Understanding your body

How do we lose fat ? What should I do to maximize my fat loss ?

To understand how your body burn fat, you must understand how your body gain fat. Whenever you consume carbohydrates , your body will convert this carbs into sugar, later converted to glycogen. Now, the body starts to sense that it has a lot of sugar, then it will issue a command to the pancreas to secrete/release insulin. Insulin takes these sugar and store them as glycogen and then stores them in our muscles and then our liver. Excess sugar will be converted into fats.
Read about insulin in Wikipedia http://en.wikipedia.org/wiki/Insulin.
Carb type food examples : sugar, bread, rice, wheat, flour,fructose found in fruits

What about the fats we eat ? Unless it is burnt fat will be stored as fat, those that are not stored will be defecated out. There are medicines that absorb the fat you eat and allow to defecate it out, I think it was manufactured by Roche , called Xenical.
Fat type food examples : cooking oil, fish oil, olive oil

What about protein ? It is not likely for protein to be stored as fat. Protein will have to be converted to glucose first then fat.
Protein type food examples: Meat, milk(mix of carb and protein), whey

below is an equation to relate fat gain
Fat gain = calories eaten/digested - calories used in daily activity - calories used in muscle gain + calories derived from muscle loss