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0.95613L0.992894 6.94483C-0.066948 7.37023 -0.061323 7.96196 0.800144 8.22551L4.78605 9.46968L14.0138 3.64787C14.4499 3.3832 14.8494 3.52537 14.5213 3.81704L7.04397 10.5643L7.12095 10.6987L7.04397 10.5649L6.76974 14.675C6.92584 14.6731 7.07947 14.6358 7.21913 14.566C7.35878 14.4963 7.48083 14.3958 7.57613 14.2721L9.51318 12.389L13.5423 15.3662C14.2841 15.7748 14.8191 15.5629 15.004 14.6773L17.6491 2.21212C17.9199 1.12644 17.2349 0.634171 16.5258 0.956163"></path></svg></a></div><div class="sc-bdfBwQ Grid__GridItem-sc-3uwl3g-2"><div aria-label="Copy the link to your clipboard" class="sc-gsTCUz SocialLink__IconWrapper-sc-1toayxk-0 kSSfgv sHTpX"><svg viewBox="0 0 14 17" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-bdfBwQ Svg-sc-17i2kvj-0"><path d="M13.8801 0V12.26H11.8801V2H4.12012V0H13.8801Z"></path><path d="M0.120117 3.97998V16.24H9.88012V3.99998L0.120117 3.97998ZM7.87012 14.26H2.12012V5.99998H7.88012L7.87012 14.26Z"></path></svg></div></div></div></div></div></div></div></div></div><div class="sc-bdfBwQ Dropdown__Wrapper-egbkvi-2 haGBPZ dKySxu wrapper--bottom,bottom-right"><div class="sc-gsTCUz hSEAzV"><div class="sc-bdfBwQ Text-msjfkz-0 fJwUeL">Table of Contents</div><svg viewBox="0 0 9 6" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-bdfBwQ Svg-sc-17i2kvj-0 erLLvd"><path d="M4.24 5.65L0 1.41L1.42 0L4.24 2.82L7.06 0L8.48 1.41L4.24 5.65Z"></path></svg></div><div class="Dropdown__DropdownWrapper-egbkvi-1 jpFHJB"><div class="Dropdown__Menu-egbkvi-0 bBRENP"><div class="StickyBar__ToC-rk0m1f-0 PywUU"><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">What Is the Kelly Criterion?</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">History of the Kelly Criterion</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">How Is the Kelly Criterion Calculated?</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">How Do You Input Odds Into the Kelly Criterion?</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">How To Use the Kelly Criterion in Trading</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">Interpreting the Results</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">Is the Kelly Criterion Effective?</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">How Do I Find My Win Probability With the Kelly Criterion?</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">What Is Better Than the Kelly Criterion?</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">How Are the Black-Scholes Model, the Kelly Criterion, and the Kalman Filter Related?</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">What Is a Good Kelly Ratio?</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">The Kelly Criterion Formula in Gambling</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">The Kelly Criterion Formula in Investing</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">Examples of the Kelly Criterion</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">Kelly Criterion in Stock Markets</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">Kelly Criterion in Sports Betting</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">How Do Investors Use the Kelly Criterion Formula?</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">Application of Kelly Formula in Algo Trading</div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv">Kelly Criterion Limitations</div></div></div></div></div></div><div style="width:0%" class="sc-bdfBwQ ProgressBar__Bar-sc-7ekl2x-0 blnIOn eMGdpa"></div></div><a href="/academy/categories/trading-analysis" class="sc-bdfBwQ Text-msjfkz-0 jStWLp">Trading Analysis</a><h1 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 hoXOTC dAnDNe">What Is the Kelly Bet Size Criterion and How To Use It in Crypto Trading?</h1><div class="sc-gsTCUz qFvDU"><div class="sc-bdfBwQ Text-msjfkz-0 clhOqr"><a href="/academy/author/jelle" class="ArticleContent__AuthorLink-sc-18n1x4l-3 gMCoqt">By CryptoJelleNL</a></div><div class="sc-gsTCUz jZlgey"><svg viewBox="0 0 24 24" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-bdfBwQ Svg-sc-17i2kvj-0 kKBMco"><path d="M11.9963 4C13.5785 4 15.1252 4.46919 16.4408 5.34824C17.7564 6.22729 18.7818 7.47672 19.3873 8.93853C19.9928 10.4003 20.1512 12.0089 19.8426 13.5607C19.5339 15.1126 18.772 16.538 17.6531 17.6569C16.5343 18.7757 15.1089 19.5376 13.557 19.8463C12.0052 20.155 10.3966 19.9965 8.93481 19.391C7.473 18.7855 6.22358 17.7602 5.34452 16.4446C4.46547 15.129 3.99628 13.5823 3.99628 12C3.99871 9.87901 4.84234 7.84559 6.34211 6.34583C7.84187 4.84606 9.87529 4.00243 11.9963 4ZM11.9963 2C10.0185 2 8.08507 2.58649 6.44058 3.6853C4.79609 4.78412 3.51436 6.3459 2.75749 8.17317C2.00061 10.0004 1.80258 12.0111 2.18843 13.9509C2.57428 15.8907 3.52669 17.6725 4.92521 19.0711C6.32374 20.4696 8.10557 21.422 10.0454 21.8079C11.9852 22.1937 13.9959 21.9957 15.8231 21.2388C17.6504 20.4819 19.2122 19.2002 20.311 17.5557C21.4098 15.9112 21.9963 13.9778 21.9963 12C21.9963 10.6868 21.7377 9.38641 21.2351 8.17315C20.7326 6.95988 19.996 5.85748 19.0674 4.92889C18.1388 4.0003 17.0364 3.26371 15.8231 2.76117C14.6099 2.25863 13.3095 1.99998 11.9963 2Z" fill="currentColor"></path><path d="M15.561 16.972L11.003 12.414V6.004H13.003V11.586L16.975 15.558L15.561 16.972Z" fill="currentColor"></path></svg><span class="sc-bdfBwQ Text-msjfkz-0 gtVAYr">8m</span></div><span class="sc-bdfBwQ Text-msjfkz-0 eDxZZL">Created 1yr ago, last updated 1yr ago</span></div><div class="sc-bdfBwQ ArticleContent__ArticleSummaryBox-sc-18n1x4l-1 ihJtHv dwcfaP"><p>We take a look into the Kelly criterion, created by John L. Kelly, which is a mathematical formula used by both gamblers and investors to determine the best position size.</p></div><div class="sc-bdfBwQ ArticleCover__CoverBox-sc-9pmloj-0 bVYJZw"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%27720%27%20height=%27405%27/%3e"/></span><img alt="What Is the Kelly Bet Size Criterion and How To Use It in Crypto Trading?" srcSet="https://academy-public.coinmarketcap.com/optimized-uploads/dffb1bf7c23f418aaa66e6710b9c4ce1.png 1x, https://academy-public.coinmarketcap.com/optimized-uploads/dffb1bf7c23f418aaa66e6710b9c4ce1.png 2x" src="https://academy-public.coinmarketcap.com/optimized-uploads/dffb1bf7c23f418aaa66e6710b9c4ce1.png" decoding="async" data-nimg="intrinsic" class="coverImage" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></div><div class="sc-bdfBwQ ArticleContent__TableOfContents-sc-18n1x4l-2 eEqGWC fiqiCA"><h4 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 ksiqdi dAnDNe">Table of Contents</h4><ul><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-0">What Is the Kelly Criterion?</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-1">History of the Kelly Criterion</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-2">How Is the Kelly Criterion Calculated?</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-3">How Do You Input Odds Into the Kelly Criterion?</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-4">How To Use the Kelly Criterion in Trading</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#interpreting-the-results">Interpreting the Results</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-5">Is the Kelly Criterion Effective?</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-6">How Do I Find My Win Probability With the Kelly Criterion?</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-7">What Is Better Than the Kelly Criterion?</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-8">How Are the Black-Scholes Model, the Kelly Criterion, and the Kalman Filter Related?</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-9">What Is a Good Kelly Ratio?</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#the-kelly-criterion-formula-in-gambling">The Kelly Criterion Formula in Gambling</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#the-kelly-criterion-formula-in-investing">The Kelly Criterion Formula in Investing</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-10">Examples of the Kelly Criterion</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#kelly-criterion-in-stock-markets">Kelly Criterion in Stock Markets</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#kelly-criterion-in-sports-betting">Kelly Criterion in Sports Betting</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#how-do-investors-use-the-kelly-criterion-formula">How Do Investors Use the Kelly Criterion Formula?