Jesse Livermore书籍读后感

chatklse

眼见他起高楼，眼见他宴宾客，眼见他楼塌了....

hoollly

他是被市场庄家干倒的.

股友

转贴：




August 11
世界最伟大的投机者--Jesse Livermore的二十七个瞬间Jesse Livermore（1877-1940），你或许不熟悉这个英文名字，但你一定看过《股票作手回忆录》，并被主人公的独特魅力和传奇一生所折服。
他，曾以单枪匹马的投机操作使整个华尔街颤栗，连华尔街之王摩根先生也不得不找人向他求情。 当时人们称呼他为“少年作手”和“华尔街巨熊”。
他，就是美国有史以来最伟大的投机者，因其传奇般的投机生涯而被后人称为投机之王。
他的投机理念和操盘术，一直是全世界投机客所狂热追捧的对象。
他的《股票作手回忆录》以及里面隽永深刻的警句，被一代又一代的投机者所传颂。
他曾经四起起落，每次都在市场上聚敛了数以亿计的财富，到最后又都空空如也。
不过即使破产后，也不象有些人想当然的穷困潦倒(下面有张照片就是破产后去欧洲旅游)。   
至于他的自杀，根据现代的调查，是因为家庭和婚姻生活的失败带来的精神忧郁症使然（下面的照片中你会看到不少线索）。
Jesse  Livermore在投机上的巨大成功，以及他的悲惨结局，永远都是每个投机客唏嘘不已的话题.


Jesse Livermore, the legendary "Boy Plunger" and "Great Bear of Wall Street" in his office in 1929 just after the "Crash"--when he went short the market and made over 100 million dollars. His powers were at their highest. His life slid downhill from here--ten years later he would kill himself.
这就是传说中的“少年作手”和“华尔街巨熊”-----Jesse Livermore。这张照片拍于1929年股市大崩盘后，地点是他的办公室。他在29年股灾中放空整个市场，获得超过1亿美元的赢利，这也是他的人生最高潮。从此开始，他的生活每况愈下，10年后他自杀了.


Jesse Livermore "The Boy Plunger" of Wall Street and his wife of twenty months set sail to Europe on the S.S. Rex after his 1934 bankruptcy. Before boarding Livermore said, "I hope to relieve my mind of some of my troubles."
被称为华尔街“少年作手”的的Jesse Livermore在1934年破产后，与他的妻子坐S.S.Rex号到欧洲旅行了20个月。在上甲板前，他说：“我希望解决我思想中的一些问题”


November 28, 1940—Jesse Livermore Jr., as he arrives at the Sherry Netherland Hotel in New York to identify the body of his father. On viewing his father’s body, minutes later, he collapsed
1940年11月28日，Jesse Livermore Jr.（译注：Jesse Livermore的小儿子）赶到纽约的Sherry Netherland酒店辨认他父亲的尸体，很快他就崩溃了。



Jesse and Dorothy March 3, 1926, looking dapper at a costume ball at their mansion "Evermore." Jesse Livermore loved beautiful women and his wife Dorothy loved throwing parties often for 100 people or more.
1926年3月3日，Jesse和Dorothy盛装出席在他们的官邸“Evermore”举办的化妆舞会。Jesse Livermore喜欢漂亮女人，他的妻子Dorothy则喜欢举办经常有超过100人参加的聚会


Jesse Livermore stands on the porch of the Breakers Hotel in Palm Beach where he took a large apartment every winter. He traveled to the Breakers in his private railway car and had his yacht sent down to Palm Beach ahead of his arrival
Jesse Livermore站在Palm海滩的Breakers酒店的走廊，他经常在那里度过大半个冬天。坐着他的私人火车专列到达Breakers，他的游艇则事先被运抵palm

Jesse Livermore sits before the bankruptcy referee on May 15,1934. Livermore always paid his bankruptcy creditors back when he got back on his feet, even though he was not legally responsible
1934年5月15日，Jesse Livermore坐在破产仲裁人的前面。Livermore在恢复能力后总是支付给破产债权人，即使在法律责任上他并不需要这样做.



