Compendium of old-school (non-quant) trader lore

This book is actually a couple decades old. Anyone interested in this sort of thing ought to listen through at least one book like this. I like personally losing big as a centerpiece to the work: it wipes out that phony "I made a zillion dollars easy!" baloney. It seems to me that, with a basic arc of the story being, this writer was young and pretty clever and made a few moves and wound up with a lot of other people's money (and trust) in his hands, and proceeded to blow up, lose all the trading positions and get closed out. This story is told well (and more briefly) in a fave book of mine, Taleb's Fooled by Randomness. Here, there is a lot of color and detail of an earlier era, though of course the situations are not fundamentally different. A lot of terminology (including informal terminology) is described, plainly and well. And the author seemingly wanted to cram in any personal wisdom that might seem to sort of fit.
This book shows its age in some other ways. How about Steve Jobs presented as a guy who started clever, burned out, and wound up in some nowhere company making no profit? Oops, bad timing as the worst moment in his career was focused on, and the historical next chapter had not yet begun. But this is alright -- it reminds us how the supposedly smart declarations and prognostications of the writers of any time are bound to their own unavoidable limitations, and often seem quaint and bizarre later. That's one reason I read older books: to see what people got WRONG. So much for all of our fond assumptions, and that's the core message of this book.

39 people found this helpful

There are better uses of your time

Would you recommend this book to a friend? Why or why not?

No, The guy claims he spent years on the floor of the Chicago exchange but has no war stories from then, except lucking on to the CME executive board because he wore a nice suit. Instead he relives his frat day in school and his his undeserved promotion in the Army. By contrast In Pit Bull Marty Swartz has some great stories of his trading days. In all those years Jim Paul had none? On day one in the pits every trader learns Stops are in Emotions are out. But in all those years he did not learn that, in fact he says he learned nothing in the pits he just rode the coat tails of better traders. He then lost a million dollars on a very stupid trade. Leveraged to the teeth and did not watch it. Then the book goes on to quote a bunch of business books (not trading books) and he rambles on about Coke buying Colombian pictures. He then says in books he could not find details on a good time/way to put on a trade, so he knows nothing about entering a trade, but he wants to tell you how to exit. His advice, have a plan that suits your style -- end of story what the heck does that mean? Well it turns out If you loose money you are an ego maniac with a bad plan and if you make money you are smart and have a plan?The book was written years ago so it is funny that he picks as an example Steve Jobs who he says is a looser with a big ego who failed at Next computer and Bear Sterns as great traders with the plan. Well we all know Jobs made a comeback with the iPhone and Bear Sterns blew up in 2008.

Has What I Learned Losing a Million Dollars turned you off from other books in this genre?

We are getting there

Was What I Learned Losing a Million Dollars worth the listening time?

No, not even close

Any additional comments?

There is no actionable advice here, just feel bad admonishment. The author has no real advice beyond, get a plan. There is no back-testing, no proof, he just (poorly) regurgitates other books many off topic. Chuck this book and read David Aronson - Evidenced Based Technical Analysis, John Murphy's Technical Analysis of the Financial Markets or a little lighter, Elder's Come Into My Trading Room. Also follow top blogs like "cme4pif Weekend Market Comment". All of these detail real signals to enter and exit the market and of course risk control.

37 people found this helpful

Surprisingly Good

What made the experience of listening to What I Learned Losing a Million Dollars the most enjoyable?

This book was a great listen. The author reiterates his experience which is very valuable for those reading.

Was this a book you wanted to listen to all in one sitting?

Yes. The prinicples of losing a million dollars can be applied to many different areas in one's life surprisingly.

15 people found this helpful

Let me save you time - He learned nothing

Pure garbage.
Made a 1 or 2 hour introduction, literally beginning from 9 years old, and then how/ when he worked and what happened when he was 12,14,15,18,20,22 and on and on, sprinkling on top how popular he was with "the ladies", and how smart/wise he was by doing this instead of that.
I have not bought this book to learn about your whole life story, and to hear how much you like yourself. 5-10 minute introduction is ok, but when literally half of the book is about how good/smart/popular/ you are what's the point?
No wonder Tom Ferris endorsed this book, as it is as practical as all the work of Ferris.

14 people found this helpful

I “learned” this book teaches the art of wasting time

The book can be summarized as follows, “when making an investment be sure that your order has an attached stop otherwise you’ll make the same mistake as me.”

6 people found this helpful

Decent book worth the read

This book is an entertaining story, it appears it is beging to show the signs of time, it speaks of a the 60's - 90's and at the pace of today's world that feels like lifetimes ago. Well narrated. and a good lesson. However much of the book is just a man confessing he was a "right place right time" guy who lost it all because he never should have been there.

6 people found this helpful

View From The Other Side

I picked up this book when amazon offerered a two for one sale. I didn't think much of it as I chose to read the other book in my selection first. I chose this book because I thought it would be insightful to here a view from the otherside. So many books in my collection talk about the exuberance in the market and shed a positive light on it. What I got in this book was what I wanted, a much more darker view.

So many books, talk about how to make money. They talk about the risk of losing money, then leave it on the surface, never indulging in it This book indulges in the losses. In fact, it is all about the downside, which balances out all the exuberance of making money you probably had before reading this book.

What you get is an authentic personal account of someone who been the the proverbial trenches and back. You can ride that sucker all the way through. If an enjoyable story about the personal losses of other people is what you want, you should read this book. If you want a book that doesn't reconfirm your disgust for the arragant, pompus, jackasses on wallstreet, maybe don't read this book. Even though the author may be all those things, he is no idiot. He admits to them, and doesn't try to sugarcoat it. He is honest, and blatent about his mistakes, which is why this book is insightful.

3 people found this helpful

I was compelled to finish this book.

I thought of this book as a 3 star experience. I gave it 4 stars because I was compelled to listen to the entire performance, including the interview at the end. That means there is greater value in the story than what I cognitively believed. Good job.

3 people found this helpful

What I learned losing a credit on this book.

That I should request for a refund. I kept asking myself:"Why am I listening this guy's childhood story? Why am I listening to his Army story?"

2 people found this helpful

An essential book !

few books i have are worth having. This belongs on the shelf with Reminiscence of a stock operator. Anyone that is serious about there trading should kisten carefully to what is being said

2 people found this helpful