Adam Zelený's Key Ideas from Best Loser Wins
by Tom Hougaard

What truly defines your growth as a person is not the information you possess, but rather how you use it in real life.

When you make mistakes, take responsibility for them and learn from them.

The winning trader is not emotionally attached to an idea of “cheap” or “expensive.

I don't really want to feel anything - if I get overly happy about a win, tend to get overly sad about a loss. I don't want that.

Shift your focus to being process orientated.

Focus on the process. Focus on what you can control.

If you follow the process, the outcome will take care of itself.

I don't set goals. I just focus on my process.

We worked on it. Then we evaluated our process. We didn't actually focus on the outcome a all.

Someone who opens an account with less than 100 pounds will, with a very high degree of certainty, lose that money, sadly.

Someone who trades everything and anything, overtrading, will eventually lose their money.

If you are normal - as in you do what everyone else is doing - then you won't make it.

Don't you want to make money? Don't you want to separate yourself from the herd?

When the trader is confronted with a loss they hope it will turn around. The operative word here is hope.

Tools do not make you a top trader. Techniques do not make you a top trader.

Trading profitably has nothing to do with the instrument you use.

There is nothing wrong with trend lines, but they will not make you rich. What will make you rich is how you think when you trade.

If you want to make money trading, you need to do that which the majority finds difficult to do.

In trading, consistent winners think differently from everybody else.

For every hour you spend on technical analysis, you must set aside at least 25% of that time for what I call internal analysis.

Fear and Hope

Your focus is on fear rather than opportunity.

A lot of traders are fearful when they should be hopeful, and hopeful when they should be fearful.

When they are confronted with a profitable position, they are afraid the profit will disappear. The operative word here is fear.

Why do people bet less when they are winning and bet more when they are losing? Fear.

Adding to winning positions is an absolute key trait of the successful trader.

When you are in a winning position, instead of thinking where to get out, why don't you think where to get in more?

It is easier to add to a losing position than a winning position.

If you are on a winning streak, and you reduce your stake size, you are essentially anticipating the pain of losing some of your gains.

Perceived pain or real pain matters not to the subconscious.

Dealing with Pain

Facing our fears removes their power over us.

I use fear to achieve my goals.

Neurobiology has shown we experience a financial loss 250% more intensely than an equivalent financial gain.

Control your mind - control your future.

The market agrees with you. LET IT RIDE.

Emotions kill trading accounts.

It isn't the lack of knowledge that's stopping you from winning big. It's the way you handle yourself when you are in a trade.

Consistency and Belief

Profitable trading requires trust.

You need to believe. The belief comes from doing.

What you become in life is dependent on the decisions you make and how you react to decisions made on your behalf.

The lesson comes after the test.

Only through a dedicated approach to practice, with a specific attention to finding your mistakes, will you improve.

I have trained myself to expect the pain.

What we focus on is what we attract.

The more fear we experience, the less information the mind will focus on.

I must be like water, and flow.