The Theory of Stock Exchange Speculation

by Arthur Crump

"The Theory of Stock Exchange Speculation" by Arthur Crump is a financial treatise written in the late 19th century. The book aims to explore the intricate dynamics of stock trading, emphasizing the personal qualities and strategies necessary for success in speculation. It is particularly focused on helping individuals understand the risks associated with stock trading and provides insights drawn from Crump's and others' experiences in the stock market. At the start of the work, a preface highlights the author's intention to warn prospective speculators about the dangers of stock-market activities while outlining the character attributes that contribute to success in this field. The text discusses the fundamental principles of stock trading, including definitions of key terms like "bulls" and "bears," and underscores the importance of clear-headedness, capital, and patience. The opening sets a thoughtful tone, indicating that success requires a deep understanding of market influences, discipline in decision-making, and strategies to mitigate risks.