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

This book is the best about how to think trading. Trading can look so simple. So why not try it. I did and have found it exactly the way the book says it is. It is hard to look at yourself as the problem but you are the problem.

New Review:I was pretty upset as I would find myself consistently posting some wins, then making huge counter-market bets and blew threw account after account, a very important sum of money to me. I was a terrible loser, and I found that the more I lost, I would do something dumber the next time around. I knew nothing about trading except that if I bought some calls and some puts, if I made money on the in between, I would do okay. I really messed myself up when, in misinterpreting Tom's message from the book, and finding myself never being able to hit that magic homerun, to try my hand at potentially turning a five figure some into a six figure sum in one trade, and blew accounts up several times.Digging deeper into it, I have found that Tom's message is incredibly useful for all aspiring day traders. Maybe I missed it here but there is a technique to what he is suggesting. It is not to mean, make 2k, then add another 10k or 20k of risk on the trade, to potentially make even more, when your risk tolerance was originally 1k or 2k. Here I am humbled and my risk per trade is much smaller than that, for now. What he suggests is to keep adding to the trade without actually incurring more risk at all. There is certainly some skill and understanding and practice to do this, but it is in fact the only way to compound an original trade that might turn out to be a runner rather than forcing yourself to be perfect on just one trade trying to catch a low and a high, which is incredibly stressful and easy to beat yourself up over.Tom has some amazing content on his YouTube website which will provide some detail to this book. I would not take the title literally and to keep adding like crazy with no restraint to your position sizing and risk the farm to try to win back a horse. That is what I was essentially doing in my frustrations with the market, and that is not the way to approach it at all. At least, however, all people if they can pick something up from Tom is learning how to compound those winners without adding more and more risk, and he does go into some details about that. If I personally can adopt this and not risk half of my account which is a meaningful sum of money to me, or my entire account on one trade, I know I will be in a better place as a trader especially if all I am risking is more profits.Old Review:Tom has an interesting idea. If you have profit, keep adding. Then he has charts of mistakes of his trades. Well, adding without a max loss is exactly how people blow up their accounts, statistically on that manner. Build a huge position by adding to it and be wrong. It only takes one time. I wouldn’t be surprised if he started at that baseline to attract a client base then advise to do something completely different.

Great wisdom is shared by the author in this book. I enjoyed it and learned a lot from it. Cheers!

1. This book offers a unique blend of biography and investment philosophy, a departure from the typical advice or plan. It presents a fascinating summary of experience, more akin to Dr. Phil than the traditional approaches of Benjamin Graham or William O'Neil.2. There are no important details, such as entry or exit points, lot sizes, timing, stop-loss percentages, or setups; you need Mark Minervini for these specifics.3. Winning investments require significant capital, and the percentage of those who could go "all in" is about the same as those who may win big. Most of us are too chickens to lose retirement money and still smile at the dinner table.4. The author, a seasoned trader, may not use a margin account, but he still switches from long to short at a rapid pace. He is not a quant, like Jim Simmons, but he is not Warren Buffett, either. He is a contrarian at best, challenging the status quo of traditional investment approaches with his wealth of experience.5. The author often dismisses technical analysis, yet he refers to double tops, double bottoms, retracements, and trend lines. Due to his experience, he has a significant amount of "meta-knowledge." Facts, motifs, knowledge, and expertise descended into his subconscious and blended into a "feel." This is similar to the sixth sense that samurais needed decades to master. The influence of this cannot be dismissed.6. The stock market is not a "Casino" (Darvas); there is a "Pattern to it" (Simmons). One cannot deny the presence of insider trading (stay away from biotech startups and admire some politicians' "investment successes") and ongoing information manipulation by market makers and investment banks. Do you remember the GameStop story?7. When you think you got it, prepare for the ever-present danger of Black Swans.Overall, the book may be repetitive at times. However, it serves as a stark reminder of the significant influence our emotions have on our investment decision-making. It urges us to 'Know Thyself' and view investing as a perpetual quest for mastery, a realization that can be both enlightening and empowering.

I don't think I've ever read a book so fast. The book is very clear and very enjoyable to read. Tom talks about the psychology of trading and less about which trading strategy to choose, that's what I was looking for. I've learned a lot about how I've traded up until now, about my choices, and how in general in life we tend to make important thoughtful decisions out of emotion and not from simple logic or looking at the answers that are in front of our eyes. I highly recommend it to anyone who trades in any form or in any time frame. Thanks, Tom!

Great book. Every trader should read this one. Worth every cent. Picked up a second copy to give as a gift

Best trading book out there. Really puts things into perspective. You will refer back to this book your entire trading career

Tom has written the book which audits are put his finger on the razor edge difference between being a successful profitable trader and ultimately fails. Some of his ideas are quite obvious but also some of them are very profound if you actually think them through and are willing to integrate and apply them in your daily trading. Thank you Tom for writing such a wonderful book. I hope it helps many people as I’m sure it’s going to help me.

This book has changed my life.

"Best Loser Wins" destaca-se como uma leitura transformadora para qualquer indivíduo envolvido no mundo desafiador do trading. O autor habilmente explora a mentalidade necessária para enfrentar os altos e baixos do mercado, desafiando as noções convencionais de pensamento.A obra oferece uma perspectiva única sobre a importância de aceitar perdas como parte inerente do processo de trading. Ao desmistificar o estigma associado às derrotas, o autor apresenta uma abordagem refrescante que destaca a aprendizagem contínua e a resiliência como componentes essenciais para o sucesso.

Molto bello e educativo, d leggere in un batter d'occhio

Tom describes trading from a different angle than the usual trading book would. He touches and mainly focuses on the mind game when trading and it is an eye opener - at least for me. It allowed me to realize a few things about my brain and what it does when I trade and put the right processes in place. Thank you Tom.

One of the best books on trading I've ever read.