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What I Learned Losing a Million Dollars (Columbia Business School Publishing) Hardcover – April 30, 2013
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Worthwhile reading for those who don't believe in the holy grail in the markets; a must-read for those who do.(Jack Schwager, author of Hedge Fund Market Wizards)
A novel approach aimed at pushing you inside your head and outside the losing habits most folks adopt right after multiple successes. A must-have for traders blessed with a string of hot trades.(Ken Fisher, Fisher Investments FORBES)
At Ned Davis Research, we like to say that we are in the business of making mistakes and that the only difference between winners and losers is that winners make small mistakes and losers, big mistakes. This book does an excellent job in explaining in simple English the potential psychological 'flaws' that cause investors to make big mistakes.(Ned Davis, Ned Davis Research, Inc.)
One of the rare noncharlatanic books in finance.(Nassim Nicholas Taleb, from Antifragile: Things That Gain from Disorder)
Plenty of books recount past successes or focus on how to make money in the market, but what about keeping the money you already have? This may seem like a high-class problem, but it is a very real challenge for investors with substantial capital.(John Mihaljevic Beyond Proxy)
[An] enlightening read.(Brenda Jubin Investing.com)
The book points out very early that many successful investors have opposing styles and theories on how to make money, and that they can not all be right at the same time. The most important point to take from the book is how to avoid losing money...(Steve Osbiston Financial Times Advisor)
Seldom do we hear the message that the management of risk, not just the taking of risk, is at the heart of success in habitual entrepreneurs. Just as the professional athlete learns to play his or her game mentally before the actual contest, so the successful entrepreneur reduces the risk of the new challenge by planning before implementing.(Edward M. Moldt, Kelley School of Business, Indiana University, Bloomington)
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Top Customer Reviews
The book is basically two sections. Jim describes his life stories in the first part, then Brendan writes about the psychology of it all in the second part. Copies of this book are relatively pricey given the rarity. Wait until several sellers show up to take advantage of price competition. Good luck trying to find it in public libraries. This book is worth every dollar I spent to read it. It's one of those that you'd want to reread once a year so you never forget the correct way to approach the markets. The earlier in your career you get a chance to read this book, the better off you'll be.
Jim Paul's realization that there are countless ways to make money in financial markets and only a few ways to lose it is very insightful and though provoking. Read it again and again.
After describing a meteoric rise to the top of the Chicago food chain, Jim Paul essentially boils down the secret of his success to being a cocky punk with an exceptional lucky streak that had to run out.
I think he gives himself less credit than he deserves in ascribing all his early success to luck--it takes confidence and selling ability to take advantage of the "lucky breaks" he got--but that is beside the point. His main message is that success fed his ego until he felt that winning was his birthright. He thought he could do no wrong, which led to inevitable downfall.
One small quibble. The ironic thing about Paul's stories of loss are that he was 99% there most of the time. If he hadn't have let the bean oil get back to zero, he could have walked away with at least a couple hundred grand in profits... if he hadn't let the stock options purchased for an eighth (or whatever it was) go to zero after seeing them hit $4, he could have had six figures in profit there again, etcetera.... I got the impression that even the big downfalls in this book were actually success stories with "oops" endings tacked on.
In this light, I didn't really understand the blurbs on the back talking about how Jim Paul shows you the perils of the trading game. What perils? The perils of not taking a huge, monster profit when it is sitting in front of your face?
This is why I have to think the book will probably just reinforce the ideas that readers already have when they pick it up. Someone with a big ego and a small mind could easily think in the back of his mind, "Nice story, Jim... good thing I won't make the same mistakes you made.Read more ›
It helps me to see exactly why my own mentor, a successful trader with net worth over $100 million, made his trading rules as they are, which are based on almost exactly the same principle as expressed in the book. The book would have saved me tens of thousands dollars trading loss if I had read it earlier.
I would personally consider this book more insightful than Elder's book on trading psychology simply because it provided concise, clear, and practical steps to confront and resolve the root cause of our trading losses. This book is similar in style and content to those written by "tutles" including Curtis Faith.
If your fund is limited, I highly recommend you purchase instead Mark Douglas' two books on trading psychology, particularly "Trading in the Zone", if you think you need to work on your mindset/emotional control.
Most Recent Customer Reviews
Great book overall. It's basically divided into 2 halves. The first half was a detailed story about how the author got in way over his head with hedged investments and managed to... Read morePublished 1 month ago by Taylor H
If you trade on the retail side, understanding the content of this book is one of the best things you can do. Read morePublished 1 month ago by resimatic
I thought this book better captured what it means to approach trading in a systematic way and it outlines the common mistakes people make when approaching trading. Read morePublished 3 months ago by Mark S. Rossol
Understanding the books concept of learning how not to lose was an eye opener and very educational. Easy to read and a great bookPublished 3 months ago by yaron zino
A must read for a serious trader who needs to turn the corner on the psychology behind making a KEEPING profits.Published 4 months ago by Amazon Customer