I read this book - once before I started working on the Street; again after I had been working. I bought daily rituals, I put it on in the car and then my 12 yo daughter got into it and asks for it now ). Great article Tim! Tim, I’ve been following your blog posts for the past fews years and you haven’t steered me wrong so far. So how do you not lose money? Do you have an Amazon store created so we may purchase the physical book and have you receive some benefit? Thanks so much for pointing out the audio version of this! If those other books are up, then I would suspect this one should go up there, too. I want to look into some of the books you discussed. TIM: Show notes for episode 29 of the Podcast, with Brendan M. Please! Please do not put your URL in the comment text and please use your PERSONAL name or initials and not your business name, as the latter comes off like spam. Thanks Tim! YAY! Free delivery on qualified orders. My world is ROCKED! Amazon is evil and creepy and I refuse to give them my money. Katie Haun on the Dark Web, Gangs, Investigating Bitcoin, and The New Magic of “Nifties” (NFTs) (#499), Ep 29: What I Learned Losing a Million Dollars, with Author Brendan Moynihan. I have the means now to start following these hunches and I’m sure this strategy will help. I just listened to the podcast and picked up the audio book! I do that in other areas of my life! 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. This book came into my life through N.N. A must read. I really enjoy to posts and the podcasts, very informative and helpful, please keep them coming. Interesting. It was a good read. There is no back-testing, no proof, he just (poorly) regurgitates other books many off topic. It makes the case that ego can really be the downfall of most traders. I am interested in how to use checklists. Did anyone catch the names of the books Moynihan mentioned at the end of the pocast. . I will stay tuned for your next one. He experienced all of the highs and lows. You’re an animal. Thanks for sharing this Tim. I know a multi millionaire property speculator who keeps a low profile. No current plans for non-Kindle ebook, as they’re 80%+ of the market and I’m trying to keep my accounting simple, but what ereader did you choose and why? (Thanks to Brian Oberkirch for the inspiration.). : Your podcast is amazing Tim. I would recommend the book – Thinking Fast And Slow by Daniel Kahneman. It then describes the circumstances leading up to 7-figure losses, and the essential lessons he learned from it. Press question mark to learn the rest of the keyboard shortcuts. ― Jim Paul, What I Learned Losing A Million Dollars. What I Learned Losing a Million Dollars. *Adds to cart* Thanks for recommendation Tim! Did you also subscribe via RSS on the blog at some point? Maybe this is why the book is out of stock on the big book sites . Thanks for doing these podcasts Tim, I’m really enjoying them. Thanks for your wisdom. I recently read this book and found out extremely insightful. Really enjoying it. What I learned loosing million dollars is a book based on the real life story of Jim Paul, trader and investor, and his trading adventure on the stock market during the period of 1970 - 1983. I, too would be thrilled if you made your material available on that platform. Excited to read the book tomorrow. Great initiative the book club. You know how to pick em. Now the real challenge is just to implement and practice these techniques until they become second nature. What I Learned Losing a Million Dollars (Columbia Business School Publishing) [Paul, Jim, Moynihan, Brendan, Schwager, Jack] on Amazon.com. Alas, I don’t have much expertise related to trading courses that others offer for sale. Few of us will ever raise a million dollars, let alone lose it, but we can all benefit from hearing how someone else did both. NNT likes Daniel Kahneman too. I think over the past year I’ve read over 50+ books by just listening in the car! What is the name of the second book Brendan recommended, about “the cycles of the market and economy”? Really enjoyed the podcast Tim! Is there a difference, or should I just subscribe to the aweber.com one? A physical copy of this book will be in the next Quarterly, along with a personal letter from the author , This is awesome! interested in the book’s lessons, feel free to reach out to him at bmoynihan [at] bloomberg {dot} net. Given how vociferously he attacks most books on investing, it caught my attention that he openly praises this little book. Just wondering based on your opinion or perhaps Nassim’s, do those gurus peddling trading courses out there are charlatans as well? 1 million dollars, but you have to become a combat sports coach or personal trainer You have to be involved in this sort of business for the next 4 years. I think you tweeted once about wanting the assassins creed movie to get here sooner. Would anyone on here be able to help with figuring out what the 2nd book was? Don’t stop!!! I have always wanted to learn more about the markets, but have been intimidated — but now, I understand that is just comes down to contingency planning. In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul’s disastrous decisions and examine the psychological factors behind bad financial practices in several economic sectors. Tim, your comments endorsing the book are striking: “For less than $20, this tool has helped me avoid multiple catastrophes, and I can directly credit its influence to roughly 1/2 of my net worth.”, I’m looking forward to the day when I can say something similar about “The Four Hour Work Week.”