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PureBytes Links
Trading Reference Links
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"Ralph Vince did an experiment with forty Ph.D.s.
The forty doctorates were given a computer game to trade.
They started with 1000$ and were given 100 trials in a game
in which they would win 60% of the time. When they won,
they won the amount of money they risked in that trial.
When they lost, they lost the amount of money they risked
for that trial. Only two of them made money. The other 38
lost money. 95% of them lost money playing a game in which
the odds of winning were better than any game in Las Vegas.
Why? The reason they lost was their adoption of the gamblers
fallacy and the resulting poor money management."
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