http://fxman-of-china.spaces.live.com/blog/cns!5129FC48A0CD663A!192.entry

股友

投机之王--Jesse Livermore（杰西 利弗莫尔）生平事迹

生于1877年 7月26日逝于1940年11月27日 闪亮而富有魅力的一生，投机行业里无出其右的奇才。充满了神秘的气息，有华尔街大熊与独狼之称，他的一生是交易的经典。 Jesse Lauriston Livermore在孩童时代他的快速理解力和远超常人的数学天赋就引人注目，13岁时父亲对他说上学对农夫来说是无用的，14岁时把他从学校带走从事农活，Jesse Lauriston Livermore遇到了打击，他的母亲私下里支持他，14岁那年他带着口袋里仅有的5美元离开了父母。他搬到了波士顿，在那找到了第一份工作，在当地Paine Webber分公司当Chalkboard Boy。他对自己记下的数据的意义很感兴趣，在数据专栏里寻找样本。一个月后，那是1892年他刚15岁，他用午休的时间在附近的"Bucket Shop" (一个股票交易场所)自己进行投机交易。当他的上司知道后，跟他谈话威胁他如果不放弃的话炒他鱿鱼。Jesse Lauriston Livermore选择了离开，他很高兴，结束了时间很短的首个工作。尽管那是他当时唯一可以逗留的地方，虽然离开的时候，显得不太体面。。 后来他在当地Bucket Shops赚钱维生。16岁时他赚了1000美元，对他这样的年龄来说是一笔不小的数额。他一个人工作，不对任何人说他做什么，没有搭档，从不借钱。他很成功，被人们称为神奇男孩，投机男孩。后来，他带着2500美金（期间已经赚了10000美金）开始了华尔街的冒险，但是最终失败了。他只能向Ed Hutton借了1000美金。再次在Bucket Shops他熟悉的领域寻找机会。1899年22岁时他带着10000美金的起始资金再次开始了华尔街的冒险。1901年他从牛市中赢得了巨大的利润，50000美金并开始做空。这是他还必须学习的一课。尽管他判断对了市场的方向，但糟糕的操作毁掉了他的计划。他再次输光了。他的夫人拒绝把首饰当掉，只好又到Bucket Shops寻找机会。当他再次凑够了足够的资金，又回到了华尔街。他改良了系统，特别研究失败者的态度，因为他不想再次成为失败者。最终他成功了，1906年初29岁时他做空数千Union Pacific的股票。那年4月18日旧金山发生大地震，Union Pacific三天后向石头般下落，他获得了250000美金的利润。。 1907秋30岁时他已经有了1百万美元。他认为自己看对了方向，在他获利了结后去了欧洲旅行。直觉告诉他他仅仅是为了不在失去利润而了结没有任何理由，回到纽约后再次大量做空。后来10月发生了真正的崩溃，24日他第一次赚到了1百万美元，仅一天之内，这天还没过去，他相信自己的交易规则，在交易日结束前他又获得了巨大的利润。他的保证金足够多第二天又可以向市场投入给市场死亡之吻。如果他成功了，那将不是1百万而是1千万的利润甚至两千万，另一方面他将会不确定，是否交易市场还会再开。朋友Warren Augustus Reed的拜访软化了他的决定，请求放弃做空，这个请求不是来自随便什么人而是JP Morgan，在那时已是传奇。