About a week ago, Five-Star Sloper Baby Bear emailed me and suggested I read a new book called Best Loser Wins. I thanked him for his suggestion, ordered the book, and took it on the plane with me to read over the weekend.
I’ve read many trading books, and to be honest, I’ve gotten very little out of most of them. In many cases, the lessons offered are so subtle as to be untenable. It’s almost like trying to understand a zen koan. I sense the authors have good intent, but they can’t really get their point across (or perhaps I’m simply thick-headed).
Best Loser Wins is a bit like this, but to the author’s credit, he actually gets his life lessons across enough that they actually sink in a bit. It wasn’t revelatory for me, but it was eye-opening. My favorite point from the book was that almost all traders, when enjoying a winning trade, love to take profits and let the remainder ride. The author says one should do just the opposite: instead of taking profits, actually ADD to the position, increasing your risk. I’m going to try to adopt that habit.
On a scale of 1 to 10, I think I’d give this book an 8 and suggest you give it a try. Thanks, Baby Bear!
