Here is very nice podcast about the book about the famous trader Jesse Livermore (1877-1940) was one of the most famous stock traders in American history, often referred to as the “Boy Plunger” or the “Great Bear of Wall Street. At his peak, Livermore was worth millions of dollars (equivalent to hundreds of millions in today’s money). He made and lost several fortunes throughout his career.
Early Career: Livermore began trading stocks at a very young age, starting with bucket shops (illegal gambling establishments that took bets on stock prices) in his teens.
Notable Achievements: He made several legendary trades, including:
Shorting the market before the Panic of 1907
Predicting and profiting from the stock market crash of 1929
Financial Success: At his peak, Livermore was worth millions of dollars (equivalent to hundreds of millions in today’s money). He made and lost several fortunes throughout his career.
Trading Philosophy: He was known for his discipline and pioneering use of technical analysis and market psychology. His trading strategies emphasized the importance of:
Cutting losses quickly
Letting profitable trades run
Understanding market trends
Personal Life: Despite his financial success, Livermore struggled with personal challenges, including multiple marriages and severe depression.
Legacy: His life and trading experiences were chronicled in the famous book “Reminiscences of a Stock Operator” by Edwin Lefèvre, which is still considered a classic among traders and investors.
Tragically, Livermore died by suicide in 1940, having lost most of his fortune.
His life story remains a cautionary tale about the psychological challenges of trading and the importance of emotional discipline in financial markets
Here is the link to the book on Amazon: Click Here
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