What does this mean-He’s losing faith in everything he’s counted on his whole life.”?

The word faith means: 1: Complete trust or confidence in someone or something.
2: Strong faith in God or doctrines of a religion.
Perhaps the person has had many disappointments in his life, with someone or something.

The Bible says about faith at (Hebrews 11:1) "Faith is the assured expectation of what is hoped for, the evident demonstration of realities that are not seen".

Then there is blind faith, that is faith without having accurate knowledge of a subject.

So if a person loses faith, it is based on these statements, which raises the question, of who or what is our faith based on?

Further research on this subject can be found @ jw.org (search, Faith)

Hope this was helpful.