Jesse Lauriston Livermore31岁时他的成就他的力量达到了暂时的高峰，他掌握着像morgan那样的力量，至少在一天之内。Jesse Lauriston Livermore同意了，不仅出于无私也是出于计算。他将没有更多的股票可以做空，第二天开始获利了结，然后他开始疯狂买进，引起了市场反弹，他买进了其他100000股在交易日结束时获得了3百万的利润。。 好景不长。同一年他遇到了Percy Thomas, 棉花大王。这给他带来了厄运。尽管Livermore原则上拒绝和别人合作，尽管在与Thomas认识出问过自己重要的问题如果他能很好的了解讯息为什么会破产，Thomas还是把他拉下了水。Livermore渐渐扔掉了多年来获得的经验，在这次冒险中越陷越深，这一课陪上了3百万美元，而只有不到300000的回报。当他试图尽快赢回他的损失时，犯下了又一个错误。在下个月绝望的尝试中最终背上了1百万的债务。。 几个月后他才找到力量去分析他的态度，第一次意识到了自己交易中的情绪部分。他的衰落源于自我。他已经习以为常的去应付失败，然而真正把他甩出成功之路的是1907年10月24日那次过高的成就。他痛苦的学到，有时成就比失败更让人难以承受。1915年2月Livermore38岁时宣布破产。 思想轻松了带着一个老朋友的起始资金，他又开始了尝试。事态发展的不错，1917年初他偿还了债务，尽管由于破产这不是必须的，他的债务人毫无例外的谢绝了他提供的利息。 二十年代期间Livermore总是报道的主题，他对这些基本从不评论。他的态度更增添了他的传奇。二十年代是他的好时候。。 从1929年夏Livermore察觉到了过热的市场和恶化的供求比例。他尝试着小规模的做空多种股票，但是很快兑现了因为市场还没有准备好，Livermore停止了做空。在第三次的尝试才获得了他的位置，开始用久经考验的方式建仓。这给他在短期内带来超过1亿的财富。这比美国大萧条初期多半破产更具影响，他收到了很多绝望的人们的死亡威胁，要突然袭击杀死他，他应该对这个灾难负责。。 他达到了成就的顶峰。然而快乐并没有伴他而来，和第二任妻子的离异使他更加的沮丧，失去了投机游戏的兴趣，他的财富很快的蒸发掉了。1934年仅仅他最辉煌成就的5年后再次宣布破产，失去了一切。1939年他写了一本书如何交易股票，最后尝试着东山再起，他受到了打击，他那传奇示的感觉不复存在。1940年11月27日，他在Sherry Netherland Hotels的厕所里用手枪结束了他的生命。。 他最后自杀是因为婚姻生活的失败导致抑郁症，而非破产自杀。（如果你做过研究你会知道他曾经四次破产，所以破产对于他不是什么打击，并且他破产后的生活还算过的可以；1934年破产后的第一件事是与他妻子去欧洲旅行了20月，在上甲板前，他对记者说：“我希望解决我思想中的一些问题”） 除了他自己的最后不幸，他的家人大多也以悲剧收场，他妻子曾经枪击他的儿子Jesse livermore Jr.，他的儿子Jesse Livermore Jr. 深度酒精中毒，虐待妻子并且差一点杀死他妻子 股票作手回忆录是在1929年股灾后他的人生达到最高峰时写的，由一位记者进行编辑润色，类似回忆录，但是并非完全史实，而是有些艺术虚构。。。