</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#application-of-kelly-formula-in-algo-trading">Application of Kelly Formula in Algo Trading</a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-11">Kelly Criterion Limitations</a></li></ul></div><article class="sc-bdfBwQ Container-sc-4c5vqs-0 ArticleContent__ArticleContainer-sc-18n1x4l-0 cdVqKV khdEkh ljODsN"><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Figuring out the best <a href="https://coinmarketcap.com/alexandria/glossary/position-size" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">position size</a> for a trade can be challenging. Careful investors usually bet small, which significantly reduces their profit potential. On the other hand, while betting big could let you take home big winnings, it can also cost you dearly. The below meme is common in investing communities, where traders bet too much on a single trade, and end up losing a lot of money or getting <a href="https://coinmarketcap.com/alexandria/glossary/liquidation" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">liquidated</a>.</div><div class="lazyload-wrapper "><div style="height:200px" class="lazyload-placeholder"></div></div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The Kelly criterion was developed to determine how much to invest in a certain asset, how much to bet on horse racing, or the optimal bet size at the blackjack table.</p><div class="sc-bdfBwQ iumvLK"><div class="sc-gsTCUz hFwcgf"><a href="/newsletter" class="sc-bdfBwQ Button__StyledButton-sc-1kvh4an-0 cCzBkx">Subscribe</a></div><p class="sc-bdfBwQ Text-msjfkz-0 fdbMey">Join us in showcasing the cryptocurrency revolution, one newsletter at a time. Subscribe now to get daily news and market updates right to your inbox, along with our millions of other subscribers (that’s right, millions love us!) — what are you waiting for?</p></div><h2 id="header-0" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">What Is the Kelly Criterion?</h2><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The Kelly criterion is a mathematical formula to maximize wealth growth over time. Originally developed to study the disturbances in long-distance phone calls, the formula was quickly adopted by professional gamblers to calculate the optimal <a href="https://coinmarketcap.com/alexandria/glossary/position-size" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">betting size</a>.</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Since then, sophisticated traders and investors alike use the formula to plan and manage their <a href="https://coinmarketcap.com/alexandria/glossary/portfolio" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">portfolio</a>, in order to maximize the profit potential – a strategy that has proven successful over time.</div><h2 id="header-1" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">History of the Kelly Criterion</h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The popular gambling and investing formula was developed by John L. Kelly while working at telecommunications company AT&T.</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Kelly’s role at the company was to analyze disturbances in long-distance calls. After he first published his findings in the 1956 academic paper “<a href="https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf" rel="nofollow noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">A new interpretation of information rate</a>,” it did not take long for professional gamblers to adopt the formula in a different, albeit less academic, setting: determining how much to bet on horse races.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Today, it is widely used as a general money and portfolio management system in sports betting, gambling, trading and investing.</p><h2 id="header-2" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">How Is the Kelly Criterion Calculated?</h2><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The Kelly formula consists of two basic components. It considers the likelihood of the gamble or investment resulting in a win <strong>(W)</strong>, as well as the win/loss ratio <strong>(WLR)</strong>: the average gain of a winning trade, divided by the average loss on a losing trade.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">These inputs are then fed into the Kelly equation:</p><div class="lazyload-wrapper "><div style="height:200px" class="lazyload-placeholder"></div></div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The output of the mathematical formula is known as the Kelly percentage, which investors and gamblers use to determine how much of their bankroll or portfolio to allocate to a bet – maximizing their expected return.</p><h2 id="header-3" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">How Do You Input Odds Into the Kelly Criterion?</h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Determine your win rate, and your win-loss ratio, using the following calculations:</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Win rate: </strong>Divide the number of wins, by the total number of trades taken.</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Win-Loss Ratio: </strong>Divide your average gain by your average loss.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Once you have those data points, you can calculate the Kelly Percentage by feeding the outcomes into the formula.</p><h2 id="header-4" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">How To Use the Kelly Criterion in Trading</h2><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">To put the Kelly system to work, you will need data on your performance. Seasoned traders use a <a href="https://coinmarketcap.com/alexandria/glossary/portfolio-tracking" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">trading journal</a>, and if you do not track your trades yet, the best time to start is now. Alternatively, you could backtest your strategy.</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Once you have data on your last 50 to 60 trades, we can get to work. The first step is to calculate your win rate <strong>(W)</strong>. This is done by dividing the number of wins, by the total number of trades taken. From there, the next step is to calculate the <strong>WLR, </strong>by dividing your average gain by your average loss.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Once you have those data points, you can calculate the Kelly Percentage by feeding the outcomes into the formula we discussed earlier.</p><h3 id="interpreting-the-results" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK">Interpreting the Results</h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">After making the necessary calculations, the Kelly formula will provide you with a percentage to risk on each trade, gamble, or investment. For example, if the outcome of the formula is 0.035, you should risk 3.5% of your bankroll on each bet.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">In some cases, you may have to overrule the Kelly strategy. Regardless of the outcome of the calculation, it is unwise to risk more than 20% on a single position, bet or trade. Going over this limit carries more risks than any smart investor would willingly take.</p><h2 id="header-5" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">Is the Kelly Criterion Effective?</h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The Kelly strategy is a mathematical approach to money management and maximizing your returns. Because the approach is founded in telecommunications theory, many people question its real-world applicability to the stock market or gambling.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">However, doubters can simply input their current data and project the trajectory of their account if they would use the Kelly criterion. So long as they follow the same trading system, and the data is entered into the formula correctly, the real-world performance should not be much different from the projections.</p><h2 id="header-6" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">How Do I Find My Win Probability With the Kelly Criterion?</h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">While most casino games and other forms of gambling have very clear and structured odds, there is no fool proof way of calculating the odds of a given trade or investment. Therefore, most traders and investors rely on their historical performance to calculate the win rate.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Though not 100% accurate, if a trader is able to maintain a consistent average win rate over extended periods of time, it is reasonably safe to assume this will continue.</p><h2 id="header-7" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">What Is Better Than the Kelly Criterion?