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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. It teaches how to train your brain to respond inhumanely to the survival impulses that plague the normal way of approaching (or not approaching) a trade. It’s going to require a hell of a lot of effort, and trial and error on the reader’s part. But you don’t have to trust me when I say it pays off. I’d say trust the author. It is not explicitly aimed at investors and position traders (although they would benefit from reading it too), instead it is geared to best engage with the minds of short term and swing traders. What to expect instead? This book starts as a love letter to the markets. And like any love good story, it involves a lot of pain. I will come to the rescue of both camps and state that to become a profitable trader, you need much more than just technical analysis under your belt.
How you feel about failure will to a very large degree define your growth and your life trajectory, in virtually every aspect of your life. Although this is not a book about trading techniques, I am not arguing that you can do without technical analysis, or some form of analysis. There must be some rhyme or reason to your entries and exits, and your stop-loss placement. You see what my message really is? I try to lose little when I lose. When I lose, I instantly get an urge from my body chemically to get revenge. That is poisonous to my mental health and decision making. So when I lose, I am double alert to my emotions. So you are asking what to do in the next 4 to 6 weeks, while I am away? Best Loser Wins offers a refreshing and insightful perspective that challenges conventional trading wisdom and provides invaluable lessons for achieving consistent profitability. It is because of how my mind works that I am able to trade in the way that I do. My knowledge of technical analysis is average at best. My knowledge of myself is what sets me apart.
I think there is a need to flesh out some facts to remove this holier than thou cryptic style of discussion that impedes our trading and hinders our progress. How can we understand the concept of something clearly when every thing is written like a ceremony to a masonic lodge. If market is random, as in future event is independent of the past, why bother with technical analysis? 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. Pain, being uncomfortable, is the whole point of this essay. It is designed to make you being ok with being uncomfortable.
The world does not need more trading books. So, I decided not to write one. I know enough about technical analysis to write a few books. I also know that technical analysis does not make you a rich trader. It doesn’t even make you a good trader. Tom’s hard-earned wisdom explains that “ normal”consists in a number of emerging human behaviours designed to avoid pain and being uncomfortable when managing a trade. All of them, invariably, are counter-productive in the long term. This book is of course is not the first one assessing this. 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.
In Memory of Kobe Bryant – Best Loser Wins Part II
Best Loser Wins explains how you, by thinking differently when you are trading, can elevate your game from mediocre and sporadic, to excellent and consistent. No amount of technical analysis will ever do that for you. yep all is recorded..time-stamped called out live with stops TPs etc. Latency is something he has worked on. Currently he is doing live voice sessions for the UK and US ..so you hear what he's doing and see on the chat. Pretty effective..I don't trade his calls...I tho did once copy a trade of his in the last 2 years.. How you feel about failure will to a very large degree define your growth and your life trajectory, in virtually every aspect of your life." I have conditioned my mind to lose without anxiety, without loss of mental equilibrium, without emotional attachment, and without fostering feelings of resentment or desire to get even. Training is important, and the will to act on the training is obviously paramount. However, our minds are not naturally gravitating towards taking risk. So, if you want to be a risktaker in life, you need to introduce risk into your life slowly and gradually.”
In conclusion, 'Best Loser Wins' is a remarkable book that goes beyond the conventional trading literature. It connects with readers on a personal and psychological level, providing essential insights and eye-opening perspectives. Whether you choose to confront your emotions and psychological traits head-on or create a trading robot to handle these challenges, the decision is yours. This book is a beacon of light for any trader seeking to surpass the limitations of the market and achieve true success. I cannot recommend it enough. That kind of stake size sharpens the senses. Yes, it is a great life when it goes well, but a very challenging one when adversity sets in. My answer hung in the air like a morbid joke at a funeral. I had barely finished my verdict before I noticed the death stare from my boss. All these clients were long Marconi and they would go on to lose fortunes. Later that year I was on CNBC and I was asked to do a chart analysis of Marconi. I will just reference mindset, fear is part of the mindset, does not make sense to list it separately)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. The time you know you’ve become a good trader is that first day you were able to win by holding and adding to a winning position. When I am in a profitable position, I have trained my mind to ask, 'How can I make my position bigger?'" If the answer is yes, then fear, mindset and trading psychology apply to you. It doesn't matter anyway, since you're trading a random market. It is only when you sit down in front of the screen on Monday morning, after your overpriced weekend course on trading, and the market is moving in front of you, and you don’t have the after the fact chart in front of you, that you realise this game is not as easy as the guru told you during the weekend course. 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.
It paints a clear picture why 90% of retail traders lose. Some passages towards the end of the book are "borrowed" from the book Trading In The Zone by Mark Douglas, but if you didnt read that one you wont mind it. They perpetuate the illusion that trading is an easy endeavour. I think it is fair to say that with a failure rate around 80%, there is absolutely nothing easy about trading. Tom argues that normal, well-adjusted rational people don’t work well as traders because they are hopeful when they should be fearful, and fearful when they should be hopeful. Adding to losers, letting them run, and cutting winners. In all of his published content Tom teaches how to, essentially, turn the trading game upside down.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. The book is not a self-help program. It is not a new-age/ask-and-you-will-be-given thing. And it is not intended to solve any of the technical problems that may affect you and your operativity. Correctly understanding how your strategy of choice works, that is your responsibility. But you made the lessons obscure. You designed it to look easy. But it was never easy. You made everyone believe that you could be danced with through models, through equations, through indicators, through conventional thinking and through logic. But often there is little logic to you. And I struggled to dance with you for years, until one day by chance you told me your secret. You told me to stop trying to understand you. You told me to understand myself."
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