My sincere advice to people who are contemplating trading, or who are even trading at the moment, and who are not familiar with the concept of positive expectancy , is to make it their priority to fully understand its meaning and importance to successfully trading.
From my experience positive expectancy is an idea that is least understood by the majority of people who are planning to, and who are actually, trading. When I have been invited to present I always ensure that at some point during my presentation that I ask the audience whether they understand the term "positive expectancy"? Rarely would anyone volunteer even a mild grunt of understanding. And yet these audiences are people who have an interest in trading, and yet are not aware of what I believe is trading's "Holy Grail". and that is the pursuit of a trading methodology that produces a positive expectancy.
This is taken from a web page that has an article about expectancy, what it is, why you should understand it, and how to apply the concept. I highly, highly recommend everyone read the article and try to integrate it into their log.
Read Article: http://www.stator-afm.com/positive-expectancy.html
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