. I really need these words of wisdom from your post to move for that so called Success that I’ve been dreaming. Even if you don’t view yourself as an “investor,” this book can help you make better decisions in life. It’s now next on my list. Like the book mentions, there are many ways to make money, but what works for one person might not work for you. I've read both, and there's great information and wisdom to be gleamed from both. Was What I Learned Losing a Million Dollars worth the listening time? Tim, I’ve read most of your books in hard copy and even have them downloaded on my kindle, I’ve still yet to read your latest book though. I really enjoyed Vagabonding. A more story-focused version of many of the lessons in Fooled by Randomness. The money can be spent on your new business or saved for other stuff. It takes a long time to take the lessons in this book to heart. I’m not currently an investor, however I am planning on starting this year. Hi tim, re your above comments “The theme that emerges: there are 1,000,000+ ways to make money in the markets (and many of the “experts” contradict one another), but all losses appear to stem from the same few causes. My friend has a 1st from cambridge and manages a £200 million hedge fund. Tim, is there anyone in the Boston area you’d like to talk to or hear speak in a long-form interview? What I Learned Losing A Million Dollars is a light treatise on the psychology of losing and is intended for investors, speculators, traders, brokers and money managers who have either lost money or would like to protect against losing what they've made. It’s too little and too much. As for the market, or playing it, one must be hungry to embrace risk. Tim, I wrote an essay merging together similar insights that you led me to and it would be an honor if you took a glance. Sorry, your blog cannot share posts by email. Transcripts of all episodes can be found here. The ROI has been incredible. For those who enjoy both audio and Kindle, as I do, the above editions are synced with Whispersync. Why is it the other end of the spectrum? Post was not sent - check your email addresses! Thanks for the recommendation Tim! You should do some smart things like paying bad debt, making plans, improving your job, using your new amazing credit Hi Zwolski (sorry, not sure of first name!). I recently interviewed him myself for an hour about investing, how he met Jim Paul, and much more. I couldn’t make out his book recommendations. Using stop-losses, position sizing, and diversifying puts me – and it will put you – in the company of the most successful investors of all time. I remember seeing him do an interview together. Can someone help me with the identification of the 3 books mentioned by Brendan? I wonder if this book What do you recommend HAS Translation: For a Portuguese ? And gives great advice on how to avoid it. I couldnt agree more on the contradicting “experts”. Tim made an assumption as lacked a question in his market research checklist ? Every single hunch I’ve had about investing in the markets would have turned out huge profits, had I invested. Did you really have a go at becoming an expert in gaelic hurling (from the picture!)? I wish I had seen this before I gave all the money back. He says: “Most people who think they are investing are speculating. +1 from me, looking forward to the show notes. We learned that having one million dollars doesn’t exactly mean what it used to. http://store.kobobooks.com/en-US/ebook/the-art-of-learning, http://store.kobobooks.com/en-US/ebook/the-obstacle-is-the-way, http://store.kobobooks.com/en-US/ebook/daily-rituals, http://store.kobobooks.com/en-US/ebook/vagabonding. When I developed some discipline in all things trading I was out of the game and into being a blogger. I am tired of fighting for bitcoin every time I just want to say something in relation to it. Read More on Amazon Get My Searchable Collection of 250+ Book Notes. I will just talk about my other trades and topics. I am having the same issue… one says via aweber.com (has better graphics within blog) and one says via google.com. You’re awesome…, Thanks, it’s a definitely must-read for me. your contributions are always helpful and wonderful! Near the end, the guest mentions 3 books that were influential to them. That book is not a recommendation, it is the bible of traders. Just wanted to share for those that would like to check it out for free. Wow Tim, I am reeling. And while there are a million-and-one ways to make money in the markets, there are only a few surefire ways to lose it. Tim, could you please write down the name of the second book that Mr. Paul recommended. Have fun and thanks for adding to the conversation! Any great book recommendations for a new investor? If not, I guess perhaps we could also ask Brenden? That’s how we’re gonna Cool. Step one was simple: reading more of what he read. With so many books on how to be successful and business coaches teaching their million dollar ways, What I Learned Losing A Million Dollars is breath of fresh air. Am considering my 3rd career switch to trading which I love, to the point of obsession…..Are the principles in 4HChef applicable to trading skills as well? Currently listening to The Object is the Way. You can find the transcript of this episode here. It is not an investing book per se. If you’re a journalist, blogger, podcaster, etc. Did you happen to catch the other two books mentioned? My first dinner with Nassim was in September of 2008. “There are “truths” contained within the foundation of all such texts, and viewing one as “true” over another blinds you from seeing deeper connections and establishing harmony; harmony that is preached in all these doctrines, but one that is overlooked for overcompensated higher levels of abstraction. The author has no real