</h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Even though many investors have managed to build a successful portfolio on the principles of the Kelly criterion, it is not a guarantee to success.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The Kelly criterion is aimed at seeking optimal returns, but some investors are more focused on minimizing risk, while others are saving for a specific goal, such as their retirement. Therefore, the Kelly formula may not be suited for certain investors, while it is very successful for others.</p><h2 id="header-8" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">How Are the Black-Scholes Model, the Kelly Criterion, and the Kalman Filter Related?</h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The Kalman filter, the Kelly criterion and the Black-Scholes model all play a different role in portfolio management. Using more than one of them is therefore not unheard of.</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Namely, the Black-Scholes model is used to calculate the theoretical value of an <a href="https://coinmarketcap.com/alexandria/article/what-is-crypto-options-trading" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">option contract</a>, based on how much time is left until maturity, and a few other factors. Meanwhile, the Kalman filter estimates the value of unknown variables, where more precise measurements are impossible.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Essentially, they are three different popular mathematical formulas used to calculate the returns of an investment.</p><h2 id="header-9" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">What Is a Good Kelly Ratio?</h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">As discussed earlier, it is unwise to follow the Kelly percentage if it is higher than 20%, because this puts the trader at unnecessary investment risk. Therefore, some investors like to use less than the Kelly percentage (for instance, half of what their Kelly ratio is). This risk-averse approach is often referred to as a fractional Kelly bet.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">In some cases, the Kelly formula produces a percentage of lower than zero, which means the formula does not recommend betting at all. In these cases, it is best to reconsider the strategy, as it does not produce many results.</p><h3 id="the-kelly-criterion-formula-in-gambling" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK">The Kelly Criterion Formula in Gambling</h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Using the Kelly criterion formula in gambling is straightforward, as the odds are reasonably clear from the start and relatively simple to understand. For example, the odds of hitting red in roulette are approximately 48% and the odds of guessing the number right 2.7%.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">This makes it easy to apply the Kelly formula in gambling – the odds are already known. Simply insert the data into the formula and get to work.</p><h3 id="the-kelly-criterion-formula-in-investing" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK">The Kelly Criterion Formula in Investing</h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Contrary to gambling and casino games, trades and investments do not have a similarly clear odds structure. In fact, the odds are hard to tell in advance at all – which is why most traders rely on historical performance to calculate their win rate.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">This makes applying the Kelly formula in trading and investing slightly more complicated, but with a few simple calculations, the formula can be applied here as well.</p><h4 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ffRerq">Does Warren Buffett Use the Kelly Criterion?</h4><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Warren Buffett deserves at least partial credit for the popularity of the Kelly criterion, as he has referred to it on multiple occasions. He and his Berkshire Hathaway partner Charlie Munger both favor concentrated diversification, and the Kelly criterion is helpful in this.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Buffett stated: “I can’t be involved in 50 or 75 things. That’s a Noah’s Ark way of investing – you end up with a zoo that way. I like to put meaningful amounts of money in a few things.”</p><h2 id="header-10" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">Examples of the Kelly Criterion</h2><h3 id="kelly-criterion-in-stock-markets" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK">Kelly Criterion in Stock Markets</h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Trader Jack uses an approach with an average win rate of 40%, an average loss of $120, and an average win of $240. When he feeds these data points into the formula, he generates the following Kelly percentage:</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Kelly Percentage = 40% - (1-40%) / ($240/$120) = 10%.</strong></p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Therefore, Jack decides to use 10% of his account on each of his trades. He could also decide to take a more conservative approach, and use a fractional Kelly approach, using 5% of his account.</p><h3 id="kelly-criterion-in-sports-betting" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK">Kelly Criterion in Sports Betting</h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Gambler Jamie is at the Roulette table, and consistently bets on red, with odds of 48%. Because roulette has a one-to-one payout for betting on red, his average win is $20, while his average loss is the same, $20. Feeding this data into the formula, he generates the following Kelly percentage:</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Kelly Percentage = 48% - (1-48%) / ($20/$20) = -4%.</strong></p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">As you may remember, a negative Kelly percentage should be interpreted as a recommendation to not follow this strategy – as it yields negative results over time. Jamie therefore decides to read up on more complex gambling strategies with better winning probability.</p><h3 id="how-do-investors-use-the-kelly-criterion-formula" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK">How Do Investors Use the Kelly Criterion Formula?</h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">As discussed, traders on wall street and far beyond use the Kelly formula to calculate their optimal bet size. Warren Buffett used the formula to build his portfolio, to decide how much of the total Berkshire Hathaway funds he would use to buy his stake in companies like Chevron, Coca-Cola and Microsoft.</p><h3 id="application-of-kelly-formula-in-algo-trading" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK">Application of Kelly Formula in Algo Trading</h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Because algorithms can clinically follow a systematic approach – the Kelly criterion is an excellent tool to calculate its optimal risk size. With ample data on its past performance, algo traders can optimize the strategy using Kelly’s formula, and take the profitability of algo-trading to the next level.</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Read more about algorithmic and robotized trading <a href="https://coinmarketcap.com/alexandria/article/what-is-a-grid-trading-bot-and-how-to-use-it" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">here</a>!</div><h2 id="header-11" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">Kelly Criterion Limitations</h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Even though the Kelly criterion is a very useful model in portfolio management, it is not without shortcomings. Firstly, a mathematical model is only as reliable as the data it is feeded.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">In this case, the Kelly criterion assumes you follow the exact trading system, with the same win rates as you did during the data it uses to calculate the optimal amount to bet. If these data points change, the Kelly calculation should be made again, to reflect these changes in the portfolio. This requires constant monitoring of trading or betting performance, which can be time-consuming.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Secondly, the Kelly criterion is aimed at seeking optimal returns, while some investors are more focused on long-term risk minimization, or cash flow from investments. This makes the Kelly criterion less suited for certain types of investors.