Ep. 654: No Real Magic with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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How to Win and Lose in Trading
The odds of winning the California super lotto jackpot are one in 18 million. If a car gets 25 miles per gallon and a gallon of gas is bought for every lotto ticket bought, there will be enough gas for about 750 round trips to the moon before the jackpot is won. For example, if your trading system says you have a one in 30,000 chance of winning, or roughly the same chance as being struck by lightning, you don't bet everything. You must have a mathematical expectation, an edge, or you won't win in the long run.
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