Is it all just luck?

[Mdave1]

Interesting article in the Telegraph this morning


http://blogs.telegraph.co.uk/news/tomch ... big-bluff/

[legendz]

yes it is , there are good days and bad days, ofcourse its down to chance which cards are dealt , or which horse wins (to an extent) , in poker or anything else for that matter , the skill comes in when to back away from bad hands , trades , etc etc. and when to steam in on the good ones , yes when they are waiting on the flop in poker to see wether they survive or not could be construed as luck, but maybe they were being forced by the blinds or playing on tilt to be in that position in the 1st place, so that could be construed as the other players skill, anyway poker not for me , but i do believe in a lot of ways you make your own luck!!

[legendz]

also i was once told, lady luck has a way of making a good strategy/system look bad , and a bad strategy/system look good , and ohh have i found that to be true .

[Iron]

'Almost all areas of life are plagued by randomness, but our story-loving brains find it almost impossible to see. “It takes a lot of discipline to think abstractly,” says Mauboussin. “It’s amazing, in sport for instance, how few people – even coaches, or reporters – notice it… we’re fooled by randomness all the time. The important thing is what we do about it.”'

I agree Dave - It is a very interesting article.

Jeff

Interesting article in the Telegraph this morning


http://blogs.telegraph.co.uk/news/tomch ... big-bluff/

[rubysglory]

Now Ev'ry gambler knows that the secret to survivin'
Is knowin' what to throw away and knowing what to keep.
'Cause ev'ry hand's a winner and ev'ry hand's a loser,
And the best that you can hope for is to die in your sleep.
Kenny Rogers - The Gambler.


rg

[PeterLe]

Interesting Article - Thanks

[Dublin_Flyer]

"An imagined lion is less of a problem than a noticed one"
Not in Essex

[runningman]

I prefer to use the word variance rather than luck...

I used to mentor poker players and have always been a winner since I took the game seriously seven years ago. I think this ultimately has helped make the transition to trading as there are many skills that apply to both and I could draw countless comparisons.

I think the article is pretty basic, wrote by someone that does not 100% know the subject matter. patterns are hard to spot in the short term due to variance (luck) they obviously do exist as they become more apparent over a bigger sample size.