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The Kelly Criterion is the most well-known, simple and practical formula in the world the gambling and speculation. It determines the most optimal bet size according to the win-loss and reward-risk ratios of a betting system. The formula is given by:
K = W - (1 - W) / R
Where:
W = winning probability
R = reward-to-risk in each trade
For example, if your system risks one dollar to win every two dollar, and your hit rate is 40%, then you should bet:
K = 40% x 60%/2 = 12%
So, you should risk 12% of…
K = W - (1 - W) / R
Where:
W = winning probability
R = reward-to-risk in each trade
For example, if your system risks one dollar to win every two dollar, and your hit rate is 40%, then you should bet:
K = 40% x 60%/2 = 12%
So, you should risk 12% of…