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. What happens when one places an order on Wall Street time wise?

2. What is one trait Livingston says a successful stock trader must have?

3. How useful is bucket shop technique on Wall Street?

4. What does the pattern ignore that can create a problem?

5. What does Livingston do when the alternate exchanges start to try and manipulate him?

Short Essay Questions

1. What happens when Livingston first comes back from St. Louis?

2. What commodities is Livingston trading and how is that going?

3. What does Livingston say one should do in a rising or falling market?

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

5. What does Livingston say must be available in order to sell a stock and why?

6. What kind of trader does Livingston hear had a bad loss and what does he do about it?

7. What does Livingston do when he can't bet in Boston and how much money does he have?

8. Why does Livingston say patterns can be used and who uses them well?

9. What concerns Livingston in 1906 and why?

10. What difference of opinion do Livingston and Percy have and who convinces who?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Livingston discusses the patterns various stocks show and how charts can be kept of these patterns and compared to market trends. By applying certain rules to the patterns, traders can decide if it is a good time to buy or sell a particular stock. Only the best traders make money with this approach.

1. Why does Livingston say only the best traders make money by using the patterns? Use examples from the book to support your answer.

2. Discuss several other situations in life where studying patterns are the best way to understand a situation.

3. Does this statement of Livingston's seem too simplistic, considering how few people actually make money in the stock market? Why or why not?

Essay Topic 2

Livingston goes back and forth between cities trying to earn money. He won't settle down and learn how to do Wall Street. Given his circumstances he doesn't seem to be a very stable individual.

1. Would you agree or disagree with the above statement? Why or why not? Use examples from the book to support your answer.

2. Given what we've seen thus far of Livingston's character explain, in detail, why he probably wouldn't be happy in a steady job.

3. Why do you think Livingston keeps moving around? Use examples from the book to support your answer.

Essay Topic 3

Livingston is broke and the market is not good for making money. He declares bankruptcy to get rid of two creditors. He goes back to Williamson to ask for help.

1. Do you think it was honest or fair to Livingston's creditors to declare bankruptcy? Why or why not?

2. What kind of person do you think Livingston is that he has gone to Williamson for help? Describe your reaction in detail.

3. Do you think if a lot of people played the market and went broke they should all be allowed to declare bankruptcy? Why or why not?

(see the answer keys)

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