杰西·劳瑞斯顿·利弗莫尔(Jesse Lauriston Livermore，1877–1940)，生于美国麻州，是20世纪20年代活跃于纽约华尔街的真实传奇人物。只有杰西·利弗莫尔(Jesse Livermore)。这位被称为“百年美股第一人”的资本市场传奇人物。他在股市上的智勇过人，确非当今很多浪得虚名之辈所堪比。利弗莫尔与杰·古尔德、铁路垄断者杰·古尔德、JP摩根旗下的美国钢铁公司操盘手占姆士·吉恩和美国房地产商和皮毛商约翰·雅各布、投资名家伯纳德·巴鲁克、肯尼迪总统之父，美国第一届证监会主席和美国证券法制定者老肯尼迪和理论讲授者江恩均属于当时年代的标志人物。

杰西·利弗莫尔是最杰出的股市操盘手之一。他以独到的创见，发掘在股票市场行得通和行不通的作法，为无数交易人指出一条明路。他孑然一身，注重私密，个人的操作和纪录从不对外泄漏。他为人所不敢为，率先买进价格屡创新高和突破阻力点的股票。反观一般人则相信，买得愈低、愈便宜愈好。利弗莫尔常言:每次违背自己的守则，他一定赔钱;遵循守则，就一定赚钱。他投入无数的心力分析市场和研究投机理论;生活上，则律己甚严，要求时时都能有登峰造极的表现。他犯过大部分人在市场都会犯的所有错误，但是他不但从中学习，更埋首阅读报价行情和研究市场，持续不断学习更多的知识。

利弗莫尔相信，股市是最难取得成功的地方之一，这里牵涉到许多人和人性。这也是很难一展所长的地方，因为控制和克服人性十分困难。利弗莫尔对市场的心理层面非常感兴趣，曾经去上心理学课程，所花心血不亚于研究证券。他十分热中于了解市场的每一个层面，即使大部分人可能不认为那些领域和证券业搭得上边，而他却愿意掌握每一个机会，去改善操作技巧。从1892年到1940年，利弗莫尔积极参与股票操作长达48年，度过了无数次的兴衰起伏、破产和惊人的财富。最后，他发展出几套操作获利的策略。

杰西·利弗莫尔，生于美国农村，父亲逼其子承父业故愤而离家出走，中学没毕业就进场了，故彼得林奇说:小学毕业就能炒股。他从5美元开始直至身价超过1亿，是华尔街历史上无人能及的传奇。

杰西·利弗莫尔在14岁与人凑了5美元进场，15岁赚到人生第一个一千美元，21岁赚到第一个一万美元，24岁赚到五万美元，29岁身价百万，30岁身价三百万，52岁身价一亿。

本书充满了利弗莫尔的人生和投资思路。他曾数次大起大落，做多和做空都赚过大钱，一生积攒的经验，后来历代的股神，包括格雷厄姆、巴菲特、索罗斯、彼得林奇等都受其影响，尤其以彼得林奇为最。所以杰克·施瓦格说:“在对当代30位最杰出的证券交易员的采访中，我向他们提出了同样一个问题:哪一本书对证券交易员最有启发?迄今为止，独占这一名单榜首的是70年前出版的伟大著作《股票作手回忆录》。”

1877年7月26日：出生于马萨诸塞州的什鲁斯伯里；

1891年（14岁）：来到波士顿并在波士顿投机行做记录员；

1892年（15岁）：在投机行第一次赚钱；

1899年（22岁）：从股市赚取10 000美元（当时的工人月薪才几美金）；

1900年：取了第一任妻子：内蒂 乔丹；

1901年：美国迎来大牛市，利弗莫尔在大牛市放空，第一次破产，并和妻子分居（利弗莫尔事后总结这次破产有两点感悟：1、忽略时间因素；2、翻倍后没有把利润的一半出金。）；

1906年（29岁）：利弗莫尔从股市积累了几十万美元（充分利用时间因素，一次翻身）；

1907年：美国股市大崩盘，利弗莫尔从股市中赚取数百万美元。当时最著名的银行家JP摩根被迫请求利弗莫尔停止做空；

1910年：被华尔街誉为棉花大王的利弗莫尔经历第二次破产（利弗莫尔时候总结这次失败：1、听信内幕消息；2、翻倍后没有把利润的一半出金；）；

1915年：利弗莫尔经历穷困潦倒之后，当年凭借500股信用额度东山再起，当年从股市赚取50万美元（充分利用时间因素，一次翻身）；

1917年（40岁）：美国签署停战协议，利弗莫尔当年放空股市大赚数百万美元，并还清之前所欠的所有债务（美国申请个人破产之后，可以选择不再偿还债务）。同年正式和前任妻子离婚，并娶了第二任妻子桃乐茜文特。利弗莫尔为了离婚，支付了价值不菲的费用；

