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.
Best Loser Wins: Why Normal Thinking Never Wins the Trading Game
4.8 | 1,859 ratings
Price: 17.46
Last update: 01-10-2025
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Amazon Customer
Changing my review to 5 stars on better context
Reviewed in the United States on August 12, 2023stephen
Very insightful
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Attention Future Millionaires!
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Everyone serious about making a living from trading needs to read this book
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