Joined in 2023 
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63 About this deal
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. I had befriended the staff at the broker I traded with. They hired me as a financial analyst. I say analyst, but I was a glorified media whore. My mandate was to get the brokerage seen on TV and my credentials were an understanding of technical analysis. 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.
Pain, being uncomfortable, is the whole point of this essay. It is designed to make you being ok with being uncomfortable. I am arguing that a normal human being, displaying normal thinking patterns and traits, will never stand a chance of making money trading. In other words, normal won’t cut it. 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. Anyone with half an afternoon at their disposal could find the same material free of charge on the internet. More importantly, my friend told me, the guru never missed an opportunity over the weekend to pitch additional products such as personal mentoring and the advanced course. THOSE WHO CAN, DO
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. This book dispels the myths of what it takes to be a home trader, or any trader for that matter. It has been a journey that saw me initially pursue the path that everyone else takes – a lot of books about a lot of indicators, patterns and ratios – before finally realising that the real answer to the elusive quest for trading profits was right inside of me all along. It truly was the last place I ever thought of looking. A PROMISING BEGINNING Toms day trading is normally focused on indices... DAX/FTSE/DOW/NAS. And he will be in and out of all four markets during the UK and US sessions. Sometimes in all four at once. Swing trading he runs another channel and that is more often currency pairs.
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? Hougaard's emphasis on embracing losses and fear as integral components of trading is both enlightening and empowering. Instead of the usual focus on winning, he teaches suggests navigating the markets by learning from losses and maintaining discipline in the face of fear. If, however, you want lasting change – not only in your trading, but in how you live your life – then stay with me. Your transformation into a consistent trader will permeate other parts of your life. It will give you a deep understanding of who you are and what you can do to better yourself. The end result is not just more money on your trading account, but a more harmonious and exciting life journey. LIAR’S POKER Look, there have been all kinds of financial studies about this question and being that there are so many divided both ways, is it random or is it not, does it really matter? Unless it comes up in discussion, like here, it really never enters my mind. So segueing all of this into some charts...and how I use a simple method for looking for high probablitly trades... One of my Sunday rituals and evening rituals when not trading... I will use higher TF charts 4hr and Daily to mark up common measured moves..Which then I can filter down with some entrance criteria or the flipside for a TP area when in a good trade... Always thinking in probabilites...how can I add to a trade ? well if I am in a "swing""measured move" i may be more apt to stay in the trade.... There are many caveats to this..its much more difficult than it looks... but its my way of scaling up certain trades.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.
You may want to close this book and think about that for a while. It is quite frightening how deep that sentence is. Heraclitus, the pre-Socratic Greek philosopher, said: 'No man ever steps in the same river twice, for it’s not the same river and he’s not the same man.' That is important to bear in mind as a speculator, because the market changes constantly." Like other great stage speakers, Tom loves to deliver concepts, analogies, and jokes. You can always tell that he really is into the moment. He genuinely enjoys it. It’s not there because he has agreed to deliver a talk. He is there because he is having a blast. The book is not a self-help program. It is not a new-age/ask-and-you-will-be-given thing. And it is not intended to solve any of the technical problems that may affect you and your operativity. Correctly understanding how your strategy of choice works, that is your responsibility.In Liar’s Poker, Lewis describes life as a bond trader during the excesses of the 1980s. In his own words it was meant to serve as a warning to future generations about the gluttony of the finance industry, as well as a warning to young people wanting to work in the financial industry. I love it...I love that its a never ending learning and the pursuit of refinement and mastery...I used to golf competitively when I was young and I find trading is akin to golf.. A huge technical and mental game. I love puzzles etc... brain challenges. Do you know the shell of snails follow the golden mean, how do you think it relates to the four wheels below?
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. Sounds familiar? Of course it does. The market has not singled you out, this is a coping mechanism to rationalize the pain of being wrong and paying for it. 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? 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.I was hooked, and I knew trading would be my vocation. I have since read many other trading books that are perhaps more specific about trading than Liar’s Poker, but as a starter book, I could not have asked for anything better. One of the book's strongest points is the emphasis on developing a process-oriented approach. By setting aside monetary goals and concentrating on the trading plan, Hougaard encourages traders to remain focused in the present moment. How you feel about failure will to a very large degree define your growth and your life trajectory, in virtually every aspect of your life."
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