I have two versions of Reminiscences of a Stock Operator (Illustrated), and I’ve read and re-read it more than a dozen times over the last 20 years.
For all the book’s wisdom, I’ve begun to wonder if Jesse Livermore is more Madoff or Joseph P. Kennedy, Sr. than a hero to the trading community. All of the aforementioned are known market manipulators and as men, were less than scrupulous. Kennedy took a stroke and eventually died of natural causes, Livermore killed himself, and Madoff should.
I rather recommend you follow in the footsteps of an unknown trader who remained emotionally stable, produced consistent annual returns, and acted within the best ethical practices of the day. You have the letter of the law and the spirit of the law, and there’s a big difference spiritually between the two.
What are your thoughts? Do you forgive Livermore all his demons and poor choices? Do you really want to trade like Jesse Livermore? Email me in confidence if you want and we’ll get a discussion going on this.
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