http://www.bigfish-up.com/cms/forex/study/2006/0525/867.html

8years

他是被美国政府政策搞垮，被“杀猪凳”老婆搞死。和他超凡的市场能力完全没有关系。

股友

The Trading Career of Jesse Livermore -
Notable EventsJesse Livermore's Timeline

Year	Age	Event
July 26, 1877	0	Jesse Livermore is born in West Acton, Massachusetts.
1891	14	Begins work in Paine Weber & Co's Boston stockbroking offices, transferring prices from ticker-tape to quotation board.
	15	Makes a $3.12 profit on this first trade - in Burlington stock.
	15	Accumulates his first $1,000 by trading stocks and commodities in bucket shops.
1893	16	Paine Weber & Co instruct Jesse Livermore that he must either quit speculating in bucket shops or quit his job. He quits the job.
	20	Accumulates his first $10,000 by trading in bucket shops.
	21	Moves to New York to trade on the NYSE through legitimate stockbrokers. His fortune has been reduced to $2,500 - Livermore's trading is not always successful.
	22	Loses all funds via unsuccessful trading on NYSE - he attributes this to slow execution of his trades. Borrows $500 and goes to St. Louis to trade in bucket shops. He returns to New York with $2,500, repays the $500 loan and resumes trading on both the Exchange and in bucket shops.
	22	According to Livermore: "I was not quite twenty-three, all alone in New York with easy money in my pockets and the belief in my heart that I was beginning to understand the new machine. I was making allowances for the actual execution of my orders on the floor of the Exchange, and moving more cautiously. But I was still sticking to the tape - that is, I was still ignoring general principles; and as long as I did that I could not spot the exact trouble with my game."
May 9, 1901	23	At the beginning of the day, Livermore's fortune stands at $50,000. At the end of a frantic day's trading, Livermore is broke. "The ticker beat me by lagging so far behind the market. The divergence between the printed and the actual prices undid me."
1901	24	Livermore returns to the bucket shops and wire houses. He intends gettings a stake together to trade the Stock Exchange again. He is back to dealing in sums of tens and hundreds of dollars. He wins consistently. The wire houses try to swindle Livermore and he responds with several sting operations in which he manipulates prices of thinly traded stocks on the NYSE in order to take large amounts from the wire houses.
1902	24	After a year of successfully trading the wire houses, Livermore has accumulated enough money to buy an automobile and take on an expensive lifestyle. He returns to New York for the third time with a "fair sized roll."
Spring 1906	28	Makes a profit of $250,000 shorting stocks on a hunch that preceded the San Francisco earthquake.
Summer 1906	29	Loses $40,000 acting on a tip from Ed Harding.
October 24, 1907	30	Livermore shorts the market during a crash and makes his first $1 million.
Late 1907	30	Buys a yacht then loses $200,000 trading cotton.
1908	30 / 31	Livermore breaks his own trading rules - he takes advice from commodities expert Percy Thomas. Things go badly. Breaks his own trading rules again - increases his losing position in cotton and sells his winning position in wheat. Goes broke. Leaves New York and goes to Chicago where a trading house, aware of his ability, offers him limited finance for trading. Livermore is then summoned back to New York by Dan Williamson, owner of a Stock Exchange trading house. Williamson gives Livermore $25,000 to resume trading. After three weeks trading, Livermore has made a profit of $112,000. Williamson interferes with his trading, buying and selling on Livermore's behalf, and runs up losses. Livermore walks away from the relationship.
1914	36	In several years of a flat market, with "no money to be made," Livermore's debts have grown to well over $1 million. He declares bankruptcy. Of this, he later said, "My mind now being free to take up trading with some prospect of success, the next step was to get another stake."
February 1915	37	Livermore asks Dan Williamson for help. Williamson offers Livermore the (very small) facility to trade 500 shares. Livermore reads the tape for six weeks before making a trade - he needs to be 100 percent sure the trade will be profitable. Livermore buys Bethlehem Steel on high margin at $98. Steel is rising because of demand from World War I. The price moves upward as he expects and, as the stock rises, he buys more at $115. The following day he sells at $145. He has achieved what he set out to achieve - he has a sizeable stake again.
Late 1915	38	After several months of successful trading, Livermore's balance stands at $145,000.
1916	38 / 39	Livermore plays the market perfectly - he is long when the market is strongly bullish and then goes short when it turns bearish. He makes $3 million profit and goes to Palm Beach for the winter.
1917	40	Livermore makes another $1.5 million profit and pays back all his debts from 1914. He buys $800,000 dollars worth of annuities to ensure his family has a secure income should he ever be wiped out in the markets again. He also puts money into trusts for his wife and son.
1922	44 / 45	Gives interviews to Edwin Lefèvre for a series of newspaper articles. The articles are then compiled into a book - Reminiscences of a Stock Operator - now regarded as a classic.
1923	46	Moves to custom-designed offices in the Hecksher Building, Fifth Avenue. Livermore wishes to be further removed from Wall Street gossip and to enjoy more secrecy for his trading operations.
1925	48	In the 1925 wheat market Livermore buys grain in 5 million bushel lots while the market is rising, turns bear at the top and sells 50 million bushels short for a profit of $10 million.
1929	52	Jesse Livermore's greatest moment as a trader. He goes short in the great crash of 1929 and makes a profit of around $100 million.
1933	56	The police are called when Jesse Livermore apparently goes missing. One day after disappearing he returns home, walking unsteadily. He says he spent the night in a hotel and awoke with a blank mind. Reading newspaper headlines about his disappearance brought him to his senses. His doctor's verdict: "Amnesia nervous breakdown."
1934	56	Jesse Livermore is bankrupt. He has lost his entire trading fortune. How he did this is unknown. He is not destitute - his family annuities save the day. He and his wife sail to Europe. "I hope to relieve my mind of some of my troubles."
1939	62	Jesse Livermore writes How to Trade in Stocks - a book for people wishing to learn stock trading.
1940	62	How to Trade in Stocks is published.
November 28, 1940	63	Jesse Livermore dies by his own hand, via a revolver bullet through the brain. He had been suffering from depression and in his suicide note he describes his life as a "failure".

Note:
The timeline above was compiled using Reminiscences of a Stock Operator by Edwin Lefèvre and How to Trade in Stocks by Jesse Livermore as its principal sources. Some additional material from Time Magazine.
The accuracy of the timeline is not entirely certain because of discrepancies in Livermore's age versus some of the dates mentioned in Reminiscences of a Stock Operator. The timeline above was the most consistent version of events that could be compiled using the sources.