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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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The Psychological Dynamics of Loss

The Psychological Dynamics of Loss

(p.73) 6 The Psychological Dynamics of Loss
What I Learned Losing a Million Dollars

Jim Paul

Brendan Moynihan

Columbia University Press

This chapter discusses lessons about market loss that the author derived from his experience of losing his parents, and having a huge debt. The author realized that market losses per se do not bother any trader since they expect that any market negotiation will entail losses regardless of the type of business venture. Likewise, unexpected losses and losing on balance, most of the time overwhelm any trader. Thus, acknowledging that losses are part of business is one thing; taking and accepting those losses in the markets is something else entirely. In relation to realization, the author argues that people involved in the markets tend to have difficulty actively accepting and controlling losses since they treat all losses as failure, and that they interchange concept of profit and loss with the concept of win and lose.

Keywords:   market loss, market, profit, loss, trader

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