Keep the size of the bets is small enough in relation to overall capital to reduce the chance of a ruinous event. It's much harder to put into effect.Ģ) You can make money without knowing what will happen next.ģ) An edge defines a random distribution of wins or losses for a given set of variables.Ĥ) An edge says nothing more than that, over a large enough sample, one thing will happen more than another.īasically, the trader's goal is to think like the casino. It seems pretty easy to explain and to understand. The goal is to eliminate fear and greed as operative emotions. The trick is to find, and neutralize, these beliefs. If you trade, and cannot make yourself consistently successful, then the chances are that you harbor some beliefs that work against your success as a trader. Most could benefit from reading it again and again. And yet, for traders, I think this book is invaluable. If cut down to the core, the book could probably make a very nice five page magazine article. The book is full of pop psychology and bad science to illustrate or prove his points.
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