Excellent web book on Money Management

["Ross Kovacs" <rossrk@xxxxxxxxxxxxxx>]

I was doing a metasearch of the web for information on the Kelly Criterion
and stumbled on a web book by Thomas Pflugl:
http://keplerweb.oeh.uni-linz.ac.at/trading/index.html
I seem to recall him making various contributions to this list and others.
He credits this list and others in helping to write the web book (e-book?).
Regardless, a good read and you can't beat the price (free).

Question: does he have the correct formula for the Kelly Criterion in
Chapter 7?

Kelly % =  A - [(1-A)/B]

where A = % winners and B = Avg Profit per trade / Avg Loss per trade

Also, any feedback on his writings and other money management writings would
be appreciated.
I already have a couple of Ralph Vince's books.  He is tough to read and his
books aren't written in a "here is how to apply it" way.

I put the above formula in an Excel spreadsheet, and it convinced me it was
a good approach (assuming I programmed the spreadsheet correctly ;>).  I
used random numbers to generate the trades, and the criterion worked well
(as programmed by me, a dubious undertaking).

Any feedback on spreadsheets that apply the Kelly Criterion would also be
appreciated.

Note for stock traders: this web book uses Currency futures contracts for
its examples.
I don't know if you will be as interested as I am if you trade stocks,



Ross Kovacs