What I Learned Losing a Million Dollars

Jim Paul Brendan Moynihan Charles L. Minter

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What I Learned Losing a Million Dollars

What I Learned Losing a Million Dollars By Jim Paul Brendan Moynihan Charles L. Minter What I Learned Losing a Million Dollars Jim Paul s meteoric rise took him from a small town in Northern Kentucky to governor of the Chicago Mercantile Exchange yet he lost it all his fortune his reputation and his job in one fatal attack

  • Title: What I Learned Losing a Million Dollars
  • Author: Jim Paul Brendan Moynihan Charles L. Minter
  • ISBN: 9780963579492
  • Page: 118
  • Format: Hardcover
  • What I Learned Losing a Million Dollars By Jim Paul Brendan Moynihan Charles L. Minter Jim Paul s meteoric rise took him from a small town in Northern Kentucky to governor of the Chicago Mercantile Exchange, yet he lost it all his fortune, his reputation, and his job in one fatal attack of excessive economic hubris In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul s disastrous decision and examine the psychologicaJim Paul s meteoric rise took him from a small town in Northern Kentucky to governor of the Chicago Mercantile Exchange, yet he lost it all his fortune, his reputation, and his job in one fatal attack of excessive economic hubris In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul s disastrous decision and examine the psychological factors behind bad financial practices in several economic sectors.This book winner of a 2014 Axiom Business Book award gold medal begins with the unbroken string of successes that helped Paul achieve a jet setting lifestyle and land a key spot with the Chicago Mercantile Exchange It then describes the circumstances leading up to Paul s 1.6 million loss and the essential lessons he learned from it primarily that, although there are as many ways to make money in the markets as there are people participating in them, all losses come from the same few sources.Investors lose money in the markets either because of errors in their analysis or because of psychological barriers preventing the application of analysis While all analytical methods have some validity and make allowances for instances in which they do not work, psychological factors can keep an investor in a losing position, causing him to abandon one method for another in order to rationalize the decisions already made Paul and Moynihan s cautionary tale includes strategies for avoiding loss tied to a simple framework for understanding, accepting, and dodging the dangers of investing, trading, and speculating.
    What I Learned Losing a Million Dollars By Jim Paul Brendan Moynihan Charles L. Minter

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      Published :2019-010-23T20:42:10+00:00

    One thought on “What I Learned Losing a Million Dollars

    1. Jay on said:

      I would like to start by saying that this is probably the best investing book I have ever read I have read plenty of others that basically say the same thing as every other one that I have read Most books cover what they think is the best way to make money while not touching on any of the negatives of the stock market This book does the exact opposite It s basically the story of a man who got lucky and was so full of himself that he lost it all when his luck ran out He goes into great detail abo [...]

    2. Chris Klinger on said:

      The author of The Black Swan said this was the best book on finance that he had ever read so I thought I would give it a read too Short read and well written thus far Instead of another financial how to succeed on Wall Street book it is an analysis of failures and through these seldom talked about events there is much to learn.

    3. PolicemanPrawn on said:

      This book is brilliant and essential reading for anyone interesting in trading Instead of praising it further, I ll spend the rest of the review summarising the book somewhat for my own sake Its split into two distinct parts story and analysis In the story, the author describes his love of money and his time as a broker, becoming fairly well off before losing it all in the market in a few trades as his luck ran out Not an especially unusual story, but what comes next is, as the narrator tries to [...]

    4. John Spillane on said:

      Audiobooked this because two of my absolute fav know entities, N N Taleb and Tim Ferriss, loved it It s solid, short and I think will definitely help me in my personal investing and self evaluation If you liked getting into a trader s head with something like Reminiscences of a Stock Operator or More Money than God definitely queue this up.

    5. Kelly on said:

      I really enjoyed this I ve been liking books that incorporate psychology and economics business lately This one does that.A few notes some taken directly from the book You wouldn t read a book on heart surgery and think you can perform heart surgery why do people assume the same with investing trading People think its easier than it is, and mistake luck for skill Experts have learned that losing is part of the process, and they get good at losing too People lose because of psych factors, not ana [...]

    6. Pawel Dolega on said:

      As most of people here I came to this book from reference in Black Swan by Nassim Taleb As he says The best noncharlatanic finance book I know is called What I Learned Loosing a Million Dollars As a great Taleb s fan I obviously reached for this book.In short the book is awesome It s basically the often missing Silent evidence It s rare to see a book that describes personal author s failure The book makes strong points about the importance of dealing with losses on financial markets or other typ [...]

    7. Nate Q on said:

      Personalizing successes sets people up for disastrous failure They begin to treat the successes totally as a personal reflection of their abilities rather than the result of capitalizing on a good opportunity, being at the right place at the right time, or even being just plain lucky They think their mere involvement in an undertaking guarantees success Brendan Moynihan, What I Learned Losing a Million Dollars Profitable trades that are missed actually cost zero while poor controls pick the stop [...]

    8. Ian on said:

      Best investment book I ve read in the past 5 years Short and to the point, this book very clearly lays out how investors make fatal mistakes With blunt honesty Paul shows us how he lost a fortune after a decades long career, and his lessons on risk are unforgettable.I ll sum up with a quote that sets the tone of this book quite well Smart people learn from their mistakes and wise people learn from somebody else s mistakes Anyone reading this book has a wonderful opportunity to become wise becaus [...]

    9. thomas on said:

      Interesting but a little dated The first half is much better as Paul retells the tale of his rise and fall It takes a big man to realize that his fortune was a matter of being in the right place at the right time and having some luck than his own acumen Second half suffers as he tries to generalize his ideas to a wider audience A worthwhile read for investors For the general public, not so much.

