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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. Why is it harder for alternate exchanges to get rid of a customer?
(a) They are regulated by the government.
(b) They sign contracts that can't be broken.
(c) They are very poor.
(d) They have a reputation to uphold.

2. What has he regretted ignoring in the past?
(a) His mentor's advice.
(b) Stocks going down.
(c) Strong hunches.
(d) Not liking a company.

3. What does Livingston decide from the Union Pacific situation?
(a) To practice understanding insider actions.
(b) To go back to school to learn more.
(c) To listen more carefully to his manager.
(d) To only trust himself.

4. What did Livingston do about individual stocks?
(a) Stopped focusing on them.
(b) Made charts of their ups.
(c) Paid absolutely no attention to them.
(d) Followed them carefully.

5. What fascinates the young Livingston?
(a) How people bet.
(b) The patterns on the ticker tape.
(c) Why people come to bucket shops.
(d) The way the stocks move up and down.

Short Answer Questions

1. As the market slides, what signs are showing in other financial institutions?

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

3. In what does Livingston trade besides stocks?

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

5. According to Livingston why should no one trade every day?

Short Essay Questions

1. What does Livingston say again about the bucket shops and Wall Street?

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

3. What happens in October of 1907?

4. What cotton trader does Livingston meet and what does he propose?

5. What commodities has Livingston been trading and how is that going?

6. What lesson does Livingston finally learn about markets?

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

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

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

10. How did Livingston make a lot of money in cotton?

(see the answer keys)

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