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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. Where is Livingston trading at the start of Chapter V?

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

3. What should one decide to do in order to make money?

4. What did Livingston decide to look at when thinking about what to buy or sell?

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

Short Essay Questions

1. What happens to Livingston in St. Louis?

2. What does the trader Roberts suggest to Livingston?

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

4. What does Livingston do with Roberts suggestion?

5. What happens in October of 1907?

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

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

8. What does Livingston say about trading every day?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Eventually the three men who own so much of the stock get angry with him for not raising the price and selling their stock, too. Livingston considers there is never any point in getting angry at the market.

1. Why do you think the men were angry at Livingston? Use examples from the book to support your answer.

2. Do you think what Livingston did with Consolidated Stove was immoral? Why or why not? Use examples from the book to support your answer.

3. Why do you think Livingston says there's no point in getting angry at the market? Use examples from the book to support your answer.

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

Having patience and waiting until the right moment is an important aspect of successful trading.

1. Explain, using examples from the book, what you think is meant by this statement.

2. Discuss two situations in your own life that requires patience and good timing.

3. Do you think Livingston's advice could be used in situations other than trading on Wall Street? Why or why not?

(see the answer keys)

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