Best Loser Wins
We are so excited to talk about this next book with you all that we definitely recommend as a must read for all traders! It is Best Loser Wins by Tom Hougaard. We loved it from the introduction! This book opens with a letter written to the market and I swear, it speaks to our hearts with every line! Such as: “You gave me challenges so hard, even a drill sergeant would have to give you a nod of respect. And I will always love you for it.” I mean - soooooo great!!! And the book only gets better from there!
“I know I put in the effort. I know that everything I do on a daily basis is the result of grit and determination. I am not talented, I am hard working. I am not gifted, I am determined. I am not lucky, I am persistent.”
Check out our full discussion in the podcast below, including more of our favorite quotes and how we’ve adapted the advice into our own trading journeys and lives.
Hougaard speaks from real experience, being one of the most prolific high-stakes retail traders in the world. His style of trading with very high leverage has definitely necessitated his strict adherence to risk management rules and that is the main point to this book, as one might guess from the title. He talks a bit about technical analysis, but largely focuses on the mind and strategies with account and psychological management. He states “I am a professional trader, I cannot afford to go into the trading ring without being 100% mentally prepared.” I love how much he stresses the importance of that preparation for a traders process to serve them.
Early in the book, 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.” If this isn’t the cold hard truth?! The psychological work of becoming a consistent trader is where the real effort must take place to break through to next levels.
From discussions on holding trades, leverage size, psychology, and really life lessons, this book is strong! The topics in this killer book constantly reminded me that we just need to remain calm, open, and hedge our bets with the most likely scenario. Protect our backend with a reasonable protective stop and let Ms. Market move. Trading is a game of risk and reward. We have to study, practice, risk, fail, risk more, win, risk again lose, and on and on. Eventually your winners outweigh your losers if you are to be a trader and then you can really find your upswing from there. But that process could take a few years! For those of you currently working through those years, we highly recommend this book along your journey!
Best Loser Wins has a 4.9 star rating on audible!
To listen to this book for yourself through our favorite resource for audiobooks & podcasts, go to: https://www.audible.com/pd/Best-Loser-Wins-Audiobook/B0B6Y29Q2R?action_code=ASSGB149080119000H&share_location=pdp
This must read is different from other trading books. Get your copy here: https://amzn.to/4e08Mbv
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