Jesse_Livermore-How_To_Trade_In_Stocks_(1940_original)-EN_2.pdf

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HOW
TO TRADE
IN STOCKS
The
Livermore Formula for
Combining
Time
Element
and Price
BY
JESSE
L.
LIVERMORE
DUELL, SLOAN
&
PEARCE
NEW YORK
J.
MLJkl-<t.1
J-1.1 ,,,,
.s
L1!::5RARV
COPYRIGHT, 1940, BY
JESSEL.
LIVERMORE
All rights reserved,
iHcluding
the right
to reprod uce
this
book
or portions
thereof
in
any form.
fir
st
edition
TO NINA
PRINTED
IN THE
UNITED STATES OF
AMERICA
BY QUINN
&
BODEN
COMPANY.
INC.
1
RAHW.A.Y,
N
.
J·
PREFACE
HE career of Jesse
L.
Livermore is a bright
patch in the pattern of speculation. He has
been in the public eye as a stock-market factor al-
most continuously since as a youth he flashed like
:1 comet across the speculative skies and became
known as the millionaire Boy Plunger.
He has indeed been a plunger, and on rare occa-
~ions
the magnitude of his operations caused The
Street to blink in wonderment. Yet blind chance
11cver entered into his market sallies. Each move
\Yas
touched with singular genius, buttressed by
rndless research and the dogged patience of Gri-
~clda.
T
For forty years Jesse Livermore has studied world
:md domestic economic conditions with almost
fa-
natic intensity.
In
the same four decades he has
v
PREFACE
PREFACE
studied, talked, dreamed, lived with, and traded in
speculative markets. His world has been the move-
ment of prices; his science the correct anticipation
of such movements.
It
has been my privilege to know personally some
of the great speculators of our times and to observe
at close range their fascinating activities. For intel-
lectual scope and for natural aptitude I regard Jesse
Livermore as the greatest speculator and market
analyst since the turn of the century. In one of mv
.
,
books I made the statement that he could be shorn
of every dollar, given a small brokerage credit,
locked in a room with tickers, and in the course of
a few active market months he could emerge with
a new fortune. Such is the mark of his genius.
He created his first sensation when he was fifteen
years old. His mother was the party most surprised,
for he dumped into her lap a thousand dollars in
five dollar bills, his first gleanings from the stock
market.
He created his next sensation by completing four
years of mathematics in a single year while holding
a job as board marker in a brokerage house.
He has been creating market sensations ever
Vl
,111cc, and to those interested in the science of spec-
' tla
ti
on this little book, if not a sensation. is at least
.1
surprising departure.
'l be reason is obvious. Every great speculator has
l1is
own method of operation, his own course of
\tudy for arriving at conclusions upon which he is
willing to risk vast sums of money. Such methods
are guarded like state secrets, sometimes through
vanity or suspicion, but more often for very practi-
cal reasons.
So when Jesse Livermore, with characteristic
frankness, draws back the curtain and reveals pub-
licly his rules for corn bining time element and prices
he takes the spotlight for audacity among the top-
flight speculators of the age. He lays before the
reader the fruits of forty years of speculative study.
It
is a new chapter m the colorful saga of a
brilliant opera tor.
EDWARD JEROME DIES
Vll

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