</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">To sum up, the Kelly criterion is a mathematical approach to portfolio management, which can help calculate the optimal <a href="https://coinmarketcap.com/alexandria/glossary/position-size" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">position sizing</a>. This approach helps minimize drawdowns, while maximizing the long-term growth rate of your portfolio. However, it does not help with portfolio allocation or reduce volatility of the markets.</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Nevertheless, it is important to keep track of your performance and expected returns, and make changes along the way. Exercise <a href="https://coinmarketcap.com/alexandria/article/risk-management-what-is-it-and-why-should-i-use-it-in-trading" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">risk management</a>, and do not blindly follow the Kelly criterion, but use common sense as well.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><em>Writer’s Disclaimer: This article is based on my limited knowledge and experience. It has been written for educational purposes. It should not be construed as advice in any shape or form. Please do your own research.</em></p><div class="disclaimer">This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. 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347.667" stroke="none" fill="#fffcfc" fill-rule="evenodd"></path><path d="" stroke="none" fill="#fcfcfc" fill-rule="evenodd"></path></svg></a></div><div class="copyright"><div>©2025 CoinMarketCap</div></div></footer></div></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"article":{"id":"64917c29e186a85d04cb469c","title":"What Is the Kelly Bet Size Criterion and How To Use It in Crypto Trading?","slug":"what-is-the-kelly-bet-size-criterion-and-how-to-use-it-in-crypto-trading","meta":"We take a look into the Kelly criterion, created by John L. Kelly, which is a mathematical formula used by both gamblers and investors to determine the best position size.","visible":true,"image":{"original":"uploads/dffb1bf7c23f418aaa66e6710b9c4ce1.png","optimized":"optimized-uploads/dffb1bf7c23f418aaa66e6710b9c4ce1.png","thumbnail":"thumbnail-uploads/dffb1bf7c23f418aaa66e6710b9c4ce1.png"},"content":"\u003cp\u003eFiguring out the best \u003ca href=\"https://coinmarketcap.com/alexandria/glossary/position-size\"\u003eposition size\u003c/a\u003e for a trade can be challenging. Careful investors usually bet small, which significantly reduces their profit potential. On the other hand, while betting big could let you take home big winnings, it can also cost you dearly. The below meme is common in investing communities, where traders bet too much on a single trade, and end up losing a lot of money or getting \u003ca href=\"https://coinmarketcap.com/alexandria/glossary/liquidation\"\u003eliquidated\u003c/a\u003e.\u003c/p\u003e\u003cp\u003e\u003cimg src=\"https://academy-public.coinmarketcap.com/optimized-uploads/ba766b7dd147469584524026eb7d124a.jpeg\"/\u003e\u003c/p\u003e\u003cp\u003eThe Kelly criterion was developed to determine how much to invest in a certain asset, how much to bet on horse racing, or the optimal bet size at the blackjack table.\u003c/p\u003e\u003ch2 id=\"header-0\"\u003eWhat Is the Kelly Criterion?\u003c/h2\u003e\u003cp\u003eThe Kelly criterion is a mathematical formula to maximize wealth growth over time. Originally developed to study the disturbances in long-distance phone calls, the formula was quickly adopted by professional gamblers to calculate the optimal \u003ca href=\"https://coinmarketcap.com/alexandria/glossary/position-size\"\u003ebetting size\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eSince then, sophisticated traders and investors alike use the formula to plan and manage their \u003ca href=\"https://coinmarketcap.com/alexandria/glossary/portfolio\"\u003eportfolio\u003c/a\u003e, in order to maximize the profit potential – a strategy that has proven successful over time.\u003c/p\u003e\u003ch2 id=\"header-1\"\u003eHistory of the Kelly Criterion\u003c/h2\u003e\u003cp\u003eThe popular gambling and investing formula was developed by John L. Kelly while working at telecommunications company AT\u0026amp;T.\u003c/p\u003e\u003cp\u003eKelly’s role at the company was to analyze disturbances in long-distance calls. After he first published his findings in the 1956 academic paper “\u003ca href=\"https://www.princeton.edu/~wbialek/rome/refs/kelly_56.pdf\" rel=\"nofollow\"\u003eA new interpretation of information rate\u003c/a\u003e,” it did not take long for professional gamblers to adopt the formula in a different, albeit less academic, setting: determining how much to bet on horse races.\u003c/p\u003e\u003cp\u003eToday, it is widely used as a general money and portfolio management system in sports betting, gambling, trading and investing.\u003c/p\u003e\u003ch2 id=\"header-2\"\u003eHow Is the Kelly Criterion Calculated?\u003c/h2\u003e\u003cp\u003eThe Kelly formula consists of two basic components. It considers the likelihood of the gamble or investment resulting in a win \u003cstrong\u003e(W)\u003c/strong\u003e, as well as the win/loss ratio \u003cstrong\u003e(WLR)\u003c/strong\u003e: the average gain of a winning trade, divided by the average loss on a losing trade.\u003c/p\u003e\u003cp\u003eThese inputs are then fed into the Kelly equation:\u003c/p\u003e\u003cp\u003e\u003cimg src=\"https://academy-public.coinmarketcap.com/optimized-uploads/edcbaf71089f45d5ae239c983bff4c26.png\"/\u003e\u003c/p\u003e\u003cp\u003eThe output of the mathematical formula is known as the Kelly percentage, which investors and gamblers use to determine how much of their bankroll or portfolio to allocate to a bet – maximizing their expected return.\u003c/p\u003e\u003ch2 id=\"header-3\"\u003eHow Do You Input Odds Into the Kelly Criterion?\u003c/h2\u003e\u003cp\u003eDetermine your win rate, and your win-loss ratio, using the following calculations:\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eWin rate: \u003c/strong\u003eDivide the number of wins, by the total number of trades taken.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eWin-Loss Ratio: \u003c/strong\u003eDivide your average gain by your average loss.\u003c/p\u003e\u003cp\u003eOnce you have those data points, you can calculate the Kelly Percentage by feeding the outcomes into the formula.\u003c/p\u003e\u003ch2 id=\"header-4\"\u003eHow To Use the Kelly Criterion in Trading\u003c/h2\u003e\u003cp\u003eTo put the Kelly system to work, you will need data on your performance. Seasoned traders use a \u003ca href=\"https://coinmarketcap.com/alexandria/glossary/portfolio-tracking\"\u003etrading journal\u003c/a\u003e, and if you do not track your trades yet, the best time to start is now. Alternatively, you could backtest your strategy.\u003c/p\u003e\u003cp\u003eOnce you have data on your last 50 to 60 trades, we can get to work. The first step is to calculate your win rate \u003cstrong\u003e(W)\u003c/strong\u003e. This is done by dividing the number of wins, by the total number of trades taken. From there, the next step is to calculate the \u003cstrong\u003eWLR, \u003c/strong\u003eby dividing your average gain by your average loss.\u003c/p\u003e\u003cp\u003eOnce you have those data points, you can calculate the Kelly Percentage by feeding the outcomes into the formula we discussed earlier.\u003c/p\u003e\u003ch3 id=\"interpreting-the-results\"\u003eInterpreting the Results\u003c/h3\u003e\u003cp\u003eAfter making the necessary calculations, the Kelly formula will provide you with a percentage to risk on each trade, gamble, or investment. For example, if the outcome of the formula is 0.035, you should risk 3.5% of your bankroll on each bet.\u003c/p\u003e\u003cp\u003eIn some cases, you may have to overrule the Kelly strategy. Regardless of the outcome of the calculation, it is unwise to risk more than 20% on a single position, bet or trade. Going over this limit carries more risks than any smart investor would willingly take.\u003c/p\u003e\u003ch2 id=\"header-5\"\u003eIs the Kelly Criterion Effective?\u003c/h2\u003e\u003cp\u003eThe Kelly strategy is a mathematical approach to money management and maximizing your returns. Because the approach is founded in telecommunications theory, many people question its real-world applicability to the stock market or gambling.\u003c/p\u003e\u003cp\u003eHowever, doubters can simply input their current data and project the trajectory of their account if they would use the Kelly criterion. So long as they follow the same trading system, and the data is entered into the formula correctly, the real-world performance should not be much different from the projections.\u003c/p\u003e\u003ch2 id=\"header-6\"\u003eHow Do I Find My Win Probability With the Kelly Criterion?