1919年：第一个儿子出生并花费巨额资金买入一座大别墅——帝王角别墅；

1920年：花5000美元在纽约场外交易所买了席位；

1923年（46岁）：第二个儿子出生；并操控‘猛犸石油’获利不菲。并因此受到法庭的召唤；

1925年：不慎受伤，并暂停了买卖；

1927年：别墅被打劫；

1929年：美国股市大崩盘，利弗莫尔放空盈利过亿（相当于现在数千亿美元），被誉为华尔街大空头，事业达到了巅峰。民众把崩盘怪罪于利弗莫尔，利弗莫尔也成为众矢之的，加之媒体炒作，利弗莫尔每天接到不少恐吓电话。利弗莫尔第一次感受到赚了钱和操作正确并不等于得到了快乐和幸福；

1931年：利弗莫尔生性风流，情人不断导致和第二任妻子离婚，其资产大部分被其妻子卷走；

1933年：和第三任妻子哈里特梅茨结婚。新婚之后因为婚外情太多经常争吵，导致利弗莫尔无法专注事业，并患上很强的抑郁症。两个儿子法官判给了前妻，导致利弗莫尔更感到孤独、抑郁；

1934年：利弗莫尔第三次破产（利弗莫尔从来没向任何人交代，过亿美元的资产怎么挥霍干净。一大部分给了其前妻，一部分买了信托基金。），同年带上妻子去了欧洲旅游（利弗莫尔在事业巅峰期，为自己购买了过百万基金，这保证了他日常生活不会因为事业的破产而受到影响，这种基金，他同时也为前任妻子和儿子各买了一份）；

1935年：其前任妻子桃茜失误枪击了大儿子小杰西；

1938年：意志消沉的利弗莫尔对股市失去兴趣，特别是29年事业巅峰期的时候媒体和群众对他的指责让他越发对投资事业的感到失望（对投机彻底失去热情）。

1939年：在儿子的建议下，把毕生的投资技术写到了一本书里面，取名《如何在股市交易》；

1940年（63岁）：于11月28日下午5：33分左右，在雪梨荷兰酒店的衣帽间吞枪自尽。享年63岁。死后留下的大概400万（不包含其买的基金）遗产被妻子霸占。

市面上流传的《股票大作手回忆录》一书并非利弗莫尔本人所著，而是纽约某记者对利弗莫尔采访整理而成的一本书；

后记： 1、利弗莫尔第一次破产：没有等到恰当的时机入市； 2、利弗莫尔第二次破产：误信内幕消息； 3、利弗莫尔第三次破产：没人知道第三次他是怎么挥霍掉一亿多美元（相当于现在数千亿美元），回忆录无记载，而他本人所写的书，也并无提及。根据他的自传记载，我们大概可以知道，这些钱，大部分在他离婚的时候，给了他前妻。一部分则用于购买了信托基金。剩下一部分用于作为本金交易。但是利弗莫尔身体状况和个人情绪欠佳，对投机也失去热情。不再像巅峰时期那样，用心研究时间信号和危险信号。交易做的也是一塌糊涂。而且也不断遭遇官司缠身。最后不得已申请破产。而他个人申请破产之后，其帮其妻子和儿子购买的信托基金，得以保存下来，维持他们的正常生活，这些钱，有几百万之多（相当于现在数亿元）。

1、优秀的投机家们总是在等待，总是有耐心，等待着市场证实他们的判断。要记住，在市场本身的表现证实你的看法之前，不要完全相信你的判断。

2、要想在投机中赚到钱，就得买卖一开始就表现出利润的商品或者股票。那些买进或卖出后就出现浮亏的东西说明你正在犯错，一般情况下，如果三天之内依然没有改善，立马抛掉它。

