Publisher's Synopsis
This the book that every person who is interested in learning about stock market trading should read and study.
Reminiscences of a Stock Operator is a 1923 book by American author Edwin Lefevre. It is told in the first person by a character inspired by the life of stock trader Jesse Livermore. While published as fiction, generally, it is accepted to be the biography of stock market legend Jesse Livermore, then known as "The Wolf of Wall Street."
Most of the practices described in the book Reminiscences of a Stock Operator are illegal now, having been made illegal by the Securities Exchange Act of 1934. However, on the London Stock Exchange in England, almost everything that is illegal in the USA is legal there, including insider trading. There is a great deal you can learn from this book. The first Chairman of the Securities and Exchange Commission was Joseph P. Kennedy, father of future president John F. Kennedy. When President Franklin Roosevelt was asked why he appointed Joseph P. Kennedy to be the First Chairman of the SEC, Roosevelt replied, "Because it takes a crook to catch a crook!"
Among the changes brought on by the Securities Exchange Act of 1934 is the prohibition against Wash Sales and Bucket Shops. It also required that for securities bought on margin, the buyer must put up at least 55% of the money. Here is section 9 of the Exchange Act.
