I would not use nolvadex for fat loss, and no - it is not a good means for fat loss. What nolvadex will do, is reduce your estrogen levels, which will lead to certain side effects - I think there is no need for me to tell you that estrogen is female hormone and you need it. If you want to lose fat, then you will be much better off with such PPAR modulators as Cardarine GW or SR9009. They will effectively burn fat without affecting your hormonal levels, and they will give you quite a boost in cardio, helping you lose even more weight. The best part about them is that they do not have side effects.