Poker and Blackjack

The Downsides of Bad Gambling (and Trading)
April 15, 2015 – 08:39 am

Blackjack and poker are the only gambling games not determined by chance alone. The shrewd player can influence the outcome by counting the cards and using a system. The fact that most casino visitors unconsciously aim at losing or play for the thrill creates chances for the rational gambler, the one who sits down poised to win. The key is to have the odds on your side and bet properly. The same goes for trading. A former student of Richard Dennis once said:

“When you are invested properly, money management is relatively simple. [We] adjust trading size for profits and losses using Richard Dennis’ model for volatility. No trader can control volatility completely, but you can improve your odds.”

Improving those odds or getting at the probabilities is central to any trend following trading system. Pierre Simon knew and wrote about this concept in his book, Theorie Analytique des Probabilites, back in 1812:

“It is remarkable that a science which began with the consideration of games of chance should have become the most important object of human knowledge. The most important questions of life are, for the most part, really only problems of probability.”


Interesting facts

Renata Galasso is an American entrepreneur and former baseball card dealer.
Galasso reportedly began her business in the early 1970s as a way to pay for college. She purchased individual packs of cards, primarily Topps, and built sets for sale, which was unusual for that time (the first verifiable complete sets sold were in the 1974 J.C. Penney...

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Popular Q&A
Who invented poker and blackjack?

Blackjack and poker weren't invented at any one time by any one person. But similar games were played in France, 1700s. !

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