Portfolio Management Formulas Mathematical Trading Methods For The Futures Options And Stock Markets Author Ralph Vince Nov 1990 !!install!! Direct

In reality, a trader with $100,000 and a trader with $10,000 face vastly different dynamics. Vince introduced the concept of —the idea that your primary goal is not to maximize average trade return, but to maximize the geometric mean of your account over time.

Vince borrowed from Kelly (Bell Labs, 1956) and adapted it for the messy reality of trading—where trades have varying outcomes, not just binary win/loss. In reality, a trader with $100,000 and a