Lessons from the Pit - Hardcover

Leininger, B. Joseph

Hardcover

ISBN 10: 0805416994 ISBN 13: 9780805416992

Publisher: Broadman & Holman Publishers, 2001

Synopsis

An ex-trader for the Chicago Mercantile Exchange offers a tour of one of the most competitive businesses in America

About this title

From the Publisher

Think Your Job is Stressful?
How can ethics and the scramble for big money peacefully co-exist? When personal values clash with industrial expectations, which side should be the victor? Is it possible to be both a devout Christian and a highly successful futures trader? Joseph Leininger has the answers to these and other important questions on how to make it in the money business while keeping the heart on heavenly matters. In this new book, he shares the important life-lessons learned over a fast and successful career in the Eurodollars pit of the Chicago Mercantile Exchange-a place that "offers one of the most dramatic, unpretentious stages for a morality play in modern business."

From the turning of the first page, Leininger positions himself as a seasoned, personable tour guide through the mire of the Pit. He paints the picture of a system where losing $150K in five minutes, then gaining $300K within hours is commonplace-a business with high rewards, but higher risk.

Along the way, he invites us to share in the lessons the pit taught him through the years. He urges us into activities like seeking out mentors in life and learning from their experiences; being bold in our decision-making; managing risk instead of avoiding it, and partnering with people who share our goals and interests. On the other hand, Leininger also talks about the superlative power of honesty, advocates clean living, and warns us about falling victim to egotism-reminding us that "until we examine our weaknesses, we can never learn where we excel."

The lessons Leininger offers hit close to home for anyone interested in being a success-regardless of talents, abilities or connections. He believes that "God gets a kick out of putting the most unlikely people in the most unlikely settings for success, then enabling them to succeed beyond anyone's wildest expectations," and as a $1million+ yearly income futures trader with a self-proclaimed math-deficiency, he fits the mold precisely.

While it offers no promise of quick riches, or instant stock market savvy, Lessons from the Pit does hold invaluable wisdom. The straightforward advice it contains will benefit anyone with a willingness toward self-improvement and, while it may not guarantee worldly gain, will surely help in formulating "a battle plan for increased effectiveness and godly success"-lessons that are eternally profitable.

About the Authors

B. JOSEPH LEININGER traded as an independent market maker in the Eurodollar Options pit at the Chicago Mercantile Exchange for five years, then managed a 600-head cattle ranch in Oregon for a year before returning as a partner in the Eurodollar Options market for another five years. Currently, Joe is the president of Resource Land Holdings, a firm investing in resource-based assets located in the path of progress. He lives with his wife and three children in Colorado Springs.

W. TERRY WHALIN is a prolific writer who has penned more than fifty books, served as associate editor for Decision and In Other Words magazines, and contributed articles to over fifty publications. A member of the American Society of Journalists and Authors and a past board member of the Evangelical Press Association, Terry's recent books include The World at Your Door, as well as the biographies of Chuck Colson, John Perkins and Luis Palau. He resides with his wife, Christine, in Colorado Springs.

From the Author

Who I am,why I wrote the book,and why you should read it.
Although I spent ten years trading commodities in one of the most competive environments in the world, I am a reflective person by nature. And after having concluded a thirteen year career where I went from being a $200/week commodity clerk to a million dollar a year trader, I instinctively began to reflect on what I had experienced and the lessons I had learned in the course of that time. The experiences themselves were surreal, for in many ways, the trading floor is a place unlike anywhere else on the face of the earth. Six-figure transactions being secured by nothing more than a nod of the head and a corresponding scratch of a pencil? A bunch of big brawny guys banging around in a 20' x 20' octangular universe, competing for trades that can either bankroll their dreams or destroy their future--all within a matter of moments. The whole thing seems more an more unusual the further I get from that most unusual time and place.

The lessons learned during that period of time came as a genuine surprise to me. After all, what could be more irrelevant or impractical to any real life career than a ten year stint trading Euro dollar options in Chicago? Nobody even knows what they are and most that do, don't really care.

But the more I reflected the more I realized that I had been a part of a great Pavlovian experiment whereby I was continually being rewarded (financially) for good behaviors and punished for bad ones. And the more I reflected on those lessons, the more amazed I became to see that they had genuine relevance to virtually all areas of life. Lessons about keeping your ego in check, exploiting your key strengths, adopting a patient approach to wealth creation are only a few of the principles that extend far beyond the pit to all areas of life.

Read this book and you will be entertained by stories of the pit and instructed in important principles about success in life. And hopefully you will be challenged with the notion that our ultimate values are continually being threatened by forces around us, just as mine were on the trading floor. I trust you will be encouraged by the story of one man's struggle to remain true to his core values and defining beliefs.

Edition details

• Publisher: Broadman & Holman Publishers
• Publication date: 2001
• ISBN 10: 0805416994
• ISBN 13: 9780805416992
• Binding: Hardcover
• Language: English
• Edition number: 1
• Number of pages: 201