Reminiscences of a Stock Operator Test | Mid-Book Test - Easy

Edwin Lefèvre
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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What do customers at a bucket shop do?
(a) Play the lottery.
(b) Buy feed buckets.
(c) Buy stock.
(d) Bet on a stock going up or down.

2. Why should a trader start with a small trade?
(a) To find out if the stock is viable.
(b) To see if it's going in the right direction.
(c) So he'll lose less money.
(d) To see what others are doing.

3. What is happening to wheat prices when Livingston is trading it?
(a) It's declining.
(b) It's moving up and down everyday.
(c) It's going up.
(d) It's staying the same.

4. How does Livingston feel about the amount of money he's making?
(a) It's not what he expected.
(b) He's indifferent, he just likes to play the market.
(c) It's lousy.
(d) It's very good.

5. What does it take to be one of the best traders?
(a) Knowing when to buy on margin.
(b) Knowing when to borrow money.
(c) Knowing how to use the patterns.
(d) Knowing when bonds are good.

6. When does a trader err when trading?
(a) When he doesn't account for underlying factors.
(b) When the direction of the market is not established.
(c) When he follows hot tips.
(d) When he hasn't followed a stock for at least a year.

7. Why is corn having a hard time getting to the market?
(a) Due to a union stike.
(b) Due to the roads.
(c) Due to the weather.
(d) Due to government regulations.

8. What does Union Pacific announce that dismays Livingston?
(a) A dividend.
(b) Bankruptcy filings.
(c) A company reorganization.
(d) Plans for new railroads.

9. What does experience give a successful stock trader?
(a) A job.
(b) Friends.
(c) Learning.
(d) Respect.

10. What is affected the most by timing on Wall Street?
(a) Index funds.
(b) Large trades.
(c) Bonds.
(d) Small trades.

11. Where does Livingston get his money to start to recoup his losses?
(a) His best friend.
(b) His father.
(c) He gets a regular job.
(d) The president of his brokerage firm.

12. What does Livingston hear about a well known cotton trader?
(a) He has made 2 million dollars.
(b) He has switched to soy beans.
(c) He has taken a huge loss.
(d) He has quit the business.

13. How much money did Livingston make on the Union Pacific sell off?
(a) $250,000.
(b) $100,000.
(c) $75,000.
(d) $150,000.

14. What does Livingston complain about Wall Street?
(a) How much money he lost.
(b) How the market goes up and down too much.
(c) How everyone is unfriendly.
(d) How slow trades are.

15. Where does Livingston go when he leaves Boston?
(a) New York.
(b) Florida.
(c) Washington D.C.
(d) Pittsburgh.

Short Answer Questions

1. What does Livingston decide to buy next?

2. How do some smaller exchanges double their money?

3. What does Livingston want to do when he sees the market rallying?

4. What happens shortly after he starts selling Union Pacific stock by the thousands?

5. What does Livingston think is his best guide to trading?

(see the answer keys)

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