‘Undiscovered’ trading wisdom – Part 2

Jim Rohn was an American entrepreneur, author and motivational speaker, presenting seminars worldwide for more than 40 years, winning awards and authoring books, audio and video programs.

He even mentored high profile motivational speaker Tony Robbins early in Tony’s career.

And Jim’s ‘rags to riches’ story is an interesting one.

Jim dropped out of college after a year and a half and at age 25 was working in Sears as a clerk earning a paycheck of $57 per week. But he changed his path and managed to become a millionaire by aged 31 (this was back in the 1960’s, when a million dollars was actually alot of money!)

How did he do it?

Well we don’t have time to go into detail now, but switching his focus to personal development had a huge impact on him.

If you do an internet search for Jim Rohn quotes, you’ll find a long list of ‘nuggets of wisdom’, and one of his most popular quotes is:

''Don’t wish it was easier, wish you were better. Don’t wish for less problems, wish for more skills. Don’t wish for less challenges, wish for more wisdom.'' - Jim Rohn Share on X

Sounds like great advice, how can this apply to traders?

Over the past few years, putting the podcast together and interviewing lots of different guests has forced me to read a tonne of books, just so I could be prepared for the interviews.

And it’s had a huge impact on my trading knowledge.

That’s why at the end of every episode I always ask the guest about their favorite trading books, because there is always more to learn, other ideas to explore, other approaches to consider.

Yes, some books may seem a little crap, but if you go into them with an open mindset I believe you can find something useful in every book, and as Jim Rohn said:

''The books you don’t read won’t help.'' - Jim Rohn Share on X

Anyway, just recently I shared part 1 of my ‘undiscovered or under-appreciated books’ that can have great value for traders.

These are all books recommended by fellow Better System Trader listeners, so today I’m proud to share part 2 of that list, 4 books that may or may not be directly related to trading but can have alot of value for traders:

“What I learned losing $1m” – Jim Paul and Brendan Moynihan

Amazon says: Jim Paul’s meteoric rise took him from a small town in Northern Kentucky to governor of the Chicago Mercantile Exchange, yet he lost it all―his fortune, his reputation, and his job―in one fatal attack of excessive economic hubris. In this honest, frank analysis, Paul and Brendan Moynihan revisit the events that led to Paul’s disastrous decision and examine the psychological factors behind bad financial practices in several economic sectors.

” Predictably Irrational” – Dan Ariely

Amazon says: Dan Ariely refutes the common assumption that we behave in fundamentally rational ways. From drinking coffee to losing weight, from buying a car to choosing a romantic partner, we consistently overpay, underestimate, and procrastinate. Yet these misguided behaviors are neither random nor senseless. They’re systematic and predictable—making us predictably irrational.

“It’s not how good you are, it’s how good you want to be” – Paul Arden

Amazon says: It’s Not How Good You Are, It’s How Good You Want to Be is a handbook of how to succeed in the world. A pocket ‘bible’ for the talented and timid to make the unthinkable thinkable and the impossible possible.

“Forecasting Financial Markets” – Tony Plummer

Amazon says: Forecasting Financial Markets provides a compelling insight into the psychology of trading behavior and shows how “following the herd” can have disastrous results. It demonstrates how one’s ability to make money in the world’s financial markets depends critically on an ability to make decisions independently of the crowd.

Thanks for the recommendations, if you haven’t read these yet you may want to check them out.

And in case you’re still not convinced, here’s one final Jim Rohn quote to finish off:

''It isn’t what the book costs; it’s what it will cost you if you don’t read it.'' - Jim Rohn Share on X

Happy reading,
Andrew

PS. If you’d like to get your very own professionally designed ebook full of BST podcast interviews, you can get them at a great price right now, details are here.

Released:

20 April 2018