book hack

What I Learned Losing a Million Dollars

Jim Paul, Brendan Moynihan

5 mins

3 key insights

Visual, audio & text

What I Learned Losing A Million Dollars will teach you how to invest your money better by extracting the hard-earned lessons Jim Paul learned as a futures trader.

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What I Learned Losing a Million Dollars

What I Learned Losing a Million Dollars

by Jim Paul

Overview

After starting his career as a trader, Jim Paul was able to go from making nothing to $248,000 in a single day. He felt like his success in his role as a futures trader would never end.

But things quickly turned sour. One day, Paul decided to buy soybean oil positions. This meant that he was committing to buy actions at a later date. Unfortunately, his previous successes had blinded him to potential dangers.

Even when the market began to turn, Paul's faith never waivered. Political unrest, grain sanctions, and bad crop yields caused prices to plummet. Paul was losing money rapidly – up to $20,000 per day when the situation was at its worst. This lasted for months.

Although all other investors had left, Paul persisted. His stubbornness caused him to lose his job and more than $800,000.

In What I Learned Losing A Million Dollars, Paul and financial writer Brendan Moynihan share the lessons his investment experience taught him. This way, you'll be able to spot red flags before it's too late.

Favorite quote

Smart people learn from their mistakes and wise people learn from somebody else's mistakes.

- Jim Paul

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