3、绝不要平摊亏损，一定要牢牢记住这个原则。

4、在价格进入到一个明显的趋势之后，它将一直沿着贯穿其整个趋势的特定路线而自动运行。

5、当我看见一个危险信号的时候，我不跟它争执，我躲开！几天以后，如果一切看起来还不错，我就再回来。这样，我会省去很多麻烦，也会省很多钱。

6、记住这一点：在你什么都不做的时候，那些觉得自己每天都必须买进卖出的投机者们正在为你的下一次投机打基础，你会从他们的错误中找到赢利的机会。

7、只要认识到趋势在什么地方出现，顺着潮流驾驭你的投机之舟，就能从中得到好处。不要跟市场争论，最重要的是，不要跟市场争个高低。

8、不管是在什么时候，我都有耐心等待市场到达我称为“关键点”的那个位置，只有到了这个时候，我才开始进场交易，在我的操作中，只要我是这样的，总能赚到钱。因为我是在一个趋势刚开始的心理时刻开始交易的，我不用担心亏钱，原因很简单，我恰好是在我个人的原则告诉我立刻采取行动的时候果断进场开始跟进的，因此，我要做的就是，坐着不动，静观市场按照它的行情发展。我知道，如果我这样做了，市场本身的表现会在恰当的时机给我发出让我获利平仓的信号。

9、我的经验是，如果我不是在接近某个趋势的开始点才进场交易，我就绝不会从这个趋势中获取多少利润。

10、“罗马不是一天建成的”,真正重大的趋势不会在一天或一个星期就结束，它走完自身的逻辑过程需要时间。重要的是，市场运动的一个很大部分是发生在整个运动过程的最后48小时之内，这段时间是进入市场或退出市场最重要的时机。

11、利用关键点位预测市场运动的时候，要记住，如果价格在超过或是跌破某个关键点位后，价格的运动不像它应该表现的那样，这就是一个必须密切关注的危险信号。

作者埃德温·勒费弗(Edwin Lefèvre)是《股票大作手回忆录》的作者。1922年，他以拉瑞·利文斯顿为主人公，描写了杰西·利弗莫尔股市生涯的大起大落，连载于《星期六晚间邮报》。埃德温·勒费弗主修矿业工程，19岁时却成为一名记者，在这部小说发表后，成为知名的财经作者。

放钱的口袋变了，傻瓜们换了一批新鲜的，股票也更换了，但华尔街从来不会变，因为人的本性从来不变。

利文莫尔曾经出了一道测试题：假设你很看好某只股票，认为它必定会涨到50元，可它在22元-28元之间来回盘整了很长时间，目前的价位是25元。你会在哪个价位买入？

最常见的股市新手的回答是：要么马上按市价买入，要么等到它跌到22元时买入。利文莫尔的答案是，等待它涨过30元的时候再买入。

利文莫尔认为，这只股票在多方占优的时候才能介入，判断多方占优的依据很简单，因为它已经涨到30元了，原先那些熬不住而抛售的空头后悔不迭，此时已经全部倒戈加入多方阵营，接下来该股每次向下调整，都会有大量的买盘接手，要涨到50元是很快的事情。

上述股票达到30元的时候才可以认为开始了一轮上升趋势。但它很快就开始下调，比如从31-32元的价位调整到29元左右，这是正常的。因为此时还有很多人不敢相信这股票能涨到这么高的价位，他们忙不迭地要抛售，以锁定利润。

但这一下调恰恰提供了那些早已抛售离场的人重新介入的机会，在强大的买盘下，很快股票会从29元涨到35元左右，一下就超过了前期的高点–32元，同时伴随着极大的成交量，这只股票开始成为热门股，逐渐被市场关注起来。

随着股票继续上涨，会发现股票的成交量开始明显降低，这说明该股票的持有者都坚定看多，牢牢地把股票拿在手里不肯抛售。在股票达到40元的时候其间只有一两次小幅回调。

这只股票就按照阶梯开始一级一级向上攀升，此时它有一个明显的特点，就是阶梯的高度越来越高。也就是说，最初涨了10%就会有一次明显回调，接下来涨了20%才有回调，最后一连涨了30%都没有回调。但在后期，一旦有下调，其幅度会很大。

这是通常的股票上升趋势，投资者在整个趋势中都要保持很好的耐心。什么时候该卖呢？答案是：当出现异常情况的时候。比如该股票一天都很正常地处于上升趋势中，可在收盘前的一小时里，瞬间暴跌，这种情况以前没发生过，此时需要警惕。

利文莫尔并不是在最低点买入最高点卖出，投机高手从来不会奢望在最低点买入，在最高点卖出。

金字塔操作法是利文莫尔独创秘籍。这一操作手法是基于一个投机常识：没人能够100%预测市场的趋势。

金字塔操作法就是试探性操作策略，在运作任何一个股票之初，先建立小仓位，如果该股走势正如自己所料，符合上述“通常股票上升趋势”，则再加码。他总是在价格上涨途中，执行逢高摊平操作，而不是下跌时逢低摊平。在任何时候，股市新手都喜欢向下摊平，这样看上去自己的持股成本越来越低，但亏损却越来越大。如果试探性操作策略非常成功，那就意味着趋势反转的概率越来越高了，因为股价已经以不可思议的速度上涨了很长时间。

