What I learned Losing A Million Dollars | Summary

When he initially began trading, Jim Paul believed he was some type of Superman. He believed he was invincible - that whatever he touched would become gold. When he lost a million dollars, he recognized he was human like the rest of us, that he had actually just got fortunate, and that continuously flexing the guidelines just gets you so far. Any financier worth his salt requires far more than luck and self-confidence: he has to discover ways to lose.
What I Discovered Losing A Million Dollars does not concentrate on success through winning. Part autobiography and part trading writing, it analyses failure and the best ways to manage losses. Jim Paul rose to real leadership, reaching his zenith in his mid-thirties, prior to collapsing and falling right down to the bottom. He discovered a lot about himself through his failures in the trading pit. He analyzed and checked out the psychology behind trading, and how it is our behavioral attributes instead of a changing market that causes flawed trading. It is frequently who we are, and not exactly what we are doing, that results in falling down. He advises us that we have to change our basic habits.