193: “Innovation as a trading edge” – Dr Brett Steenbarger
Better System Trader
The Probabilistic Game - Luck Versus Luck?
In an endeavor, 55% of outcomes are driven by skill with the remainder being luck or randomness. Top traders have a winning percentage not that much greater than 50%. But they're very good at limiting their losses and taking advantage of their winners. Part of the skill is recognizing when you're wrong and acting decisively. That's how the house wins in Las Vegas.
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