The BEST trading psychology book I've ever read. You will love it. June 17, 2008
This book is so GREAT. The story was entertaining. The educational part was easy to understand and easy to apply to trading or other business ventures and your life. Trading is stressful sometimes. The book will get you prepared mentally to trade successfully. You don't have to be stressed out while still making big bucks. You have to read it to know how excellent this book is. --H. Ma
Highly Recommended by Van K. Tharp. March 16, 2008
Regardless of whether you are an investor, speculator, trader, or otherwise, this book should definitely be on your bookshelf and read and reread!! I have been looking for this book for several years because it was a highly recommended book by Dr. Van K. Tharp, who works regularly as a trading coach to some of the world's top traders. Great book and incredibly useful!!
--Dave Pepple
"MUST READ". January 22, 2008
This is the best book out there to explain why we do what we do to lose money in the market and what we should change to avoid it. It's an easy and fun read, and the author provided tremendous focus and clarity to get his point cross.
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 much more valuable than Elder's and Mark Douglas' books on trading psychology simply because it provided concise, clear, and practical steps to confront and resolve the root cause of our trading losses. I also find it intriguing and invaluable that we can apply the principles discussed in the book to other human endeavors beyond trading the markets. What a great job these two authors did! Thank you both from bottom of my heart!
--X. Li
A rare book indeed. November 27, 2007
I'm a self taught investor/trader (aren't we all) so I've collected my share of books. But this one by Jim Paul/Brendan Moynihan is the most unique book I have ever read so far. It's the only book which correctly points out that trading and investing are personal journeys; about finding out who are you, and then how to manage what you find out. Until you do, one can never be consistently successful at this game. This is largely why the public can never make a career out of trading. It never dawns on them that it's all about soul searching and then applying your strengths while controlling your weaknesses. Everyone is different; which is why there are infinite ways to make a profit. There are no "secrets" to trading. It never dawns on them that investing seminars are utterly useless. It never dawns on them that you don't have to watch CNBC either.
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.
-- Rim Shaker
We need more books like this for traders. October 16, 2005
This book was recommended to me by another trader. I'm glad I picked it up. There are enough books out there that tell us how they make money...but too few tell us how to avoid losing it. This book is a must read! All the mistakes that we as traders make are outlined, explained, and amusingly told in this book that I fear too few traders have read.
The book makes you feel that you could have traveled the same road as the author which brings it home all the more powerfully.
The lessons are not just conceptual or psycho-babble. These are applicable lessons that you can use in your own trading as soon as you put down the book. The approach and an awareness that this book gives you helps you understand you do the things you do.
Again, this is not an outline of how to trade. These are important lessons about how we accept a trading loss, how to analyze losing trades, and finally how each of us can be tempted to rationalize losses.
A great book!
-- Tom Walters
The Psychological Dynamics of Loss. May 30, 2002
The title of this review is a chapter in Jim's book. I bought this book after Jim passed away on September 11, 2001 in 1 World Trade Center. He told us about this book in 1997, and I was so glad it was still in print. It is an excellent book, and it is written by an extraordinary individual.
When I met Jim I could tell he was amazing, and his personality comes through in this work, which is part autobiography and part trading treatise. Jim's rise and fall and subsequent rise again makes for an incredible story, and his insight into the markets are superb.
Even if you are not interested in the market, this book is worth purchasing just to learn more about Jim's amazing life story. Jim is candid, funny and dynamic in this work. I wish the world had more people like Jim Paul and more books like "What I Learned Losing a Million Dollars."
--Christopher G. Roche
One of the best books on trading out there. May 11, 2001
This book should be required reading for anyone who thinks they "wanna trade like the pros" and become a full-time financial markets trader. This book makes it clear that most people don't lose because of what the market does but because of how they respond to the markets ... and how they handle losing trades.
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 thought provoking. Read it again and again.
--Michael E. Strupp
