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Risk management is the most important life skill, with rhetoric (persuasion) being a close second. If your risk management is sound then you can play as much po
by User23 5y ago
Risk management is the most important life skill, with rhetoric (persuasion) being a close second. If your risk management is sound then you can play as much poker or options trading or futures or any other hairbrained dipsy-doodle you like. But if your risk management isn't sound then you can still lose everything in a game (broadly construed) with an edge < 1 in your favor.
- agumonkey 5y agodo you have suggestions on books or others ?
- mkmcde 5y ago"Skin in the Game" by Nassim Taleb
- User23 5y agoThe Kelly criterion[1] is a good starting point. When it was run as an experiment, a game with a .6 player edge had 28% of players go bust. [1] https://en.m.wikipedia.org/wiki/Kelly_criterion https://en.m.wikipedia.org/wiki/Kelly_criterion
- willhinsa 5y agoAnd just to add: > If the bettors had followed the Kelly bet, 94% of the participants would have been expected to reached the cap [of $250 after starting from $25]