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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 the phrase "go long" mean?

2. What do customers at a bucket shop do?

3. What happens when one places an order on Wall Street time wise?

4. What does the pattern ignore that can create a problem?

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

Short Essay Questions

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

2. How does LIvingston sell off Union Pacific and why does he do it?

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

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

5. What happens in October of 1907?

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

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

8. What cotton trader does Livingston meet and what does he propose?

9. What happens a few days after he sells Union Pacific and how did that help Livingston?

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

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

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.

Essay Topic 3

Livingston says the important thing is to have a general strategy, stick to it, and use good information.

1. Why do you think it is important to have a general strategy in trading stocks? Give an example from the book.

2. Do you think it is difficult to stick to a plan when the plan is failing? Why or why not?

3. How difficult is it to get good information today? Do you believe what you read on the Internet? Why or why not?

(see the answer keys)

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