Life Loser Laughing Trolling Fag.
Someone who spends their entire gaming life career working on being the best at cheesing an opponent to get the win.
Then on top of spending their entire life doing this, every time they win, they laugh and taunt and claim how badly they won. Acting as if that win was the greatest accomplishment of their entire life. Doing it in a manner which is trolling <--- See Trolling.
Of course no definition would be complete without referencing a horrible term such as Fag. In this case actually a homosexual is considered to be above an lolingtrollfag, as homosexuals have proven a higher ranking in society.
The definition is in no way aimed at putting down homosexuals, it's simply to emphasize that an lolingtrollfag could never be straight as they have never nor will they ever get close to having sex as they are losers. Also we know how much it hurts them to be referenced as a fag, and if they were gay we'd actually remove it and just say a gay lolingtroll.
Anyways example time!
example 1-2 Fighting game examples with Street Fighter in mind.
You Lose! "taunt taunt taunt"
*trying to wake up shoryuken and nothing happens, so I lose the match*
lolingtrollfag: You suck at this game I win GG BYE!
me: stupid LoLingTrollFag!
"Quit spamming the same move over and over!"
lolingtrollfag: "lolumad? It's cuz i'm pro! You Suck at this game! what's a matter don't like it when I copy your turtle style!"
me: "You fucking lolingtrollfag"
*trollfag leaves and stays in lobby*
me: Fight me again!
lolingtrollfag: "you're not worthy enough to fight me!"
me: "You stupid lolingtrollfag!"
example 3: The Counter-Strike example.
me: Cheats! Aimbot Wallhack!
lolingtrollfags: "what's a matter, lolumad, baddie get good practice more go pro badssss!"
You have been kicked from the server.