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

Edwin Lefèvre
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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Why is Livingston having a hard time increasing his money?

2. What is happening to wheat prices when Livingston is trading it?

3. What does Livingston say is impossible to catch?

4. What does Livingston believe about the cotton market when he and Percy are discussing it?

5. What has happened to Percy recently in the market?

Short Essay Questions

1. What job did Livingston have when the book opened and how are stock quotes done?

2. Why does Livingston take so long to figure out the stock market and what happens then?

3. Why does Livingston wish he had not listened to his branch manager?

4. What does Livingston see the market doing, what does he think will happen and what does he do about it?

5. Why does Livingston return to Boston and what happens when he does?

6. What's the difference between trading on Wall Street and bucket shops and how does it affect Livingston?

7. What concerns Livingston in 1906 and why?

8. What do customers in bucket shops do?

9. What does Livingston do with Roberts suggestion?

10. How much regulation is there in the stocks in Livingston's era and how did that affect the stocks?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

One can only sell shares of a stock if there are willing buyers. There is only so much stock for a particular company, and individual traders can strongly affect the market through their actions.

1. What do you think would happen to a stock if everyone wanted to sell but no one wanted to buy? Use examples from the book to support your answer.

2. Do you think given the size of the market when Livingston was a trader and now that individual traders can still affect the market? Why or why not?

3. Given the difference in size between the market of Livingston's day and the present time, discuss ways in which his advice might not be relevant today.

Essay Topic 2

Livingston warns there are some things no speculator can guard against. No trader can account for all the factors that affect a trade.

1. Given the uncertainty in the numerous factors involved in stock trading why do you think people do it?

2. What other careers have such uncertainty to them? Describe in detail why.

3. Do you think life is better uncertain or not? Why?

Essay Topic 3

Livingston is convinced his own knowledge, ideas, and hunches serve him better than any other other sources of information. He discusses the importance of being objective and neutral and not preferring a bear or bull market, but trading based on what conditions actually are.

1. How do you think Livingston being convinced about his ideas being better than other people's might help and harm him in trading? Use examples from the book to support your answer.

2. Why do you think a trader has to be objective? Use examples from the book to support your answer.

3. Discuss what you see as the conflict between playing hunches and being objective.

(see the answer keys)

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