He made his first trade when he bought five shares of Burlington for $5. In 1891, at the age of 14, he secured employment, as a board boy, posting stock quotesĪt a Boston, Massachusetts, branch of Paine Webber stockbrokerage, at the rate of $5 per week. At the age of 14, his father pulled him out of school to help with the farm however, with his mother's blessing, Livermore ran away from home. Livermore learned to read and write at the age of three-and-a-half. Livermore was born in Shrewsbury, Massachusetts, to a poverty-stricken family and moved to Acton, Massachusetts, as a child.
Some observers have regarded Livermore as the greatest trader who ever lived, but others have regarded his legacy as a cautionary tale about the risks of leverage to seek large gains rather than a strategy focused on smaller yet more consistent returns. Some of Livermore's trades, such as taking short positions before the 1906 San Francisco earthquake and just before the Wall Street Crash of 1929, are legendary within investing circles. His principles, including the effects of emotion on trading, continue to be studied. In a time when accurate financial statements were rarely published, getting current stock quotes required a large operation, and market manipulation was rampant, Livermore used what is now known as technical analysis as the basis for his trades. At one time, Livermore was one of the richest people in the world however, at the time of his suicide, he had liabilities greater than his assets. He is considered a pioneer of day trading and was the basis for the main character of Reminiscences of a Stock Operator, a best-selling book by Edwin Lefèvre. Jesse Lauriston Livermore (J– November 28, 1940) was an American stock trader.
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