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

2. Why does Livingston return to Boston?
(a) He hates the traffic in New York.
(b) He wants to open a bucket shop.
(c) His mother is ill.
(d) He's broke and frustrated.

3. What does the pattern ignore that can create a problem?
(a) Brand new public offerings.
(b) Political ramifications.
(c) What time of year it is.
(d) Underlying conditions.

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

5. What don't the new bucket shops in Boston allow?
(a) More than two people to bet at a time.
(b) Betting on commodoties.
(c) Large trades.
(d) Betting on only one stock.

Short Answer Questions

1. What do the small shops agree Livingston can do?

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

3. What does Livingston notice not long after selling off his Union Pacific stock?

4. What does Livingston decide from the Union Pacific situation?

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

Short Essay Questions

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

2. How long does Livingston stay in Boston and then what does he do?

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

4. What kind of hunch does Livingston talk about in Chapter VI?

5. What does Livingston believe is his best guide to trading and what does he say a good trader must be?

6. What does Livingston do with Roberts suggestion?

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

8. What does the trader Roberts suggest to Livingston?

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

10. Why is Livingston still losing money on Wall Street?

(see the answer keys)

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