Is Stock Market “Trading” Any Different Than “Punting” on Horse Racing?

*Create a positive expectancy
*Position sizing
*Risk/Money management
etc

The main difference is that, like the casino, a negative expectancy is ipso facto built in in racing, on even worse terms than even the casino.

However unlike games of pure chance, one *can use their knowledge of form, breeding, and statistics such as @ShareSuccess has mentioned to flip that expectancy to the positive.

I do believe position sizing is more complex than with shares and if one can crack that conundrum you can optimise the whole caper.

{[(and a bit of inside knowledge/knowing people in low places certainly helps )]}

My own system, is rather heterodox and far more mathematically complex compared to most, as is my evaluation of results and ROI calculations.

Return on total capital employed consistently outperforms any trading system I have used, though with a small risk of ruin.

Counter to this I use a much much smaller bank in my racing system, compared to trading.

I’ve detailed some of this in my punting thread, and still fine tuning how I calculate return on capital vs risk of ruin and can dial that up or down depending on my spreadsheet inputs.

So is it any different to share trading?
Yeahbutno. Again it’s the same only different.