The book is a “fictional” biography of Jesse Livermore, a stock trader that started his trading career at the beginning of the last century at a very early age.
The writer of the book really catches your attention as Livingston (the fictional character) makes millions, but then he makes a mistake and loses millions. He regroups, came back with a few thousands, makes millions again, makes another mistake, and loses them again.
If no one told you this book was written in the 1920’s you wouldn’t know.
This is why I’m surprised that a trader back in the 1920’s makes the exact same mistakes traders make in 2011, 90 years after: we still average down, get out too soon, hold on losers too long, etc. Then why is this book still relevant? Because human nature, we act today in the same way we acted 100 years ago.
If you have some experience trading, you will be like: been there, done that, been there, done that over and over and over.
If you are a new trader, this is probably the book that you should have bought yesterday, if you can learn from others experiences, you’ll avoid some of the most costly mistakes traders are likely to make.
The most valuable insight of this book (at least to me) is: trade on the path of least resistance. And that’s exactly what I do, every day I try to find that path on each currency pair, once I find it, I just try to go with the flow.
If you are serious about trading, and haven’t read it, you need to get it! I’ve read this one about three or four times, and as soon as finish some other new books that I have on my shelf, I’ll read it again.