Today on the show Michael Covel interviews author Brendan Moynihan. Moynihan's co-authored book, "What I Learned Losing a Million Dollars" is a profile of trader Jim Paul along with Moynihan's ideas and thoughts on behavioral finance, risk management, and loss-taking strategies that all great traders act upon. Although released almost twenty years ago Moynihan's book contains timeless wisdom and principles that pertain to any number of issues surrounding us today. Covel and Moynihan talk about how Moynihan's background, the background of his subject, Jim Paul, and how the two came together in "What I Learned Losing a Million Dollars"; the psychology of loss and what we can learn from losing; the idea that you "just have to make the money" and why that can be a bad place to start as a motivator; personalizing loss; Paul's interactions with Rich Dennis; studying the contradictions of great traders, and how loss is the only topic they agree on; controlling how much you can lose; staying the course and the importance of not changing your strategy mid-stream; profit motive vs. prophet motive; the difference between investors, traders, speculators, bettors, and gamblers; the slippery slope of always wanting to be "right"; the five stages of internal loss; the danger of personalizing your success; the difference between discrete events vs. continuous events; the "uncle" point; why it's important to go broke at least once in your life; and the difference between emotions and emotionalism. Receive free DVD: trendfollowing.com/win.