此时利文莫尔就全力关注该股票的反转迹象，一旦看到迹象，则果断离场，甚至于还反手做空。

利文莫尔认为，任何一个赚钱的股票，总是在一开始的试探性操作时就赚钱的，此后的利润自己就会越滚越大，并不需要时时关照。而那些一开始就让你亏钱的股票，最好还是立刻止损，因为亏损也有越滚越大的趋势。

《股票大作手操盘术》作者是杰西·利弗莫尔。该书详细讲解了他本人的交易技巧和方法。

本书是美国投资领域的经典著作，首次出版于1940年。杰西·利弗莫尔是一位华尔街传奇人物，本书详细讲解了他所身体力行的交易技巧和方法。正因为他是一位数十年征战于证券市场的实践者，写的又完全是自己的实践经验和教训，既讲解了他的实用理论，又介绍了具体做法，因此，本书具有完全不同于理论书籍的独特价值。投资是一门艺术，最好有师傅手把手地领我们入门。虽然我们已经无缘得到这位投机大师的言传身教，但是毫无疑问，本书是利弗莫尔传道授业的肺腑之言，好好读一读，领会其中新意，仅次于受他本人耳提面命。

遗言

中文:我已经无法忍受这一切了，所有事情对我来说都很差。我已筋疲力竭，无力奋斗。我已不能够再继续下去。这就是唯一的出路。我不值得被爱，我很失败，真的很对不起，但这是我唯一的出路。

译二:没办法，一切都糟透了。我身心俱疲，再无力支撑。这是唯一的出路。我不配让你爱，我是个失败者，真是对不起，但这是我的唯一出路。

原文:Cant help it. Things have been bad with me. I am tired of fighting. Cant carry on any longer. This is the only way out. I am unworthy of your love. I am a failure. I am truly sorry, but this is the only way out for me。

《纽约时报》：“他的去世为华尔街的一个时代划上了句号，他的功过任由后人评说。”

生平

Jesse Livermore was known by many nicknames, among them the “Cotton King,” “the Great Bear, “the Wall Street Wonder,” and “the Boy Plunger.” He made and lost four multi-million dollar fortunes over his thirty year career on Wall Street. In 1940 he wrote the book, “How to Trade in Stocks,” and was the subject of a best selling biography, “Reminiscences of a Stock Operator.” He was one of the speculators blamed for the 1929 crash from which he made $100 million.

One of Jesse Livermore's favorite books was Memoirs of the Popular Delusions and the Madness of the Crowds by Charles Mackay. This was also a favorite book of Bernard Baruch, a stock trader and close friend of Livermore who also was one of the few people that did well in the crash of 1929.

“It doesn't matter how much money you make in the markets, it's the keeping hold of it that is important.” - Jesse Livermore

Unfortunately, Jesse could not hang on to his winnings from the stock market and shot himself in the head. After eating lunch alone, he killed himself inside the cloakroom of the Sherry-Netherland Hotel in Manhattan on November 28, 1940. It was a Thursday afternoon, he was 63. His body was cremated by noon the next day. His suicide note to his wife said:

“My dear Nina: Can't help it. Things have been bad with me. I am tired of fighting. Can't carry on any longer. This is the only way out. I am unworthy of your love. I am a failure. I am truly sorry, but this is the only way out for me. Love Laurie”.

Jesse Livermore on the market, in his own words:

