What I Learned Losing a Million Dollars
Jim Paul
Top 10 Best Quotes
“Smart people learn from their mistakes and wise people learn from somebody else’s mistakes.”
“A fool must now and then be right by chance. —WILLIAM COWPER”
“Success can be built upon repeated failues when the failures aren't taken personally; likewise, failure can be built upon repeated successes when the successes are taken personally.”
“Speculating is the application of intellectual examination and systematic analysis to the problem of the uncertain future.”
“Personalizing successes sets people up for disastrous failure. They begin to treat the success as a personal reflection rather than the result of capitalizing on a good opportunity, being at the right place at the right time, or even being just plain lucky.”
“There’s nothing worse than two people who have on the same position talking to each other about the position.”
“Speculating (and this includes investing and trading) is the only human endeavor in which what feels good is the right thing to do.”
“you have prepared for different scenarios and know how you will react to each of them. This doesn’t mean you’re predicting the future. It means you know ahead of time what alternative courses of action you will take if event A, B, or C happens. The soundness of this approach for both markets and business is evidenced by something called scenario planning: “a structured, disciplined method for thinking about the future and a technique for anticipating developments in fluid political and economic situations.”9 The scenario technique was developed by strategists at the RAND Corporation to think through issues involving the nature of nuclear warfare”
“trading is not about discovering a great strategy for making money but rather a matter of learning how to lose.”
“then speculating, and therefore having a plan, is the only way to deal with the uncertainty of the future in the markets. Given this definition, for the remainder of the book Speculator (capitalized) will be used to include investors, speculators, and traders, all of whom are Speculating.”
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Book Keywords:
investing, speculating, mistakes, knowledge, smart, advice, trading, losing, wisdom
