reminiscences.of.a.stock.operator

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

2、olIdidthreeyearsofarithmeticinone.Iwasparticularlygoodatmentalarithmetic.Asquotation-boardboyIpostedthenumbersonthebigboardinthecustomers'room.Oneofthecustomersusuallysatbythetickerandcalledouttheprices.Theycouldn'tcometoofastforme.Ihavealwaysrememberedfigures.Notroubleatall.Therewereplentyo

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

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

5、ttheywerealwayschanging.ThatishowIfirstcametobeinterestedinthebehaviourofprices.Ihadaverygoodmemoryforfigures.Icouldrememberindetailhowthepriceshadactedonthepreviousday,justbeforetheywentupordown.Myfondnessformentalarithmeticcameinveryhandy.Inoticedthatinadvancesaswellasdeclines,stockpricesw

6、ereapttoshowcertainhabits,sotospeak.Therewasnoendofparallelcasesandthesemadeprecedentstoguideme.Iwasonlyfourteen,butafterIhadtakenhundredsofobservationsinmymindIfoundmyselftestingtheiraccuracy,comparingthebehaviourofstocksto-daywithotherdays.ItwasnotlongbeforeIwasanticipatingmovementsinfile:

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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