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

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Judging from how much Tom loves to talk, how articulate he is, to explain his view, make analogies, consolidate concepts, tell stories, and deliver jokes, I have no trouble thinking this work started as a manuscript twice the final size. One can almost feel the struggle between the author and its editor fighting sentence by sentence, to refine it to the current form. 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. However, I am also arguing that techniques alone will not make you rich. Analysis alone will not get you to where you want to be. I imagine you want trading to give you a meaningful side income or perhaps even be your main income. This book describes my journey from an unemployed financial broker in February 2009 to the high-stake trader that I am today. But it is not a conventional trading book. JUST ANOTHER TRADING BOOK?

Full Book Name: Best Loser Wins: Why Normal Thinking Never Wins the Trading Game – Written by a High-Stake Day Trader It was a guy who once attended a few speeches I gave on technical analysis, while I was working as a trader at City Index in London. Now he appeared in an advert, promising to reveal the secrets to the financial markets through his courses. Market is not random, if it is, why are banks (who are mandated by law to exert extraordinary diligence in their dealings) totally invested in it? This book will guide and inspire you in ways no other trading book has. It is not about strategies and money management. It is about mind management. Tom Hougaard provides a unique and refreshingly personal account of how an ordinary trader elevated his game to incredible heights by focusing as much on his mental approach as on his technical analysis. As for the randomness of the markets..I know the markets can be very random in any moment. But I find non-randomness in the bigger picture. Why would that be..Why do I have certain patterns that have 90%+ probabilities ? I have thoughts that its human driven...As the charts are as Al Brooks would say nothing more than a rational representation of human behavior. any one trade is like a life insurance actuary trying to determine the fate of one person... You cant.. But in the case of a large sampling the actuary can make a high probability estimations of groups with certain criteria.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.

I wrote this book to describe how I transformed myself into the trader I am today, and how I was able to bridge the gap between what I knew I was capable of, and what I actually achieved. INTRODUCTION To this day Tom isn’t getting any money from this. As a matter of fact, the project is costing him money and time. But he says that public trading helps him in being more accountable for his own trades.For example, we have all read the axiom of ‘buy low and sell high’. I changed that to ‘sell low and cover lower’ and ‘buy high and sell higher’." This gave me the confidence to push ahead with the book project, because I could see that my message resonated with an audience that wanted to move beyond the conventional teachings in trading. For the book content, it is very simple to read and has some powerful lessons. It will resonate with many many traders. From what Tom focuses on to his mental preparation and visualisations (especially on challenges) -- to *expecting* discomfort. 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?'"

There is a law in Europe that states that brokers offering trading services to retail clients must disclose what percentage of their clients lose money.I have said to myself many times, that the pain of missing out on a big winner that I exited in fear of losing a small paper gain, or a big winner that I was too fearful to enter in the first place, is greater than the pain from losing a small paper gain, or my original risk, that would result from being stopped out. While, I’ve said this to myself many times I have not adhered to it while in a trade. I need to work on being able to fight my own mind when these fears arise. My technical skills are good enough to succeed, my mental game is not! 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. 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. All I see in these trading books is one perfect chart example after another. It creates an illusion in the mind of the reader. They absorb these conceited tales, written by traders who espouse the same material as everyone else – material that bears little resemblance to the real trading world. It leaves the reader blindsided to the reality of the trading arena. My main beef with the many gurus teaching outrageously expensive weekend courses is their outcome focus. They are driving their agenda by the use of external stimuli, such as portraying themselves in a helicopter or on a private jet, and they portray trading as an easy profession to master, or one where there is a secret to be learned, and once in possession of this coveted secret you become your own ATM. Rarely if EVER will these gurus risk their reputation by disclosing their trades in real time. It is always after the fact. We never hear about their losing trades. This gives the illusion that losing is a mere inconvenience you experience from time to time when trading.

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. 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.When I call out trades in my live TraderTom Telegram group, I will always announce a stop-loss. Always! However, I often get asked if I have a target in mind. The answer is quite often a little sarcastic: 'No, my crystal ball is out for repairs,' or if I am particularly grumpy and tired, I will be rude and say, 'Sorry amigo, but do I look like a fortune teller to you?'" I will just reference mindset, fear is part of the mindset, does not make sense to list it separately)

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