reminiscences of a stock operator by edwin le

1、REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre The Sun Dial Press, Inc. Garden City, New York Copyright 1923, by George H. Doran Company REMINISCENCES OF A STOCK OPERATOR to Jesse Lauriston Livermore Reminiscen

2、ces of a Stock Operator Chapter I Reminiscences of a Stock Operator mind I found myself testing their accuracy, comparing the behaviour of stocks to-day with other days. It was not long before I was anticipating move

3、ments in prices. My only guide, as I say, was their past performances. I carried the “dope sheets“ in my mind. I looked for stock prices to run on form. I had “clocked“ them. You know what I mean. You can spot, for

4、instance, where the buying is only a trifle better than the selling. A battle goes on in the stock market and the tape is your telescope. You can depend upon it seven out of ten cases. Another lesson I learned early

5、is that there is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market to-day has happened before and will happen again. I've never forgott

6、en that. I suppose I really manage to remember when and how it happened. The fact that I remember that way is my way of capitalizing experience. I got so interested in my game and so anxious to anticipate advances a

7、nd declines in all the active stocks that I got a little book. I put down my observations in it. It was not a record of imaginary transactions such as so many people keep merely to make or lose millions of dollars wit

8、hout getting the swelled head or going to the poorhouse. It was rather a sort of record of my hits and misses, and next to the determination of probable movements I was most interested in verifying whether I had obs

9、erved accurately; in other words, whether I was right. Say that after studying every fluctuation of the day in an active stock I would conclude that it was behaving as it always did before it broke eight or ten poi

10、nts. Well, I would jot down the stock and the price on Monday, and remembering past performances I would write down what it ought to do on Tuesday and Wednesday. Later I would check up with actual transcriptions fro

11、m the tape. That is how I first came to take an interest in the message of the tape. The fluctuations were from the first associated in my mind with upward or downward movements. Of course there is always a reason f

12、or fluctuations, but the tape does not concern itself with the why and wherefore. It doesn't go into explanations. I didn't ask the tape why when I was fourteen, and I don't ask it to-day, at forty. The r

13、eason for what a certain stock does to-day may not be known for two or three days, or weeks, or months. But what the dickens does that matter? Your business with the tape is now not tomorrow. The reason can wait. Bu