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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 does Williamson agree to allow Livingston to do?

2. What is one of the forces that can cause a stock spectator's plans to go awry?

3. What does Livingston say is the most important thing?

4. What does Livingston believe about this famous stock manipulator?

5. What does Livingston wonder when he is flat broke again?

Short Essay Questions

1. What does Jim Barnes ask of Livingston? How was Consolidated Stove formed?

2. How does Livingston feel about tips and to what does he attribute his success?

3. Why does Imperial Steel hire Livingston and why do they need him?

4. How does a trader test a stock?

5. What happens when Livingston starts buying up what Imperial Steel stock is on the market.

6. What happens to Livingston after he follows Percy's advice?

7. Why were the three main stock holders of Consolidated Stove angry at Livingston?

8. What does Livingston warn about various conditions that affect the market?

9. What does Livingston do when insiders in Tropical Trading try to knock him out of the market?

10. What does Livingston say when people say a stock drops because someone sells it?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Livingston gets a strong hunch and cannot shake the urge to sell Union Pacific stock.

1. Do you think it's unwise to sell stock based on a hunch? Why or why not?

2. Just because Livingston's hunch worked out this time do you think he should continue to use hunches? Why or why not?

3. Given the fact that more people have lost money on a hunch then made it, do you think Livingston should have written about hunches? Why or why not?

Essay Topic 2

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 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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