Best Loser Wins: Why Normal Thinking Never Wins the Trading Game – written by a high-stake day trader

Product Information

There was no critical thinking present. No one questioned his claims. Everyone left that office building on Sunday night thinking they would make a small fortune by the coming Friday. If you are in doubt whether you are trading from an opportunistic frame of mind or a fear-based frame of mind, then answer this simple question: when you are winning, are you increasing your trading size or decreasing your trading size?"

If, however, you want lasting change – not only in your trading, but in how you live your life – then stay with me. Your transformation into a consistent trader will permeate other parts of your life. It will give you a deep understanding of who you are and what you can do to better yourself. The end result is not just more money on your trading account, but a more harmonious and exciting life journey. LIAR’S POKER

So anyways heres a couple of charts of WTI oil..4hr with measured moves marked up....(Tom uses this method for simply entering swing trades again with other conditions)

This book dispels the myths of what it takes to be a home trader, or any trader for that matter. It has been a journey that saw me initially pursue the path that everyone else takes – a lot of books about a lot of indicators, patterns and ratios – before finally realising that the real answer to the elusive quest for trading profits was right inside of me all along. It truly was the last place I ever thought of looking. A PROMISING BEGINNINGHeraclitus, the pre-Socratic Greek philosopher, said: 'No man ever steps in the same river twice, for it’s not the same river and he’s not the same man.' That is important to bear in mind as a speculator, because the market changes constantly." Top notch book on trading psychology. Dont bother reading this book until you have traded for a significant period of time (what is significant depends on the individual), because you wont get it. Its about the emotions that come with trading, with running the losers and cutting profits etc. In Liar’s Poker, Lewis describes life as a bond trader during the excesses of the 1980s. In his own words it was meant to serve as a warning to future generations about the gluttony of the finance industry, as well as a warning to young people wanting to work in the financial industry. This book starts as a love letter to the markets. And like any love good story, it involves a lot of pain.

Look, there have been all kinds of financial studies about this question and being that there are so many divided both ways, is it random or is it not, does it really matter? Unless it comes up in discussion, like here, it really never enters my mind. Of course, there are exceptions. There are some good books written on techniques and strategies, but most of them are garbage because the author suffers under the illusion that he or she should only show perfect trading examples. It’s a book about pain, about being uncomfortable. And accepting it. Dealing with it, because being profitable implies being uncomfortable for the entire journey. What not to expect. I wrote earlier, I spend a considerable amount of time researching the roulette game. And roulette spins are random, or it should be. Best Loser Wins wants you to not be afraid of failing. It will guide you through the complex undertaking of extracting actual value from failures. It teaches you how to become cynical and resilient.After completing my university degrees, I started working for JPMorgan Chase. It wasn’t a trading job, but it was close enough. Then in 2000 I became a home trader for a year and a half. It only lasted 18 months because I ran out of money. Tom Hougaard says, “People don’t fail because they don’t know enough about technical analysis. They fail because they don’t understand what the markets are doing to their minds.” Best Loser Wins is an antidote to conventional and flawed thinking in trading, and a blueprint for a new belief system for traders who want to elevate their results to levels they never dreamed they could reach. What 99% of traders do not realise is that they are looking for answers in the wrong places. Knowledge of technicals, fundamentals, indicators, ratios, patterns and trend lines… well, everyone knows about them – and everyone loses, except the 1%. We can't dissociate the conversation into seperate parts that contradict each other. If we assume randomness, then there's no edge in trading. Fear, mindset and trading psychology become irrelevant. As well he is also scalping in the quiet moments of the channel and also taking other trades not published.. personally don't know how he does it all... Very very driven man.. very rare IMO.

Tom also manages a Telegram channel in which he posts, live, his own trading activity.It is said there are trading rooms replicating Tom’s trades.I have no trouble believing this. I didn’t anticipate reviewing a book in this corner of the Internet but, this… not only this is on topic. I swear, this is required. I dare say that if technical analysis as a subject was comparable to something like dentistry, the vocation would be terminated on account of the 80% failure rate. You don’t have a 80% failure rate amongst dentists. THE MILLION VIEWS YOUTUBE TALK I can only admire a trader who trades live almost every day with thousands listening in from around the world, at absolutely no cost, and shares some incredible resources (and a few jokes to boot). It is enlightening to see his book in action on a daily basis: especially how he rebounds from trades that to many may be a year's worth of earnings in a single session.The true measure of your growth as a human being is not what you know, but rather what you do with what you know. Hougaard's emphasis on embracing losses and fear as integral components of trading is both enlightening and empowering. Instead of the usual focus on winning, he teaches suggests navigating the markets by learning from losses and maintaining discipline in the face of fear. I work so hard and so long hours to understand what is going on in the markets. I study the charts to understand the decisions made by the players. But when all is said and done, once the bell rings, , I turn my brain off, , I think I turn it off, and I feel my way. I just look at the market and let it talk to me. Some days, like today, I don't accept what I am hearing because I have a one sided argument, so my gains are limited. To have a one sided ear is not always bad. Yesterday all I heard was " the ship is sinking...go short"... Hougaard's emphasis on self-analysis and the creation of a "Book of Truths" is a brilliant way to enhance self-awareness. By identifying strengths and weaknesses, traders can improve their strategies and decision-making.