Chapter Five
Think Like a Poker Player and Play the Odds
Larry Hite
I MADE A DOCUMENTARY FILM THAT FEATURED NOBEL Prize winners, top traders, fund managers, and professional poker players. Some people questioned why poker players were in a film primarily about markets and the recent economic crisis. Unknown to many, there is a great connection between successfully trading and successfully playing poker. The winning traders and the winning poker players both think in terms of odds.
At all times when you are betting your hard-earned money, you need to think of the odds. You always want to put the odds on your side. What do I mean? Look at the lottery. People have no chance to win. The odds are stacked against them, but they still play.
Larry Hite is famous for putting the odds on his side as a trend following trader for over three decades. That means betting big money when you have a chance to win big, and not betting big when you're guaranteed to lose.
Hite is one of my favorite traders and favorite people. What makes me like him so much? More importantly how can his experience help translate to increasing your net worth?
Let's start back in the day. Hite joked about growing up. He said that he failed at blocks in kindergarten. Out of the gate, that should put his views on formal ...
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