advice beyond, get a plan. I found it quite impressive how mass-psychology can be explained that easy and how we even might explain our own behaviour. Tim, any info would be appreciated. I would love to have a transcript, it was difficult to understand. I’ll definitely look into it. Automated trading software does not get emotional. I just devoured that book. Keep it up! I hope you enjoy — and benefit from — the lessons and laughs as much as I have. In What I Learned Losing a Million Dollars, Paul promotes the only wealth-accumulation protocol that works regardless of the asset class or profit strategy you choose: loss prevention. It was a rush, a thrill, but I did little analysis and study, and more of a gambler’s mentality. If only one can learn so quickly. Critical is fine, but if you’re rude, we’ll delete your stuff. I’m particularly interested in his ideas for forming habits. Cassidy. The full piece is HERE if you are curious: http://uncoveringsuperman.quora.com/A-19-Year-old-boys-understanding-of-how-to-cultivate-a-Good-Life, Thanks for the audio version. What I Learned Losing a Million Dollars by Jim Paul. You can't just read this stuff and accept it - you have to live it and learn the painful lessons on your own. And most people who think they are speculating are gambling.” I did small time Forex and stick trading many moons ago. One was The Money Game and the other was Once in ??????? I’m an avid “audio” reader since I spend a lot of time in the car. http://brilcrist.deviantart.com/art/Fassbender-Assassin-concept-483191941. I just finished reading it. I have no formal experience at this but I’m a good typist and it would be nice to give back. Thanks so much for the recommendations, Tim! I grabbed a copy of What I Learned Losing a Million Dollars, and I’ve since read it many, many times. Here is an example of the other books. High-Level Thoughts. Rating: 6/10. Didn’t think you could top the Kevin Kelly interviews but this is just a great story too. In “The Objective Leader,” Elizabeth Thornton skillfully weaves practical tips and methodical research with her own personal reality checks, so that we can learn the lessons she did without losing so much as a dollar. Lehman Brothers would end up the largest bankruptcy filing in US history, involving $600+ billion in assets…. The book — winner of a 2014 Axiom Business Book award gold medal — begins with the unbroken string of successes that helped Jim Paul achieve a jet-setting lifestyle and land a key spot with the Chicago Mercantile Exchange. It has been selected for "Best of Apple Podcasts" three times, it is often the #1 interview podcast across all of Apple Podcasts, and it's been ranked #1 out of 400,000+ podcasts on many occasions. Personally, I think this could help anyone, regardless of the amount of money to which it refers. Assad, 1989, Computers, 540 pages What I Learned Losing a Million Dollars 2013 Traditional Photographic Effects With Adobe Photoshop , Michelle Perkins, Paul Grant, PHO, Sep 28, 2003, Computers, 125 pages. He says the trick is to know what your doing. Made me look on this website for other interesting interviews. I thoroughly enjoyed it. For instance, I like to read Kindle books on my iPhone on the subway, then pick up and listen to the audio while walking outside. You’ll be left nothing except for our family. I’ve been buying paper copies of your books and recommendations. For less than $20, this tool has helped me avoid multiple catastrophes, and I can directly credit its influence to roughly 1/2 of my net worth (!). What I Learned Losing a Million Dollars is an autobiographical account of Jim Paul’s life as a trader and broker. This is why negative advice is so valuable, and why What I Learned Losing A Million Dollars is a genius book. Thanks. Do not reject the notion of God, but do not accept God and the derivations which manifest in your thoughts and actions naively. The adventures and misadventures of one of the greatest traders of his time. Buy What I Learned Losing a Million Dollars (Columbia Business School Publishing) 1 by Paul, Jim, Moynihan, Brendan (ISBN: 9780231164689) from Amazon's Book Store. To date, the largest amount of money I’ve lost (that I know about) is a little over one million dollars. if you could organise a hard copy version of all the books you recommend that would be brilliant. Jim Paul lost $1.6 million effectively betting on the soy-bean industry. 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. ?” It’s so annoying it’s not clear in the audio book and there are no show notes. I would rather not be ridiculed in the normal trading subs by mentioning bitcoin. There are many lessons to be learned from losing that kind of money. You are to me truly inspiring. New comments cannot be posted and votes cannot be cast, More posts from the BitcoinMarkets community, Sharing of ideas, tips, and strategies for increasing your Bitcoin trading profits, Looks like you're using new Reddit on an old browser. Jim Paul and Brendan Moynihan. Hey Tim! Atweytitc. Tim is an author of 5 #1 NYT/WSJ bestsellers, investor (FB, Uber, Twitter, 50+ more), and host of The Tim Ferriss Show podcast (400M+ downloads), “One of the rare noncharlatanic books in finance.”, – Nassim Nicholas Taleb, author of The Black Swan and Antifragile, “There is more to be learned from Jim Paul’s true story of failure than from a stack of books promising to reveal the secret formula for success…this compact volume is filled with a wealth of trading wisdom and insights.”, – Jack Schwager, author of Hedge Fund Market Wizards. A plan to accept paradox, remain in the market and economy ” are surprisingly reclusive money and! 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