\u003c/h2\u003e\u003cp\u003eWhile most casino games and other forms of gambling have very clear and structured odds, there is no fool proof way of calculating the odds of a given trade or investment. Therefore, most traders and investors rely on their historical performance to calculate the win rate.\u003c/p\u003e\u003cp\u003eThough not 100% accurate, if a trader is able to maintain a consistent average win rate over extended periods of time, it is reasonably safe to assume this will continue.\u003c/p\u003e\u003ch2 id=\"header-7\"\u003eWhat Is Better Than the Kelly Criterion?\u003c/h2\u003e\u003cp\u003eEven though many investors have managed to build a successful portfolio on the principles of the Kelly criterion, it is not a guarantee to success.\u003c/p\u003e\u003cp\u003eThe Kelly criterion is aimed at seeking optimal returns, but some investors are more focused on minimizing risk, while others are saving for a specific goal, such as their retirement. Therefore, the Kelly formula may not be suited for certain investors, while it is very successful for others.\u003c/p\u003e\u003ch2 id=\"header-8\"\u003eHow Are the Black-Scholes Model, the Kelly Criterion, and the Kalman Filter Related?\u003c/h2\u003e\u003cp\u003eThe Kalman filter, the Kelly criterion and the Black-Scholes model all play a different role in portfolio management. Using more than one of them is therefore not unheard of.\u003c/p\u003e\u003cp\u003eNamely, the Black-Scholes model is used to calculate the theoretical value of an \u003ca href=\"https://coinmarketcap.com/alexandria/article/what-is-crypto-options-trading\"\u003eoption contract\u003c/a\u003e, based on how much time is left until maturity, and a few other factors. Meanwhile, the Kalman filter estimates the value of unknown variables, where more precise measurements are impossible.\u003c/p\u003e\u003cp\u003eEssentially, they are three different popular mathematical formulas used to calculate the returns of an investment.\u003c/p\u003e\u003ch2 id=\"header-9\"\u003eWhat Is a Good Kelly Ratio?\u003c/h2\u003e\u003cp\u003eAs discussed earlier, it is unwise to follow the Kelly percentage if it is higher than 20%, because this puts the trader at unnecessary investment risk. Therefore, some investors like to use less than the Kelly percentage (for instance, half of what their Kelly ratio is). This risk-averse approach is often referred to as a fractional Kelly bet.\u003c/p\u003e\u003cp\u003eIn some cases, the Kelly formula produces a percentage of lower than zero, which means the formula does not recommend betting at all. In these cases, it is best to reconsider the strategy, as it does not produce many results.\u003c/p\u003e\u003ch3 id=\"the-kelly-criterion-formula-in-gambling\"\u003eThe Kelly Criterion Formula in Gambling\u003c/h3\u003e\u003cp\u003eUsing the Kelly criterion formula in gambling is straightforward, as the odds are reasonably clear from the start and relatively simple to understand. For example, the odds of hitting red in roulette are approximately 48% and the odds of guessing the number right 2.7%.\u003c/p\u003e\u003cp\u003eThis makes it easy to apply the Kelly formula in gambling – the odds are already known. Simply insert the data into the formula and get to work.\u003c/p\u003e\u003ch3 id=\"the-kelly-criterion-formula-in-investing\"\u003eThe Kelly Criterion Formula in Investing\u003c/h3\u003e\u003cp\u003eContrary to gambling and casino games, trades and investments do not have a similarly clear odds structure. In fact, the odds are hard to tell in advance at all – which is why most traders rely on historical performance to calculate their win rate.\u003c/p\u003e\u003cp\u003eThis makes applying the Kelly formula in trading and investing slightly more complicated, but with a few simple calculations, the formula can be applied here as well.\u003c/p\u003e\u003ch4\u003eDoes Warren Buffett Use the Kelly Criterion?\u003c/h4\u003e\u003cp\u003eWarren Buffett deserves at least partial credit for the popularity of the Kelly criterion, as he has referred to it on multiple occasions. He and his Berkshire Hathaway partner Charlie Munger both favor concentrated diversification, and the Kelly criterion is helpful in this.\u003c/p\u003e\u003cp\u003eBuffett stated: “I can’t be involved in 50 or 75 things. That’s a Noah’s Ark way of investing – you end up with a zoo that way. I like to put meaningful amounts of money in a few things.”\u003c/p\u003e\u003ch2 id=\"header-10\"\u003eExamples of the Kelly Criterion\u003c/h2\u003e\u003ch3 id=\"kelly-criterion-in-stock-markets\"\u003eKelly Criterion in Stock Markets\u003c/h3\u003e\u003cp\u003eTrader Jack uses an approach with an average win rate of 40%, an average loss of $120, and an average win of $240. When he feeds these data points into the formula, he generates the following Kelly percentage:\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eKelly Percentage = 40% - (1-40%) / ($240/$120) = 10%.\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eTherefore, Jack decides to use 10% of his account on each of his trades. He could also decide to take a more conservative approach, and use a fractional Kelly approach, using 5% of his account.\u003c/p\u003e\u003ch3 id=\"kelly-criterion-in-sports-betting\"\u003eKelly Criterion in Sports Betting\u003c/h3\u003e\u003cp\u003eGambler Jamie is at the Roulette table, and consistently bets on red, with odds of 48%. Because roulette has a one-to-one payout for betting on red, his average win is $20, while his average loss is the same, $20. Feeding this data into the formula, he generates the following Kelly percentage:\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eKelly Percentage = 48% - (1-48%) / ($20/$20) = -4%.\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eAs you may remember, a negative Kelly percentage should be interpreted as a recommendation to not follow this strategy – as it yields negative results over time. Jamie therefore decides to read up on more complex gambling strategies with better winning probability.\u003c/p\u003e\u003ch3 id=\"how-do-investors-use-the-kelly-criterion-formula\"\u003eHow Do Investors Use the Kelly Criterion Formula?\u003c/h3\u003e\u003cp\u003eAs discussed, traders on wall street and far beyond use the Kelly formula to calculate their optimal bet size. Warren Buffett used the formula to build his portfolio, to decide how much of the total Berkshire Hathaway funds he would use to buy his stake in companies like Chevron, Coca-Cola and Microsoft.\u003c/p\u003e\u003ch3 id=\"application-of-kelly-formula-in-algo-trading\"\u003eApplication of Kelly Formula in Algo Trading\u003c/h3\u003e\u003cp\u003eBecause algorithms can clinically follow a systematic approach – the Kelly criterion is an excellent tool to calculate its optimal risk size. With ample data on its past performance, algo traders can optimize the strategy using Kelly’s formula, and take the profitability of algo-trading to the next level.\u003c/p\u003e\u003cp\u003eRead more about algorithmic and robotized trading \u003ca href=\"https://coinmarketcap.com/alexandria/article/what-is-a-grid-trading-bot-and-how-to-use-it\"\u003ehere\u003c/a\u003e!\u003c/p\u003e\u003ch2 id=\"header-11\"\u003eKelly Criterion Limitations\u003c/h2\u003e\u003cp\u003eEven though the Kelly criterion is a very useful model in portfolio management, it is not without shortcomings. Firstly, a mathematical model is only as reliable as the data it is feeded.\u003c/p\u003e\u003cp\u003eIn this case, the Kelly criterion assumes you follow the exact trading system, with the same win rates as you did during the data it uses to calculate the optimal amount to bet. If these data points change, the Kelly calculation should be made again, to reflect these changes in the portfolio. This requires constant monitoring of trading or betting performance, which can be time-consuming.\u003c/p\u003e\u003cp\u003eSecondly, the Kelly criterion is aimed at seeking optimal returns, while some investors are more focused on long-term risk minimization, or cash flow from investments. This makes the Kelly criterion less suited for certain types of investors.\u003c/p\u003e\u003cp\u003eTo sum up, the Kelly criterion is a mathematical approach to portfolio management, which can help calculate the optimal \u003ca href=\"https://coinmarketcap.com/alexandria/glossary/position-size\"\u003eposition sizing\u003c/a\u003e. This approach helps minimize drawdowns, while maximizing the long-term growth rate of your portfolio. However, it does not help with portfolio allocation or reduce volatility of the markets.