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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 type of time is the trading at a bucket shop?

2. Who does the president of the Stock Exchange and the wealthiest bank go to see?

3. Why does it take Livingston so long to understand how to trade?

4. How does Livingston feel about the amount of money he's making?

5. What does Livingston discuss at the beginning of this chapter about stocks?

Short Essay Questions

1. What does the trader Roberts suggest to Livingston?

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

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

4. What do customers in bucket shops do?

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

6. What does Livingston say makes a successful stock trader?

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

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

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

10. Why was Livingston banned from the bucket shops and what did the last one he bet at do?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Livingston gives a number of his opinions on the stock market.

1. Discuss Livingston 's opinions of three topics. Do you agree or disagree with him? Why?

2. Compare and contrast Livingston's opinions from this book with what you might imagine he would think today in the 21st century. How do you think his opinions would change? Would remain the same? Explain fully.

3. Discuss how you think Livingston's view on several topics from this essay informs his life as a trader.

Essay Topic 2

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.

Essay Topic 3

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.

(see the answer keys)

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