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#11
09-13-2005, 11:27 AM
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Re: How would you go about explaining this theory to a friend?
I would tell him to go for it, and when he figures out it won't work, you will tell him why.
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#12
09-13-2005, 07:50 PM
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Re: How would you go about explaining this theory to a friend?
A baseball player averages .300 for the season by going 3 for 4 or 4 for 5 some days because there will be some 0 for 21 stretches in the season.
To achieve any average you're going to see a series of numbers some bigger and some smaller than the end result. So if the most your friend ever makes is $100 in a day -- since he stops right there automatically -- then he cannot possibly average this amount for any stretch of time since sooner or later there will come a day when he is stuck near zero or loses money.
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#13
09-14-2005, 12:35 PM
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Re: How would you go about explaining this theory to a friend?
[ QUOTE ]
I just am not very good at explaining it, although I understand the concept. Can anyone else explain it better? [/ QUOTE ] No need to explain it better. Just make a bet with him on whether he can do this seven straight days in a row.
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#14
09-14-2005, 05:36 PM
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Re: How would you go about explaining this theory to a friend?
Your friend is destined to go broke. Bankroll management, win rate, and EV are all fundamental concepts that must be understood if he expects to actually come out ahead.
Not sure there's any way to really explain given his current mindset. He simply has to read and learn, or go broke and learn.
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