This book is usually the first book that traders and Wall Streeters read. It is generally accepted that it is the biography of Jesse Livermore, who is named Jesse Lauriston in the book. Livermore was pretty much the best speculator of all time, going from pennies to billions of dollars (in today's money) in just a few years. It wasn't without hiccups. Livermore most likely suffered from bipolar disorder and would have fits of depression and lose all his money. He'd make it back, and lose it all over again. Eventually he committed suicide.
The book is a great primer for how Wall Street actually works. The insiders, investment bankers and brokers all seemingly working together in one giant pump and dump scheme at the public's expense. Jesse was an individual speculator but at times was hired by insiders to 'manipulate' a stock as high as it could possibly go, so that the insiders could sell out at a great price.
Jesse was more of a momentum or trend-following trader. He was not a buy and hold guy, he was not much of a fundamental analysis guy. He more or less used his senses to understand the current sentiment and trends of the market, and would mostly go along with where the market was currently going. The times he found himself fighting the trend, he would usually lose money. He had no problems shorting the market and earned the nickname 'Boy Plunger.' JP Morgan actually sent him a message during one crash and asked him to stop shorting so that the market could begin to recover. Livermore agreed and covered his shorts immediately.
In any case, it's a great story and if you ever have the itch to begin trading (which is really difficult btw, it's never easy money), this is probably the first book you should start with.
