reminiscences of a stock operator by edwin lefevre (to jesse livermore)

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1、REMINISCENCESOFASTOCKOPERATORbyEdwinLeFevreTheSunDialPress,Inc.GardenCity,NewYorkCopyright1923,byGeorgeH.DoranCompanytoJesseLauristonLivermoreREMINISCENCESOFASTOCKOPERATORIIwenttoworkwhenIwasjustoutofgrammarschool.Igotajobasquotation-boardboyinastock-brokerageoffice.Iwasquickatfigures.Atschoo

2、lIdidthreeyearsofarithmeticinone.Iwasparticularlygoodatmentalarithmetic.Asquotation-boardboyIpostedthenumbersonthebigboardinthecustomers'room.Oneofthecustomersusuallysatbythetickerandcalledouttheprices.Theycouldn'tcometoofastforme.Ihavealwaysrememberedfigures.Notroubleatall.Therewereplentyofo

3、theremployesinthatoffice.OfcourseImadefriendswiththeotherfellows,buttheworkIdid,ifthemarketwasactive,keptmetoobusyfromtena.m.tothreep.m.toletmedomuchtalking.Idon'tcareforit,anyhow,duringbusinesshours.Butabusymarketdidnotkeepmefromthinkingaboutthework.Thosequotationsdidnotrepresentpricesofstoc

4、kstome,somanydollarspershare.Theywerenumbers.Ofcourse,theymeantsomething.Theywerealwayschanging.ItwasallIhadtobeinterestedin—thechanges.Whydidtheychange?Ididn'tknow.Ididn'tcare.Ididn'tthinkaboutthat.Isimplysawthattheychanged.ThatwasallIhadtothinkaboutfivehourseverydayandtwoonSaturdays:thatthe

5、ywerealwayschanging.ThatishowIfirstcametobeinterestedinthebehaviourofprices.Ihadaverygoodmemoryforfigures.Icouldrememberindetailhowthepriceshadactedonthepreviousday,justbeforetheywentupordown.Myfondnessformentalarithmeticcameinveryhandy.Inoticedthatinadvancesaswellasdeclines,stockpriceswereap

6、ttoshowcertainhabits,sotospeak.Therewasnoendofparallelcasesandthesemadeprecedentstoguideme.Iwasonlyfourteen,butafterIhadtakenhundredsofobservationsinmymindIfoundmyselftestingtheiraccuracy,comparingthebehaviourofstocksto-daywithotherdays.ItwasnotlongbeforeIwasanticipatingmovementsinfile:///D

7、/

8、Program%20Files/mIRC/shared/ebooks/...Reminiscences%20of%20a%20Stock%20Operator.html(1of356)[4/19/20033:35:14AM]HTMLBookprices.Myonlyguide,asIsay,wastheirpastperformances.Icarriedthe"dopesheets"inmymind.Ilookedforstockpricestorunonform.Ihad"c