True story: I played online BJ last month. My balance went from £800 to £1400. I was flat betting £10 per hand and did approx 3000 hands.
Does this mean i have an edge?
Of course not, I was lucky!!! If i kept on playing, ultimately I would lose, guaranteed.
Sorry, NoDoji, you need to reread what i wrote. I said you win 2x your bet if it lands on heads, which makes the wager a positive expectation one.
It doesn't matter what the wager amount is, whether you increase or decrease after a win or not, it remains positive.
I don't see why.
Suppose i toss a coin where if heads comes up, i win 2x my bet but lose if tails comes up. A bet with positive expectation.
I bet a few times, have a streak of 3 heads (winners) and decide to double my bet next time. I still have a positive expectation bet.
in retrospect, ok, but need big winners to pay for them losers.
the volatility has died a bit in CL, what's the ADR these day, 130 pips or so? Used to be in excess of 200....
http://uk.reuters.com/article/2012/10/30/uk-ubs-restructure-jobs-idUKBRE89T1EH20121030?type=companyNews
Dozens of UBS traders spent their day in the pub rather than at the Swiss bank's London headquarters after they found out that their security passes no longer worked.
As more turned up...