“…it is what people actually did in the stock market that counted – not what they said they were going to do.” Livermore studied his mistakes objectively…”the only way you get a real education in the market is to invest cash, track your trade, and study your mistakes!“ It is emotionally difficult to review you mistakes, since the speculator must wade through his own bad trades and blunders. And these are not simple blunders; these are blunders that cost money. Anyone who has lost money by investing poorly knows how difficult it is to reexamine what occurred. The examination of a losing trade is tortuous but necessary to ensure that it will not happen again. Livermore was brutal in self-analysis. He told his sons his conclusions: “Successful trading is always an emotional battle for the speculator, not an intelligent battle.”…He knew that his biggest enemy was his own emotions. “We are the sum total of our experience.” When asked what makes a good stock speculator, Livermore replied “…it's an aptitude for the game, a stomach for the ride, and the ability to see what is happening without emotion. The ability to make observations that others don't and a good memory….Only speculate if you can make it a full-time job. Don't take tips of any kind, no matter where they come from. Don't worry about catching tops or bottoms, that's fools play. Keep the number of stocks you own to a controllable number. It's hard to herd cats, and it's hard to track a lot of securities. Take your losses quickly and don't brood about them. Try to learn from them but mistakes are as inevitable as death. And only make a big move, a real big plunge, when a majority of factors are in your favor….every once in a while you must go to cash, take a break, take a vacation. Don't try to play the market all the time. It can't be done, too tough on the emotions.” “The unsuccessful investor is best friends with hope, and hope skips along life's path hand in hand with greed when it comes to the stock market. Once a stock trade is entered, hope springs to life. It is human nature to be positive, to hope for the best. Hope is an important survival technique. But hope, like its stock market cousins ignorance, greed, and fear, distorts reason. See the stock market only deals in facts, in reality, in reason, and the stock market is never wrong. Traders are wrong. Like the spinning of a roulette wheel, the little black ball tells the final outcome, not greed, fear or hope. The result is objective and final, with no appeal. “I believe that the public wants to be led, to be instructed, to be told what to do. They want reassurance. They will always move en mass, a mob, a herd, a group, because people want the safety of human company. They are afraid to stand alone because they want to be safely included within the herd, not to be the lone calf standing on the desolate, dangerous, wolf-patrolled prairie of contrary opinion.” “First, do not be invested in the market all the time. There are many times when I have been completely in cash, especially when I was unsure of the direction of the market and waiting for a confirmation of the next move….Second, it is the change in the major trend that hurts most speculators.” “The last gasp of heavy volume provides a great opportunity to sell out any illiquid large holdings. I knew it was foolish to ever catch the tops or the bottoms of the moves. It is always better to sell large holdings into an advancing market when there is plenty of volume. The same is true on the short side; you are best to cover the short position after a steep fast decline.”

“…the market will often go contrary to what speculators have predicted. At these times, successful speculators must abandon their predictions and follow the action of the market. Prudent speculators never argue with the tape. Markets are never wrong, but opinions often are.” “All through time, people have basically acted the same way in the market as a result of greed, fear, ignorance, and hope. This is why the numerical formations and patterns recur on a constant basis.” “Every stock is like a human being: it has a personality, a distinctive personality. Aggressive, reserved, hyper, high-strung, volatile, boring, direct, logical, predictable, unpredictable. I often studied stocks like I would study people; after a while their reactions to certain circumstances become more predictable.” “I believe that having the discipline to follow your rules is essential. Without specific, clear, and tested rules, speculators do not have any real chance of success. Why? Because speculators without a plan are like a general without a strategy, and therefore without an actionable battle plan. Speculators without a single clear plan can only act and react, act and react, to the slings and arrows of stock market misfortune, until they are defeated.” “If you can't sleep at night because of your stock market position, then you have gone too far. If this is the case, then sell your position down to the sleeping level.” “I believe that anyone who is intelligent, conscientious, and willing to put in the necessary time can be successful on Wall Street. As long as they realize the market is a business like any other business, they have a good chance to prosper.” “Remember, it [the market] is designed to fool most of the people most of the time.” “…I have always fully understood that I am not the only one who knows that the stock market is the world's biggest gold mine, sitting at the foot of the island of Manhattan. A gold mine that opens its doors every day and invites anyone and everyone in to plump its depths and leave with wheelbarrows full of gold bars, if they can – and I have done it. The gold mine is there all right, and every day somebody plumps it's depths, and when the bell rings at the end of the day they have gone from pauper to prince, or gone from prince to supreme potentate, or gone stony broke. And it's always there waiting.” “I believe that uncontrolled basic emotions are the true and deadly enemy of the speculator; that hope, fear, and greed are always present, sitting on the edge of the psyche, waiting on the sidelines, waiting to jump into the action, plow into the game.” “These words [bullish, bearish] are not in my vocabulary because I believe they can create an emotional mind-set of a specific market direction in a speculator's mind. “I never try to predict or anticipate. I only try to react to what the market is telling me by its behavior.” “I believe there are no good stocks or bad stocks; there are only money making stocks. So there is no good direction to trade, short or long; there is only the money-making way to trade.” “Greed, fear, impatience, and hope will all fight for mental dominance over the speculator.”

“My satisfaction always came from beating the market, solving the puzzle. The money was the reward, but it was not the main reason I loved the market. The stock market is the greatest, most complex puzzle ever invented – and it pays the biggest jackpot….it was never the money that drove me. It was the game, solving the puzzle, beating the market that had confused and confounded the greatest minds in history. For me, that passion, the juice, the exhilaration was in beating the game, a game that was a living dynamic riddle, a conundrum to everyone who speculated on Wall Street.” “Always remember; you can win a horse race, but you can't beat the races. You can win on a stock, but you cannot beat Wall Street all the time. Nobody can.”

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