058a&pd_rd_w=6v6iP&pd_rd_wg=HtwRb&pf_rd_p=3861f3e6-3054-41ac-9570-6a1994716f7e&pf_rd_r=34KSEETK9NV6305R430Q&psc=1&refRID=34KSEETK9NV6305R430Q
Also anything by Andre Kostolany. You will get great insight on how the markets work.
You'll always have small fish and big players. Big players will use their power to profit, will try to manipulate as much as possible. If you're small, try to stay out of the big player's frequency. Usually big players manipulate markets shorter term. Try a mid to long term strategy. Don't get overwhelmed by short term price swings. This is a huge topic and these are very general recommendations, but still worth to ponder on. Develop a profitable strategy, then stick to it. Then change it.
My own pension strategy: buy bitcoins from 10% of my monthly personal income and do not care about its price. End of strategy. (I am saying this after 3 years of profitable FX daytrading and algo trading).
(edit: formatting)
Which one should I buy?
ebay
amazon
What's the difference?
reminiscences of a stock operator
http://www.amazon.com/Reminiscences-Stock-Operator-Investment-Classics/dp/0471770884/ref=sr_1_1?ie=UTF8&qid=1382663586&sr=8-1&keywords=reminiscences+of+a+stock+operator
Reminiscences of a Stock Operator by Edwin Lefèvre. It's from 1923, but it's still just about the best book on trading and speculation that you will find and widely regarded as a must-read for investors. And in addition, it is also gives a very interesting look at Wall Street at the beginning of the 20th century.
Jumping in, but I've heard a lot of people recommend this book and I think it is very relevant to the crypto space because it was written by a guy trading stocks in the early 1900's. The stock market back then was a lot like the crypto space today, wild west. I have the book I just haven't gotten around to reading it yet.
https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lef%C3%A8vre/dp/0471770884
> "Although Reminiscences...was first published some seventy years ago, its take on crowd psychology and market timing is a s timely as last summer's frenzy on the foreign exchange markets."
—Worth magazine
Thanks for all the love. "This time is different" is literally the best indicator that you should reconsider your thinking. In the end you are the owner of a (digital) asset and you are telling me you cannot place a value on it? That would bother me.
But you are indeed right, I am coming from the stock world and tend to look at those crypto currencies that are linked to a venture (or better yet where the coins are direct share ownership in the company such as Lykke). In this way I can try to ascertain a value because I can see an underlying business model.
I usually try to avoid pure crypto currencies because they have no ascertainable value to me. You are buying hope that one day they will be used for payments or as a store of value. That being said, I do own BTC and a few others where I see this may one day be the case. I am painfully aware however that it can go to zero tomorrow and that could be perfectly plausible. Something like BTC is based on what people believe it's worth, it can be $5'000 just as likely as it can be $0. Be prepared to lose everything and invest accordingly. I like the optionality to the upside as long as I can afford to lose 100%.
And no, you shouldn't listen to investment advice on this space specifically form finance people. But you should respect investment and speculation wisdom that has recurred over centuries stretching from [tulips] (http://www.bbc.com/culture/story/20160419-tulip-mania-the-flowers-that-cost-more-than-houses), to [stock certificates] (https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lef%C3%A8vre/dp/0471770884), to [real estate] (http://www.japantimes.co.jp/news/2009/01/06/reference/lessons-from-when-the-bubble-burst/#.WVye_BOGPUI) to [Beanie Babies] (https://qz.com/114753/meet-the-family-who-lost-100000-when-the-beanie-baby-bubble-burst/).
There is nothing new under the sun.
This book of 1921 or 1923 and it is a must read about trading and it is still VERY relevant today.
Check it on amazon and all the comments.
Fooled by randomness is excellent as other have mentioned.
To understand Soros read The crash of 2008 and what it means... he is the opposit of of warren buffet and both make still lots of money at very different end of the game and both lost a lot in the crash and recovered nicely.
I had a modest portfolio that was guided by a traditional broker. He lost money for me every year. So finally I figured out that if he could lose my money, so could I and I started picking my own investments. I've never looked back.
The trick to making good investments is to make small investments at first. Get used to losing a little money. It's important that you don't get spooked after your fist 10% loss... or even your first 50% loss. I usually buy a small amount of a stock that I like and I'll buy more if I still like it later. Especially if the price goes down and I still believe in the company. The best time to buy is usually when everyone is selling.
A great way to get started "buying stocks" is to buy them with no money - Sign up for a free portfolio tracker at Yahoo finance or Marketwatch. It's free. You can add stocks with phantom purchases and "buy and sell" to your hearts content. After a couple weeks, you can see if you like it. Spend a few months doing this, you'll eventually get the hang of it. Use real investment amounts that you might make.
When you do finally decide to invest, make sure to only invest what you can afford to lose and you'll be ok.
Oh... BTW. These are great books. I'd buy and them before you start. They won't teach you how to invest, but they will show you the psychology behind investing, which I think is more important.
http://www.amazon.com/Reminiscences-Stock-Operator-Investment-Classics/dp/0471770884
http://www.amazon.com/Confessions-Street-Addict-James-Cramer/dp/0743224884/ref=pd_sim_b_4
If you know the basics of how markets work, read "Reminiscences of a Stock Operator". If you still want to pursue trading, when finished, you will have a great base of knowledge and can delve into the more technical and academic readings that are mentioned.
If you decide that your mental make-up is not suited for trading, you will save yourself a lot of time and money. Here is the best part...it reads like a brilliant work of fiction, yet many traders consider it the most influential book they have read. Don't take my word for it
https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lef%C3%A8vre/dp/0471770884#productDescription_secondary_view_div_1518440446692
If you read the original "Market Wizards", the book is recommended more than any other.
Yes the karma system was invented to protect crypto traders from getting idle hands from evil rumor spreaders like me.
What a fucking self aggrendizing and delusional thought.
If you were interested in real financial advice you wouldn't be reading this subreddit, the dumbest place have found yet on the internet for cryptonews. Even 4chan/biz is better because they don't downvote bad news and signals.
If you wan't to get out of the fomo/fud mill go read a book ( you should thank me for this advice ):
https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lefèvre/dp/0471770884
Also go help your local community or pledge a percentage of your income. Jesus you guys are fucking navel gazing.
Go look at the charts we are heading downwards and selling and buying in again is NOT BAD ADVICE right now.
We just passed the 128 MA that we have been ABOVE SINCE 2016 for gods sake. Over 2 years ago and at that time we entered long term bear market.
Just giving you guys free advice and you get all sad and angry and vengeful.
Absolutely. You're probably just concerned about scale. You may think earning 3% is small when investing $1,000 ($30 ROI), but scale that up to say $25,000 and you get an ROI of $750. Still not a great deal of money, but way more than the smaller investment.
The problem becomes getting your foot in the door to earn those higher returns. You could take out a loan and make your bet on the market to build your bankroll (Buying on Margin), but if your first bet goes bust, you could easily be in trouble/debt for a very long time. This is Risk and how much you're willing to take on.
A great book you should read is Reminiscences of a Stock Operator by Edwin Lefevre. It doesn't outline any trading strategies (that are useful today), but gives you a good idea on the philosophy of trading. Good luck to you if you decide to start trading.