3' - Reminiscences of a Stock Operator

The first source, Reminiscences of a Stock Operator, is an autobiography detailing the experiences of a legendary stock market trader, Jesse Livermore. The book recounts his journey from a young boy working as a quotation board operator to becoming a successful, yet sometimes reckless, trader. Throughout the book, Livermore discusses his trading strategies, the pitfalls he encountered, and the valuable lessons he learned about market behavior and human psychology. The second source is an interview with Michael Covel, a successful trader and author, who advocates for trend following, a trading strategy that emphasizes following the direction of market trends rather than attempting to predict future price movements. Covel argues that trend following is a more effective strategy for long-term success, as it relies on the price as the best indicator of market sentiment and eliminates the need for forecasting. The article includes examples, historical data, and insights from the Turtle Traders program, a group of traders trained by Covel to follow a trend-following system.