#217 217 What I Learned Losing A Million Dollars (Brendan Moynihan)

진작 리스트에 올려놓고, 연말에 페이지수에 타협하여 완독.
중반을 넘어가니 집중도 안되고, 도서관이라 소리내어 읽지도 못하겠고,,,겨우 어거지로...

승승장구 하던 주인공들이 한순간에 160만 달러를 잃게 된 과정과 과오를 반복하지 않기 위해 어떡해야 할지 연구하여 기록한 책인데, 성공한 사람들 이야기가 상반되는 경우가 많아서 중요한 건 돈을 버는게 아니라 손실을 보지 않는 것이라는 것을 깨닫고 연구하였다고 한다.

결국 손실을 어떻게 받아들이고 관리를 할 것인가가 이 책의 핵심이다.
투자하기 전에 이미 어느 지점에서 빠져나올지에 대한 플랜이 확립되어 있어야 한다는 것, 그렇지 않으면 쉽게 감정에 휩쓸리게 되어 헤어나올 수 없게 된다고~
비지니스와 마찬가지로 손실은 투자에 있어 필수불가결하고 절대 감정에 휘둘리거나 개인적으로 받아들이고 옳고 그름의 대상으로 삼아서는 안된다고 한다.

개인이 살아 남는 법은 역시 손절을 잘 해야만 하는 것 같다.
마이너스 계좌 회복되면, 회복되면, 나도 손절에 대해 내 나름대로의 원칙을 세워서 한번 적용해 봐야겠다. 회복이 되기는 될까?


-People lose (really lose, not just have occasional losing trades) because of psychological factors, not analytical ones (ch5). They personalize the market and their positions (ch1~ch4), internalizing what should be external losses (ch6), confusing the different types of risk activities (ch7), and making crowd trades (ch8).

-Successful trading is not about discovering a great strategy for making money but rather a matter of learning how to lose.

-"I am a better investor because I am a businessman, and I'm a better businessman because I'm an investor." If the elements of success can be transferred between the markets and business, the elements of failure can too.

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

-That taught me that there are people for places, places for people. You can do some things and you can't do other things. Don't get all upset about the things you can't do. If you can't do something, pay someone else who can and don't worry about it.

-The pros consider it their primary responsibility not to lose money.

-Losing money in the markets is the result of either: (1) some fault in the analysis or (2) some fault in its application. As the pros have demonstrated, there is no single sure-fire analytical way to make money in the markets. Therefore, studying the various analytical methods in search of the "best one" is a waste of time. Instead, what should be studied are the factors involved in applying, or failing to apply, any analytical method.

-Psychological factors that prevent them from applying the analysis and following the recommendations.

-Even if the position is a net profit, the trader or investor can go through the Five Stages. Consider when a market position is profitable but not as profitable as it once was. When that happens, he becomes married to the price at which it was the most profitable.

-If you don't have control of your emotions via a plan, then your decision making will be based on emotions.

-Obversely stated, you must have a means to "objectively perceive" the market while making decisions and to maintain that objectivity once you're in the market. That's exactly what a plan does.

-Remember, participating in the markets is not about egos and being right or wrong(i.e., opinions and betting), and it's not about entertainment(i.e., excitement and gambling). Participating in the markets is about making money; it's about decision making implemented by a plan. And if implemented properly, it's actually quite boring waiting for your buy/sell criteria to materialize. The minute it starts getting exciting, you are gambling.

-Speculating (and this includes investing and trading) is the only human endeavor in which what feels good is the right thing to do.

-The minute it doesn't feel good, stop doing it. It's that simple.

-The formula for failure is not lack of knowledge, brains, skill, or hard work, and it's not lack of luck; it's personalizing losses, especially if preceded by a string of wins or profits. It's refusing to acknowledge and accept the reality of a loss when starts to occur because to do so would reflect negatively on you.