\u003c/p\u003e\u003cp\u003eNevertheless, it is important to keep track of your performance and expected returns, and make changes along the way. Exercise \u003ca href=\"https://coinmarketcap.com/alexandria/article/risk-management-what-is-it-and-why-should-i-use-it-in-trading\"\u003erisk management\u003c/a\u003e, and do not blindly follow the Kelly criterion, but use common sense as well.\u003c/p\u003e\u003cp\u003e\u003cem\u003eWriter’s Disclaimer: This article is based on my limited knowledge and experience. It has been written for educational purposes. It should not be construed as advice in any shape or form. Please do your own research.\u003c/em\u003e\u003c/p\u003e","disclaimer":"This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.\n\nThis article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. \n\nThe views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.","language":"en","created_at":"2023-06-20T14:20:37.463Z","updated_at":"2023-06-20T14:20:39.778Z","reading_time":476250,"likes":0,"shares":79,"srd":false,"related":[{"id":"674ee0d528870558425c2bbd","title":"What Were The Most Popular Crypto-To-Crypto Trading Pairs In 2024?","slug":"what-were-the-most-popular-crypto-to-crypto-trading-pairs-in-2024","meta":"Learn which crypto-to-crypto trading pairs were the most popular in 2024 on CoinMarketCap.com.","image":{"original":"uploads/fcce4bbfbf90465e9fa16f0055e95393.jpg","optimized":"optimized-uploads/fcce4bbfbf90465e9fa16f0055e95393.jpg","thumbnail":"thumbnail-uploads/fcce4bbfbf90465e9fa16f0055e95393.jpg"},"language":"en","created_at":"2024-12-03T11:04:12.066Z","updated_at":"2024-12-03T11:04:12.561Z","reading_time":40500,"categories":[{"id":"63637417847d336a2db37806","title":"Trading","description":"Find out the latest stories and research into cryptocurrency trading here.","language":"en","slug":"trading"}],"author":{"name":"Stuart Langridge","bio_summary":"I’m the SEO Lead at CoinMarketCap. I have been interested in the crypto space since early 2015 and have been quite successful as a speculator and investor.","slug":"stuart-langridge","image":{"original":"uploads/5049a144c8c14a5b9414e96ce4d42aba.jpeg","optimized":"optimized-uploads/5049a144c8c14a5b9414e96ce4d42aba.jpeg","thumbnail":"thumbnail-uploads/5049a144c8c14a5b9414e96ce4d42aba.jpeg"}}},{"id":"65816914691c15701dba3fef","title":"Possible Impact of ETF Approval on Crypto Price - An Analysis","slug":"possible-impact-of-etf-approval-on-crypto-price-an-analysis","meta":"A U.S. Bitcoin spot ETF could catalyze the start of a financial revolution, cementing crypto as the future of money.","image":{"original":"uploads/80026d11e6044caebd07116a3f7c7b6f.jpg","optimized":"optimized-uploads/80026d11e6044caebd07116a3f7c7b6f.jpg","thumbnail":"thumbnail-uploads/80026d11e6044caebd07116a3f7c7b6f.jpg"},"language":"en","created_at":"2023-12-20T08:12:47.598Z","updated_at":"2024-10-21T11:26:17.372Z","reading_time":454500,"categories":[{"id":"63637417847d336a2db377fb","title":"Crypto Basics","description":"All you need to know about the basics of cryptocurrency in one place. Learn how Bitcoin, blockchain and altcoins work, how to actually use them, and why it matters to you.","language":"en","slug":"crypto-basics","icon":"https://academy-public.coinmarketcap.com/optimized-uploads/64112bea3b9b4038b6cbc25a1cd86fb7.png"},{"id":"63637417847d336a2db37806","title":"Trading","description":"Find out the latest stories and research into cryptocurrency trading here.","language":"en","slug":"trading"}],"author":{"name":"Daniel Phillips","bio_summary":"Cryptocurrencies are all I talk about. Most of the time. ","slug":"daniel-phillips","image":{"original":"uploads/5157fb7b2c7e44a89e27e6659d02d7d6.jpeg","optimized":"optimized-uploads/5157fb7b2c7e44a89e27e6659d02d7d6.jpeg","thumbnail":"thumbnail-uploads/5157fb7b2c7e44a89e27e6659d02d7d6.jpeg"}}},{"id":"64e58fbc30365116803eeb0a","title":"What Is Algo Trading and How Does It Work?","slug":"what-is-crypto-algo-trading-and-how-does-it-work","meta":"Learn about crypto algo trading, a method that uses computer programs and mathematical algorithms to automate the buying and selling of cryptocurrencies.","image":{"original":"uploads/b432b2c609d14d3d8364559fec63d3f8.png","optimized":"optimized-uploads/b432b2c609d14d3d8364559fec63d3f8.png","thumbnail":"thumbnail-uploads/b432b2c609d14d3d8364559fec63d3f8.png"},"language":"en","created_at":"2023-08-23T10:05:39.225Z","updated_at":"2023-08-23T10:05:39.626Z","reading_time":271500,"categories":[{"id":"63637417847d336a2db377fd","title":"Trading Analysis","description":"Use our weekly technical analysis on trending coins and practical techniques to trade cryptocurrencies and digital assets like Bitcoin, Ethereum and Dogecoin.","language":"en","slug":"trading-analysis","icon":"https://academy-public.coinmarketcap.com/optimized-uploads/93d795b5dd014057bff78c053d54ef4f.png"},{"id":"63637417847d336a2db37806","title":"Trading","description":"Find out the latest stories and research into cryptocurrency trading here.","language":"en","slug":"trading"}],"author":{"name":"Werner Vermaak","bio_summary":"I'm a technical writer and marketer who has been in crypto since 2017.","slug":"werner-vermaak","image":{"original":"uploads/023a9d5cec504ef9bbf27c479530b672.jpeg","optimized":"optimized-uploads/023a9d5cec504ef9bbf27c479530b672.jpeg","thumbnail":"thumbnail-uploads/023a9d5cec504ef9bbf27c479530b672.jpeg"}}}],"available_languages":["en"],"difficulty":{"level":1,"label":"Easy","slug":"beginner","language":"en"},"categories":[{"id":"63637417847d336a2db377fd","title":"Trading Analysis","description":"Use our weekly technical analysis on trending coins and practical techniques to trade cryptocurrencies and digital assets like Bitcoin, Ethereum and Dogecoin.","language":"en","slug":"trading-analysis","icon":"https://academy-public.coinmarketcap.com/optimized-uploads/93d795b5dd014057bff78c053d54ef4f.png"},{"id":"63637417847d336a2db37806","title":"Trading","description":"Find out the latest stories and research into cryptocurrency trading here.","language":"en","slug":"trading"}],"author":{"name":"CryptoJelleNL","bio_summary":"I'm an entrepreneur with a wide range of interests.","slug":"jelle","image":{"original":"uploads/ebd17d8d3f4b4b48a3c2a12c1f3def62.png","optimized":"optimized-uploads/ebd17d8d3f4b4b48a3c2a12c1f3def62.png","thumbnail":"thumbnail-uploads/ebd17d8d3f4b4b48a3c2a12c1f3def62.png"}},"assets":[]},"tableOfContent":[{"label":"What Is the Kelly Criterion?","slug":"header-0"},{"label":"History of the Kelly Criterion","slug":"header-1"},{"label":"How Is the Kelly Criterion Calculated?","slug":"header-2"},{"label":"How Do You Input Odds Into the Kelly Criterion?","slug":"header-3"},{"label":"How To Use the Kelly Criterion in Trading","slug":"header-4"},{"label":"Interpreting the Results","slug":"interpreting-the-results"},{"label":"Is the Kelly Criterion Effective?","slug":"header-5"},{"label":"How Do I Find My Win Probability With the Kelly Criterion?","slug":"header-6"},{"label":"What Is Better Than the Kelly Criterion?","slug":"header-7"},{"label":"How Are the Black-Scholes Model, the Kelly Criterion, and the Kalman Filter Related?","slug":"header-8"},{"label":"What Is a Good Kelly Ratio?","slug":"header-9"},{"label":"The Kelly Criterion Formula in Gambling","slug":"the-kelly-criterion-formula-in-gambling"},{"label":"The Kelly Criterion Formula in Investing","slug":"the-kelly-criterion-formula-in-investing"},{"label":"Examples of the Kelly Criterion","slug":"header-10"},{"label":"Kelly Criterion in Stock Markets","slug":"kelly-criterion-in-stock-markets"},{"label":"Kelly Criterion in Sports Betting","slug":"kelly-criterion-in-sports-betting"},{"label":"How Do Investors Use the Kelly Criterion Formula?","slug":"how-do-investors-use-the-kelly-criterion-formula"},{"label":"Application of Kelly Formula in Algo Trading","slug":"application-of-kelly-formula-in-algo-trading"},{"label":"Kelly Criterion Limitations","slug":"header-11"}],"chartbeatProps":{"authors":"CryptoJelleNL","sections":"Trading Analysis,Trading"}},"locale":"en","i18n":{"2020 has been an eventful year, from the Bitcoin halving to the “DeFi Summer Wave” to surges in Bitcoin’s price due to the large influx of “traditional\" institutional investors. Who are the most influential people in crypto in 2020? Which are the most innovative, impactful \u0026 interesting projects in 2020?":"2020 has been an eventful year, from the Bitcoin halving to the “DeFi Summer Wave” to surges in Bitcoin’s price due to the large influx of “traditional\" institutional investors. Who are the most influential people in crypto in 2020? Which are the most innovative, impactful \u0026 interesting projects in 2020?","Loading...":"Loading...","Copied!\"));":"Copied!