    10. Kate on said:

      Recommended in the Black SwanDisappointing , few ideas, nothing new

    11. Erwin on said:

      Liked it Focused on causes of certain failure rather than the endless list of things that might work sometimes but may also fail a much higher percentage of the time like Good to Great, Built to Last and other Chicken Soup for the Entrepreneur s Soul.Don t let your emotions relate to your gains or losses Have a system put in place, work with the plan Write it down Do not deviate from what you ve written down Success is due to luck and a very small amount of skill Good judgement is usually the re [...]

    12. Bernd Schiffer on said:

      Audiobook It was ok General lesson in the book never lose money Another strong message behind this don t make losses personal I like the advice, but the package they are wrapped in in this book does not resonate with me I didn t like Moynihan s personal stories, the way they were told Too boring, too uninteresting for me The lessons learned part, in which the author switches from a autobiographical view to a fact view, seems to be a mess of structure to me For example, I liked the model of inves [...]

    13. Eliot Burdett on said:

      Written in the context of stock market investing, but applies to any type of business investment Author predicates that to be successful you need to have a plan prior to investing when your mind is clear , stick to that plan, be aware of your emotional urges to deviate from the plan, and avoid the simple pitfalls that cause losses stop loss controls are critical.

    14. Jay on said:

      The first half is semi interesting, but may be hard to follow if you re not familiar with futures trading jargon The second half is better, pushing the message over and over again have a plan before you re in the market, stick to it, don t personalize loses or gains they don t happen because you re sooooo smart or so stupid.

    15. Karol Gajda on said:

      The biggest takeaways from this book Plan Have a stop loss for any venture you go into Don t let your ego get in the way of decisions It s OK to say, I don t know A solid book I d recommend to almost anyone because although it s based on trading investing the lessons are useful in day to day life as well.

    16. Thomas Umstattd Jr. on said:

      Nice overview of how the commodities market works Watch Trading Places first I wish I had

    17. Dmitry Kuriakov on said:

      , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , vs , , , , , , , , , , , , , , , , , , , , , , , , , .

    18. Justin Tapp on said:

      1.5 million, actually If you ve read Nassim Taleb s Fooled by Randomness or others , then you ve heard the stories of young traders who weren t even alive during previous market crashes who make soaring fortunes, convince themselves of their own greatness, live the high life, then come crashing down when suddenly the market turns and they re left broke and unemployed after realizing markets don t always go up Most of those traders don t write books, but fortunately Jim Paul did and he s older th [...]

    19. Betty on said:

      The irony is I read this book while procrastinating on my finance assignment That aside, it has some interesting insights on the psychology of success If the last half of my finance unit was about how the markets have no memory, and that trying to consistently trade based on public information is a suckers game, then I guess this book was like the psychological demonstration of that Don t gamble on stocks guys Don t internalise market losses if you re planning to be a trader.That said, some cave [...]

    20. Kristen Heimerl on said:

      What I learned Losing a Million Dollars offers a fascinating look into the mindset, behaviors, and life of Jim Paul, a man of privilege who, early on in life, developed an appetite for little work and large gains i.e a fast buck This ultimately led him to the financial markets Success bred hubris and other characteristics that often reveal themselves with excessive power and money Then he lost it all Everything I admire the author for his honesty and his resolve to help others benefit from his m [...]

    21. Tara on said:

      I recently jumped on the Tesla bandwagon and couldn t respect someone who unequivocally admires Edison, which Jim Paul does early in the book That s minus one star He also doesn t like math, admits it, admits his weaknesses, and yet doesn t seem to notice how maybe he s not going to be as good as the professional gamblers or traders who rely on math and or methods, and isn t aware or didn t attribute part of his losses to his lack of skills That s minus another star.The rest of the book is inter [...]

    22. Jordan on said:

      This book is a phenomenal learning experience if you are new to investing and trading in the stock market It really hammers home the point of trading with a plan and knowing when to cut your losses Today, most of this information is taught online with a google search about best lessons for beginner investors , but this book really puts into practicality those lessons told from a first hand experience This book is worth reading if only for the first part alone the book is divided into three parts [...]

    23. Travis Tucker on said:

      Engaging story about the author s rise to riches and subsequent downfall The last two thirds of the book are the author s discussion of the psychological aspects of trading and gambling and how to protect yourself from making the same mistake as him even if on a smaller scale.I m not a trader myself, so I glossed over a bit of that part, but the advice seemed practical and straightforward enough to implement It seemed like a good time to read a book like this, given the current cryptocurrency cr [...]

    24. Ned on said:

      What makes you lose money in the markets The author shares his experience of having lost than a million dollars and later analyzes the psychological factors at work that lead to this loss The motivation behind having a sound plan is highlighted and I liked the part that is combined with research in psychology Given that you know what is going on, by having a predetermined plan you can overcome what your mind is inclined to do.

    25. Jason Kim on said:

      One of the best books on business and finance that I ve ever listened to audiobook Was great to listen to a book that was published the year I was born 1994 to find old on a micro but new on a macro scale perspectives on investing compared to so many books on success which skews toward survivorship bias I found it funny that Steve Jobs is listed as an example of a businessperson that was too stubborn on his own vision to succeed.

    26. Rahul Bevinahal on said:

      Excellent read on how to remain objective and not personalise profits losses in business and trading.More importantly not to identify self worth with projects opinions and how to over come these issues.

    27. Justin on said:

      Not much content here Half of the book is memoir and it seems what he learned was investing psychology which he didn t seem to do a good job teaching, though I am not even sure if that is possible to learn from a book.

    28. Vic on said:

      I expect to be rereading this many times over the years What a great read

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