Fortune’s Formula



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Click cover for Amazon
Click link below for The Book Depository
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These books talk a lot about probability theory and history.

Beat the dealer is about Edward Thorp who developed a system to beat the casinos in Las Vegas playing blackjack. I got bored with it pretty quickly. I might return to it again some time. The casinos actually changed their rules as a result of this book. We can’t have the mug punters having an edge over the casinos can we!

I came across Fortunes Formula listening to a seminar by John Bollinger. It was a history of probability really with no real application to trading. It introduced many colourful characters. It does look at risk and position sizing – maybe I missed the point but I didn’t find it particularly useful. Also introduced was John Kelly who’s ‘Kelly Principle’ is known to most traders.

Originally posted 2017-05-04 16:01:48.