\"));","Find what fascinates you as you explore crypto":"Find what fascinates you as you explore crypto","Learn":"Learn","Learn all there is to know about blockchain, cryptocurrency, trading, and more. Get started by exploring all the content on CoinMarketCap Alexandria.":"Learn all there is to know about blockchain, cryptocurrency, trading, and more. Get started by exploring all the content on CoinMarketCap Alexandria.","Explore our content":"Explore our content","Find out the meaning of cryptocurrency and blockchain's hidden language with the CoinMarketCap glossary of terms.":"Find out the meaning of cryptocurrency and blockchain's hidden language with the CoinMarketCap glossary of terms.","Crypto Glossary | CoinMarketCap":"Crypto Glossary | CoinMarketCap","Who is {{name}}?":"Who is {{name}}?","CoinMarketCap Alexandria will house online both content about crypto written by our own researchers and employees, as well as articles by some of the best minds in the crypto space today.‍":"CoinMarketCap Alexandria will house online both content about crypto written by our own researchers and employees, as well as articles by some of the best minds in the crypto space today.‍","About CoinMarketCap Alexandria":"About CoinMarketCap Alexandria","Crypto \u0026 Blockchain Education":"Crypto \u0026 Blockchain Education","Most Influential People \u0026 Projects in 2020":"Most Influential People \u0026 Projects in 2020","Read our profiles of the leading crypto influencers, entrepreneurs, technologists, movers and shakers, in 2020.":"Read our profiles of the leading crypto influencers, entrepreneurs, technologists, movers and shakers, in 2020.","The Leading Crypto Influencers In 2020 | CoinMarketCap":"The Leading Crypto Influencers In 2020 | CoinMarketCap","Next":"Next","writer":"writer","Authors":"Authors","Read our profiles of the leading blockchain and crypto {{name}} in 2020.":"Read our profiles of the leading blockchain and crypto {{name}} in 2020.","The leading Crypto {{name}} in 2020 | CoinMarketCap":"The leading Crypto {{name}} in 2020 | CoinMarketCap","All Categories":"All Categories","Crypto Glossary":"Crypto Glossary","Latest articles by {{author}}":"Latest articles by {{author}}","Biography":"Biography","Everything you’ve ever wanted to know about crypto and more, brought to you by the number one crypto data aggregator, CoinMarketCap.":"Everything you’ve ever wanted to know about crypto and more, brought to you by the number one crypto data aggregator, CoinMarketCap.","Learn About Cryptocurrency.":"Learn About Cryptocurrency.","Alexandria’s authors range from CoinMarketCap employees and researchers to some of the best minds and projects in the crypto space.":"Alexandria’s authors range from CoinMarketCap employees and researchers to some of the best minds and projects in the crypto space.","Meet our Authors":"Meet our Authors","Subscribe":"Subscribe","Enter your email address":"Enter your email address","Join our free newsletter for daily crypto updates!":"Join our free newsletter for daily crypto updates!","Join the thousands already learning crypto!":"Join the thousands already learning crypto!","Latest Articles":"Latest Articles","See All":"See All","See all articles":"See all articles","Related Articles":"Related Articles","By {{author}}":"By {{author}}","{{time}}m":"{{time}}m","Home":"Home","Articles":"Articles","Looking to get started with cryptocurrency? Buy Bitcoin on Binance!":"Looking to get started with cryptocurrency? Buy Bitcoin on Binance!","Buy Bitcoin":"Buy Bitcoin","Was this article useful?":"Was this article useful?","{{count}} out of {{count}} people found this article useful.":"{{count}} out of {{count}} people found this article useful.","Yes":"Yes","No":"No","No noise. Just signal.":"No noise. Just signal.","Sign up for our weekly newsletter. We promise we don't spam!":"Sign up for our weekly newsletter. We promise we don't spam!","Your email":"Your email","Sign up":"Sign up","Explore all of our content":"Explore all of our content","Related topics":"Related topics","Share":"Share","Table of Contents":"Table of Contents","Topics at Academy":"Topics at Academy","Search topics to add...":"Search topics to add...","Reading time":"Reading time","{{count}}m":"{{count}}m","Layout":"Layout","Sort by Latest":"Sort by Latest","Sort by Difficulty":"Sort by Difficulty","Latest":"Latest","Read more":"Read more","See all results for your search":"See all results for your search","{{count}} results for '{{term}}'":"{{count}} results for '{{term}}'","Topics":"Topics","Difficulty":"Difficulty","Type":"Type","Glossary entries":"Glossary entries","Courses":"Courses","Hide filters":"Hide filters","Show filters":"Show filters","Refresh results":"Refresh results","Clear all filters":"Clear all filters","Show off your crypto knowledge":"Show off your crypto knowledge","Try out Academy Quizzes":"Try out Academy Quizzes","Phishing quiz":"Phishing quiz","Glossary quiz":"Glossary quiz","Bitcoin history quiz":"Bitcoin history quiz","We're working on getting more quizzes ready.":"We're working on getting more quizzes ready.","While you're waiting, why not check out our latest content?":"While you're waiting, why not check out our latest content?","Cryptocurrencies have brought lots of exciting possibilities, but they are full of risks and dangers for the inexperienced.":"Cryptocurrencies have brought lots of exciting possibilities, but they are full of risks and dangers for the inexperienced.","How well do you know the origins of Bitcoin and its journey since inception? Take the Binance Academy Bitcoin History quiz to find out how much you know!":"How well do you know the origins of Bitcoin and its journey since inception? Take the Binance Academy Bitcoin History quiz to find out how much you know!","Think you know crypto? Take our crypto glossary quiz.":"Think you know crypto? Take our crypto glossary quiz.","Take the quiz":"Take the quiz","This quiz has {{count}} questions.":"This quiz has {{count}} questions.","I am a complete beginner and just started exploring Binance Academy. Let me test my basic knowledge":"I am a complete beginner and just started exploring Binance Academy. Let me test my basic knowledge","I am a frequent visitor of Binance Academy and am quite familiar with some terms, but still on my path to true knowledge.":"I am a frequent visitor of Binance Academy and am quite familiar with some terms, but still on my path to true knowledge.","I have learned enough at Binance Academy. My knowledge base is wide and I feel ready to be challenged.":"I have learned enough at Binance Academy. My knowledge base is wide and I feel ready to be challenged.","Select a suitable level of difficulty.":"Select a suitable level of difficulty.","Q{{count}}/{{count}}":"Q{{count}}/{{count}}","Phishing":"Phishing","Legitimate":"Legitimate","Quizzes":"Quizzes","Quiz difficulty selection":"Quiz difficulty selection","LEARN ALL ABOUT":"LEARN ALL ABOUT","Blockchain \u0026 Crypto":"Blockchain \u0026 Crypto","Your one-stop guide to all things crypto. Whether you're a rookie trying to understand mining or a veteran looking to develop a trading strategy, we've got you covered.":"Your one-stop guide to all things crypto. Whether you're a rookie trying to understand mining or a veteran looking to develop a trading strategy, we've got you covered.","Featured":"Featured","Beginner":"Beginner","Intermediate":"Intermediate","Advanced":"Advanced","{{count}} minutes":"{{count}} minutes","{{count}} minutes ago":"{{count}} minutes ago","{{count}} hours ago":"{{count}} hours ago","{{count}} days ago":"{{count}} days ago","Latest releases":"Latest releases","SEE ALL LATEST RELEASES":"SEE ALL LATEST RELEASES","Full definition":"Full definition","Glossary addition":"Glossary addition","Explore all the latest content":"Explore all the latest content","Lost in all the crypto slang?":"Lost in all the crypto slang?","Take a closer look at our blockchain \u0026 crypto glossary.":"Take a closer look at our blockchain \u0026 crypto glossary.","Check out Glossary":"Check out Glossary","Up for an adventure?":"Up for an adventure?","Learn while you test your knowledge with a range of quizzes.":"Learn while you test your knowledge with a range of quizzes.","Take a crypto quiz":"Take a crypto quiz","Trading":"Trading","SEE ALL TRADING CONTENT":"SEE ALL TRADING CONTENT","See more content about this topic":"See more content about this topic","No idea what you just scrolled through?":"No idea what you just scrolled through?","Not to worry. Our no-nonsense beginner's guide will get you up to speed.":"Not to worry. Our no-nonsense beginner's guide will get you up to speed.","Get started here":"Get started here","Essentials":"Essentials","SEE ALL ESSENTIALS CONTENT":"SEE ALL ESSENTIALS CONTENT","Blockchain":"Blockchain","SEE ALL BLOCKCHAIN CONTENT":"SEE