No Money Management = Gambling

Money management. Most people have heard but care little to implement this wisdom correctly. A stop loss is not money management. Position sizing is not money management. These two are merely arms and legs of money management. Ralph Vince conducted an experiment with 40 Phd students using a computer trading game that gave 60% winning odds to the player (which […]

Trading Is Unfair Play

Is trading really like poker? In both cases, the player makes decisions with incomplete information, reacts with strategies and risks important resources for rewards or losses. There are many similarities – the player must know when to fold, when to push on with larger stakes, and maintain a sensible composure in the most exhilarating and daunting of times. In a […]