Actually, I've been very much in tune recently.
But anyway....
You know, I just ran down to the liquor store and my son handed me "Mr. Fantasy" to take along.
Very considerate. How odd is that, my son and I are both into Clapton and Winwood. Society is very different when your kid hands you a Mr Fantasy CD, let me tell ya.
But anyway, thought you might like this exchange....I ordered the book myself for reference purposes.......
~~~~~~~~~~~~~~~~~~~~~~~~~~
Barnes and Noble has the book. ISBN is 0275941035 and the authors are Peter Asch and
Richard E. Quandt. Price is $12.95. I just ordered one.
Thanks
Norm xxxxxx
THE DOCTOR wrote:
> I just checked with AMAZON and the book is out of print. If you can find
one I would still go for it.
>
> THE DOCTOR wrote:
>
> > There was a book written some years back called "RACETRACK BETTING" the
authors were Adams and Quant, both professors(at Princeton I believe). It
was a discussion of paramutual betting and the concept of how to bet and
conditional probability. It quickly became "required" reading for many of
the best traders at CBOE. I would strongly encourage anyone really serious
about trading to get a copy and really understand it(I haven't checked
amazon.com to see if it still in print). This is a strong statement , but
of the handful of people I know who trade for a living and claim to have
understood it ......All have accumulated net worth's in a range that most
people would envy.
> >
> > I would strongly encourage anyone really interested in understanding
conditional probability and option trading to read it.
> >
> > Ira wrote:
> >
> > > I am on everyone's mailing list and I received an interesting
solicitation for a gambling system. I love to read the promises. This one
had something interesting in it that many of us have tried to express to the
new traders. It struck me that this particular paragraph applied to trading
as much as to horse racing and other bets of chance.
> > >
> > > "Each wagering game, including horse racing, has a set of
probabilities which govern the possible outcome of any given series of
results. Most believe those games with a "minus" probability ( a House edge
against the player), cannot be beaten over an extended period of time
because the percentages are against them. This is not always correct,
because there are two sets of probabilities, one minus and one positive!
Everyone else only uses the minus probabilities to prove their point about
so called gambling games. When in fact, almost all Casino games and Horse
racing, have a positive probability also. When this Positive Probability is
greater than the minus probability in a particular game, the game can be
beaten...in fact... the game must be beaten in the long run!!!! A game with
a positive probability would be any wager game in which three factors must
be present... The player is not required to play constantly, ( the house
must always play)... the player can cha!
ng!
> e the
> > > amount of the wagers whenever they wish, ( the house must always bet
what ever the player wagers).. The player can quit playing whenever they
want ( the house must be ready to play whenever players want to)"
> > >
> > > For Casino substitute Exchange. For House Substitute Locals. For
players substitute traders. Games of chance substitute futures, stock or
options. Not a bad analogy.
> > >
> > > The claim is that after 12 years of study by a renowned Swiss
scientist. ...... who has proven, without a doubt...there is no gambling...
I only posted this for reference. I found it interesting. Ira.
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