Overview π
The book Bayesian Statistics the Fun Way is an excellent introduction to probability. Written by Will Kurt, it starts by explaining that the Bayesian theorem is based on data one can grasp from personal anecdotes or in technical terms; prior odds. This approach allows for probabilities to stay fluid and dynamic, adapting to incoming changes in information. As John Maynard Keynes once said "When the facts change, I change my mind." (Interestingly, he is also commented regarding adding a one to both sides for non-prior hypothesis, stating it "makes the whole of Bayesian theorem useless.")
Accessible for Everyone π°
I don't have a mathematics background, but Kurt writes in a way that any layperson, like myself, can understand. He explains what each symbol represents and even how the Greek letters are pronounced.
Relevance to Trading πΈ
I read this book hoping to pick up something informative for discretionary trading. It relates well, considering that trading on a chart at best, one has a 50/50 chance of the price moving in their direction. While I won't delve into each formula covered, this book has helped me adopt a more probabilistic outlook and decision-making in my day-to-day life, as opposed to the more common deterministic view of our surroundings.
Conclusion π
This book is not just for those with a math background but for anyone looking to understand probability in a fun and engaging way. Whether you're into trading or just curious about statistics, this book is a great read.
