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  1. #21
    This is a great book but it's about the Kelly criterion and tales about how Ed Thorpe place it in training.
    Peter Brandt rather mentioned that risk is dynamic, rather then statically defined first time we entered the trade as we think. I.e we enter a trade risking 1R and the TP is 10Rs away. But when the price goes nearer to our TP, let us state at 2Rs distance from the target, we are risking 9Rs to produce 2Rs, a bad bargain one might say. This varies anytime throughout the transaction.

  2. #22
    Quote Originally Posted by ;
    This is a fantastic book but it's about the Kelly grade and tales about how Ed Thorpe put it in training. Peter Brandt rather mentioned that risk is dynamic, rather then statically defined first time we entered the transaction as we think. I.e we enter a transaction risking 1R and the TP is 10Rs away. However, if the price goes nearer to our TP, let's say at 2Rs distance from the target, we are risking 9Rs to make 2Rs, a bad bargain one might say. This varies anytime during the trade.
    Reading a novel now about him. An autobiography.

    Has been a really entertaining and enlightening look into the mans life. Nassim Taleb wrote the forward for it, which itself states a lot to me personally regarding the quality of an individual Ed Thorp is.


  3. #23

  4. #24
    Great quote!
    There are three ways to go broke: ladies, liquor and leverage - Buffett, quoting Munger

  5. #25

  6. #26
    Welcome to the hardest game in the world.
    Unfortunately, you are playing with some of the sharpest, fastest, most smart,
    well-informed, stubbornly irrational and oftentimes, unethical minds at the world.You're up against the pc which may react quicker than you.
    The trader who has more experience than you.
    The fund which has more money than you.
    The insider that's more information than you.
    The others who can misinform you.
    The internal voice which will do it is ideal to undo you.So, leave all your fantasies of making quick and effortless money, behind.The first aim is survival.
    Your absolute first goal is to understand how to remain in the game.You can simply do that by mapping the territory.
    By knowing how the enemy thinks and acts.
    Using a good game plan.
    And by choosing your battles very, very carefully.Ready to playwith?

  7. #27
    Just has to be posted here.

    Probably the best thoroughbred of all time with the best race of all time. Today, record still holds.

    Secretariat - Belmont Stakes 1973 Triple Crown

    The Center of a trader


  8. #28

  9. #29
    Hey . Just finished a My Father cigar and sipping some Dow 10 port.
    I'll just say this my own brother. The Force is price action and market structure. Fancy indiors, shadows, etc. etc. the Dark Side are they.
    Take care brother.

  10. #30

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