ALL BLOCKCHAIN CONTENT","Keep an eye on Bitcoin":"Keep an eye on Bitcoin","Every four years, the Bitcoin rewards are slashed in half. Find out why on the Halving page.":"Every four years, the Bitcoin rewards are slashed in half. Find out why on the Halving page.","Bitcoin halving page":"Bitcoin halving page","Got questions?":"Got questions?","We totally understand. That's why we've built a platform to answer them.":"We totally understand. That's why we've built a platform to answer them.","Go to Ask Academy":"Go to Ask Academy","Guides":"Guides","SEE ALL GUIDES":"SEE ALL GUIDES","Weekly pick":"Weekly pick","{{count}}":"{{count}}","That's the number of terms in our glossary. How many do you know?":"That's the number of terms in our glossary. How many do you know?","Search glossary":"Search glossary","Get the latest in crypto dropped to your email, every week.":"Get the latest in crypto dropped to your email, every week.","Glossary":"Glossary","The Words of Crypto":"The Words of Crypto","Time to understand the language":"Time to understand the language","Search terms here...":"Search terms here...","Can't find what you're looking for?":"Can't find what you're looking for?","Whoops. Our bad. Please help us make our glossary better by submitting new terms.":"Whoops. Our bad. Please help us make our glossary better by submitting new terms.","Submit terms":"Submit terms","Community submission":"Community submission","Author:":"Author:","Start here":"Start here","Discover":"Discover","Log In":"Log In","Register":"Register","Search":"Search","Ask Academy":"Ask Academy","Blockchain forum and Q\u0026A":"Blockchain forum and Q\u0026A","Crypto-terms glossary":"Crypto-terms glossary","Test your knowledge":"Test your knowledge","Have a product idea or feedback?":"Have a product idea or feedback?","Contribute":"Contribute","New to Crypto?":"New to Crypto?","See our beginner content.":"See our beginner content.","Products":"Products","Exchange":"Exchange","Access":"Access","Academy":"Academy","BCF":"BCF","Card":"Card","Labs":"Labs","Launchpad":"Launchpad","Research":"Research","Trust Wallet":"Trust Wallet","Company":"Company","Terms \u0026 Conditions":"Terms \u0026 Conditions","Privacy Policy":"Privacy Policy","Disclaimer":"Disclaimer","Content Request":"Content Request","Submission Guide":"Submission Guide","Feedback":"Feedback","Bitcoin Halving Countdown":"Bitcoin Halving Countdown","Bitcoin Halving Timer":"Bitcoin Halving Timer","Days":"Days","Hours":"Hours","Minutes":"Minutes","Seconds":"Seconds","Current block height":"Current block height","Blocks until halving":"Blocks until halving","BTC Price":"BTC Price","Buy Bitcoin on Binance":"Buy Bitcoin on Binance","Detailed datasheet":"Detailed datasheet","Total BTC in circulation":"Total BTC in circulation","Total BTC to ever be produced":"Total BTC to ever be produced","Percentage of BTC mined":"Percentage of BTC mined","BTC left to mine until halving":"BTC left to mine until halving","BTC market cap (USD)":"BTC market cap (USD)","BTC generated each day":"BTC generated each day","BTC annual inflation rate":"BTC annual inflation rate","BTC daily inflation":"BTC daily inflation","Approximate block time":"Approximate block time","Mining difficulty":"Mining difficulty","Hash rate":"Hash rate","Community":"Community","{{count}}h ago":"{{count}}h ago","{{count}}d ago":"{{count}}d ago","{{count}}w ago":"{{count}}w ago","Crypto \u0026 Blockchain Education | Blockchain Course":"Crypto \u0026 Blockchain Education | Blockchain Course","Blockchain and crypto asset exchange":"Blockchain and crypto asset exchange","Blockchain and crypto education":"Blockchain and crypto education","Blockchain charity foundation":"Blockchain charity foundation","Cryptocurrency Information":"Cryptocurrency Information","Incubator for top blockchain projects":"Incubator for top blockchain projects","Institutional-grade analysis and reports":"Institutional-grade analysis and reports","Binance's official crypto wallet":"Binance's official crypto wallet","Token Launch Platform":"Token Launch Platform","Binance Academy's Blockchain and Crypto Glossary is the authoritative source for terminology and definitions of the blockchain and cryptocurrency world":"Binance Academy's Blockchain and Crypto Glossary is the authoritative source for terminology and definitions of the blockchain and cryptocurrency world","Learn about blockchain, cryptocurrency, security, technology and more with entirely free videos, articles, and online courses all on Binance Academy.":"Learn about blockchain, cryptocurrency, security, technology and more with entirely free videos, articles, and online courses all on Binance Academy.","Interested in learning about blockchain, cryptocurrency, security, technology, or following along with tutorials? Binance Academy has all that and more!":"Interested in learning about blockchain, cryptocurrency, security, technology, or following along with tutorials? Binance Academy has all that and more!","Binance Academy playlists provide content from beginner to advanced, you can follow along curated list of articles designed to make it easy to understand":"Binance Academy playlists provide content from beginner to advanced, you can follow along curated list of articles designed to make it easy to understand","The bitcoin block reward halving occurs once every 4 years on average, learn the significance of the bitcoin halving and when the next one will occur.":"The bitcoin block reward halving occurs once every 4 years on average, learn the significance of the bitcoin halving and when the next one will occur.","Want to test yourself? Check out Binance Academy Quizzes and test how much you have learned about Blockchain, Cryptocurrency, Security, and Economics.":"Want to test yourself? Check out Binance Academy Quizzes and test how much you have learned about Blockchain, Cryptocurrency, Security, and Economics.","Looks like you don't have an internet connection.":"Looks like you don't have an internet connection.","Binance Academy is currently under maintenance.":"Binance Academy is currently under maintenance.","We'll be right back!":"We'll be right back!","In the meantime, take a look at some of our videos.":"In the meantime, take a look at some of our videos.","Search results for":"Search results for","No results found.":"No results found.","Ask a new question":"Ask a new question","asked by":"asked by","Latest questions":"Latest questions","Trending":"Trending","New":"New","Solved":"Solved","All":"All","Open":"Open","Find existing answers":"Find existing answers","Title must be 10 or more characters":"Title must be 10 or more characters","You will not be able to edit your title after posting":"You will not be able to edit your title after posting","Title...":"Title...","Enter your question here":"Enter your question here","Post question":"Post question","Answers":"Answers","Enter your answer or comment here...":"Enter your answer or comment here...","academy_trending_articles":"Trending Articles","academy_whats_new_with_coinmarketcap":"What's New At CoinMarketCap?","academy_glossary_terms":"Glossary Terms","academy_our_mission":"Our Mission","academy_our_mission_description":"The core mission of CoinMarketCap Academy is to be the definitive source of cryptocurrency insights, research, and educational content.⏎⏎With our team of researchers and experts, we produce and curate high-quality content to educate and give our readers an edge in the ever-evolving cryptocurrency space.⏎⏎Whether you're new to the world of cryptocurrency or a seasoned veteran, CMC Academy aims to be your go-to resource for all things crypto.","academy_subscribe":"Subscribe","academy_all":"All","academy_glossary_terms_description":"We currently have {{number}} terms. How many do you know so far?","academy_glossary_cta":"Check Glossary","academy_navbar_learn":"Learn","academy_navbar_topics":"Topics","academy_navbar_coinmarketcap_new":"CoinMarketCap News"},"statusCode":null,"initialTheme":0,"supportedLanguages":["en","ru","id","de","vi","tr","pt","es","uk","th"],"categories":[{"id":"67a09632ebfe4424bdcf5679","slug":"airdrop-guide","created_at":"2025-02-03T10:10:58.000Z","updated_at":"2025-02-03T10:27:17.263Z","translations":[{"title":"Airdrop Guide","description":"Read the latest Airdrop Guide articles","language":"en","created_at":"2025-02-03T10:10:58.000Z","updated_at":"2025-02-03T10:27:17.262Z"}]},{"id":"679111f3bf71e02463964612","slug":"alpha-radar","created_at":"2025-01-22T15:42:43.766Z","updated_at":"2025-01-22T15:43:03.743Z","parent_slug":"learn","translations":[{"title":"Alpha Radar","description":"Read the latest Alpha Radar 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