Very interested in achieving the following..
The whole concept of 'longest losing run' is fatally flawed when you are talking about independent events. If you think that dark forces conspire to ensure that at least one favourite loses in every meeting, you are mistaken.
Let's use a coin flip analogy. The chances of you getting four heads in a row is one in 16. The chances of you getting 8 heads in a row is one in 256.
For the sake of this example, you've just had four heads in a row, and the coin is unbiased. The chances of you now ending up with eight heads in a row is one in sixteen. If you think, "I can safely lay these remaining heads with progressive staking because there's a one in 256 chance of me losing money", you're basing your decision on a statistical fallacy.
As a result, when you bet the house on a 2.0 horse losing, the odds of that horse losing are 50%. Anything that's happened previously is completely irrelevant. You're basically betting the farm on the roulette ball landing on red, which is a crazy strategy.
Jeff
Let's use a coin flip analogy. The chances of you getting four heads in a row is one in 16. The chances of you getting 8 heads in a row is one in 256.
For the sake of this example, you've just had four heads in a row, and the coin is unbiased. The chances of you now ending up with eight heads in a row is one in sixteen. If you think, "I can safely lay these remaining heads with progressive staking because there's a one in 256 chance of me losing money", you're basing your decision on a statistical fallacy.
As a result, when you bet the house on a 2.0 horse losing, the odds of that horse losing are 50%. Anything that's happened previously is completely irrelevant. You're basically betting the farm on the roulette ball landing on red, which is a crazy strategy.
Jeff
elcapitain wrote:Jeff, how about laying the draw on football? how many draws can a team have in a row?
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elcapitain
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Jeff i agree about independent events and it remains 50% but if you add all the odds together, Calculate the LLS it is still relevant.
Many people trade this way when events come close to LLS.
Many people trade this way when events come close to LLS.
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elcapitain
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Golfer. Good to hear. Lol. Yes i do £2 A time except when 12 reds in a row at Roulette. Lol.
There is no theoretical limit to how many favourites can win consecutively, so there is no such thing as a longest losing streak.
If you spin a roulette wheel enough times, eventually you will get 50 consecutive reds.
The odds of seven horses at odds of 3.0 winning consecutively are 1 in 2187. Bet on enough races, and it's just a matter of time before you get stung.
Jeff
If you spin a roulette wheel enough times, eventually you will get 50 consecutive reds.
The odds of seven horses at odds of 3.0 winning consecutively are 1 in 2187. Bet on enough races, and it's just a matter of time before you get stung.
Jeff
elcapitain wrote:Jeff i agree about independent events and it remains 50% but if you add all the odds together, Calculate the LLS it is still relevant.
Many people trade this way when events come close to LLS.
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elcapitain
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Jeff. Has the LLS calculation ever been broken in your experience?
For me not.
For me not.
Last year, 21 favourites in a row came in. The mathematical odds of that (conservatively assuming average odds of 3.0) is 1 in 10,460,353,203. Sorry, but black swans do sail in occasionally.elcapitain wrote:Jeff. Has the LLS calculation ever been broken in your experience?
For me not.
BTW, I'm pleased that your liability is just £2 (or it that your stake? I hope the former). That means that you're probably not going to go bankrupt with this system (unless you take loss chasing to the nth degree!).
I ran a simulation on my spreadsheet, using £2 liability and a starting bank of £100. To add extra realism, I changed the odds range to 2.5 to 6.0. Anyway, I've attached the simulation. As you can see, you did great for a while before crashing (but at least you didn't lose tens of thousands!).
If you run a few simulations yourself, you'll find that that pattern is fairly typical.Jeff
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elcapitain
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Jeff. Try favourites at bsp of 3 only and the longest winning streak is 4.
Does your spreadsheet handle that?
Does your spreadsheet handle that?
your not getting much backing elcapitain have you wondered why yet, i spent a few years trying to work out how to make money using your system 99% of the time on paper then trying it with small bets, it was a total waste of my time.
you have to find an edge a skill in whether its betting or trading thats the only way to make money.
martingale ended up with nothing, he made money for a while then ended up broke.
you have to find an edge a skill in whether its betting or trading thats the only way to make money.
martingale ended up with nothing, he made money for a while then ended up broke.
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elcapitain
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Only 3 Meetings tomorrow. Im guessing its its another winning day for the Cap'n!
Nope - the longest winning streak was 6 on the simulation I ran to test your theory.elcapitain wrote:Jeff. Try favourites at bsp of 3 only and the longest winning streak is 4.
See graph below.In case that was an anomaly, I did the same on another simulation, and this was what happened at lay 1838:
Horse Lost £2 £0.95
Horse Won £2 -£2.00
Horse Won £4 -£4.21
Horse Won £13 -£13.07
Horse Won £41 -£40.60
Horse Won £126 -£126.08
Horse Won £391 -£391.50
Before then, you were doing great, having built up a £100 bank to over £800.
[/quote]elcapitain wrote:Does your spreadsheet handle that?
That's like asking if someone's Ferrari can do 80!
Jeff
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elcapitain
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But jeff. Stake sizes are much teduced. Its free money.
Rgds
Cap'n
Rgds
Cap'n