There are a few things that are essential to success in both trading as well as playing gambling games as a business. First, you have to understand edge and maximize your edge. Second, you have to be able to deal with losing. For example, a world-ranked backgammon player could lose $100,000 to a total pigeon because of bad luck. If that happens, he can’t lose his head. He has to stay calm and continue to do what he is supposed to be doing. Third, you have to understand gambler’s ruin – not playing too big for you bankroll.
John Bender
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