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 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?

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?'" Readers seldom have chance to get inside the mind of a trader and see things the way the trader does. In Best Loser Wins, Tom Hougaard shows you what it takes to become a consistent trader; this is an assassin showing you how he gets ready for his next hit. If you ever sit alone in front of a trading screen, you need to read this book. Period. 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. 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. I started that job in the summer of 2001. My first customer-facing experience was when the CEO brought me to Royal Ascot – a significant event in the social calendar of the rich and famous. It is a horse racing event, mixed with champagne, funny-looking hats and big cigars.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.” 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.

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?'" 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. Tom in this book is very adamant, almost blunt, about one thing: 90% of the traders lose money. And he’s right. That is where the winner’s money comes from. 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.And a final point to the Pikers and Punters here who shit on posting charts as they are "hindsight" What does Tom do... He prints out charts..Old charts thousands upon thousands of HINDSIGHT charts.. and studies them... PREPPING HIS MIND... Thats what a profession does.. Punters sit down and STFU ..Just my opinion lol While writing this book, I saw an advert for a technical analysis course in my home country, Denmark. Only the year before, the person running the course had lost 35% of their trading capital on a copy trader account for their followers, before closing the account. Tom is also a fantastic teacher, literally unable to be boring. If you ever come across the opportunity to attend one of Tom’s talks, go for it. For what it’s worth, you have my word you wouldn’t regret it. So yes, treat the source of the problem. I think the blindness you speak of is pulled from the overall objective of obtaining a championship mindset. 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.