How to Win at Monopoly ® - a Surefire Strategy
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How to Increase Your Odds of Winning at the Investment Game
A skilled player will beat a less-skilled one nearly every time. If all the players are highly skilled, as is the case in tournament poker, the luck element becomes more prominent. But skill still dominates the outcomes. One of the critical skills a poker player must have is the ability to calculate the odds of winning a given hand, based on several factors. If she is dealt two aces, she knows her odds are very good, but not foolproof.
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As each card is dealt, she must recalculate her odds of winning. She must also calculate the payoff she will earn for each additional bet she makes. She must also be aware of how many of which cards are still in the deck, and how they will change the odds. The skill set required to be successful at poker is not very different from the skills that a successful investor needs.
Chief among them is the ability to calculate changing odds on the fly as new information comes in. Humility is extremely important, because few things will sink a player as quickly as overconfidence. Money management is also critical. In investing, managing position size is similar. The best investors know when to bet big, just like the best poker players. This is an over-simplification, but investing is closer, in terms of game theory, to poker than it is to any other form of gambling.
With the possible exception of pari-mutuel betting. Remember that every trade bet you make has someone who is willing to take the other side. Is that someone a pro? Does she know more than you do? Is there some bad news about to come out? Former head of equity trading, Northern Trust Bank, Chicago. Teacher, trainer, mentor, market historian, and perpetual student of all things related to the stock market and excellence in investing. Your humoristic style is awesome, keep it up! Save my name, email, and website in this browser for the next time I comment.
Manage a Fantasy Portfolio
Outstanding post but I was wanting to know if you could write a litte more on this subject? Monitoring these ratios yourself will help you avoid surprises when you need a loan, and will enable you to spot the warning signs of debt before you get in over your head. Avoiding Consumer Scams and Ripoffs. According to a survey by the Federal Trade Commission, nearly 25 million adults were victims of fraud during that year. Financial fraud can be sophisticated and trap even experienced consumers. But there are steps you can take to protect yourself.
What Makes Up a Mortgage? Many people think a mortgage payment consists of only two parts: principal and interest. However, there are two more parts: taxes and insurance. This tutorial includes a worksheet to help you calculate how much house you can really afford.
Preparing a Spending Plan. Creating a spending plan shows you exactly how you spend your money.
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A good spending plan allows you to see where your money is going so you can pay your bills, cut expenses and save and invest. It can also help you spot problems with your finances and identify the warning signs of too much debt. Avoiding Deceptive Credit Practices.
But the truth is, there is no quick fix, and the solutions they offer may make the problem worse. If the promises a company makes seem too good to be true, they probably are, and in some cases they may even be illegal. Saving for College. Once you determine how much you need or can afford to save for college, the next step is to decide how you want to save. In addition to regular savings and brokerage accounts, there are a number of college savings alternatives that also provide a tax advantage.
To get what you want financially, you set goals.
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