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What I Learned Losing a Million Dollars$
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Jim Paul and Brendan Moynihan

Print publication date: 2013

Print ISBN-13: 9780231164689

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231164689.001.0001

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Wood That I Would Trade

Wood That I Would Trade

(p.32) 3 Wood That I Would Trade
What I Learned Losing a Million Dollars

Jim Paul

Brendan Moynihan

Columbia University Press

This chapter recounts how the author lost his job in his first company, and how he became an employee in Chicago Mercantile Exchange. After a year of working, the author met a customer who suggested to him to manage his finance using a different “trading system” from the one that the firm applied. The customer proposed that the author raise $30,000 and place it in an account. The customer would then trade the account, take no fees, and split profits and losses. Their trading system raised money for some time; but it soon began to experience some problems. The trader lost the original $30,000 and an additional $20,000. He decided not to pay the $20,000 owed to the firm. The company soon learned of this discrepancy, and fired the author. After some time, a friend invited the author to work in the Chicago Mercantile Exchange, where he became an Executive Committee member.

Keywords:   job, trading system, broker, profits

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