I was curious about some things and tried this website... www.qfit.com/calcrisk.htm. Its cool because I can see my probability of acheiving a specific goal with a specific average bet given specific odds and a specific number of hands without having to mess with S.D. My question is, how can I find my probability of LOSING a specified amount with the same other information? Would I just subract my chance of winning from 100% to get my chance of losing that same amount? Seems logical to me. Sorry if it seems like a stupid question, but I am no math wiz and it seems like I always make a mistake or overlook something when trying to figure out things like this. Thanks, Rounder
Use the same calculator, and put in a negative dollar amount for the 'desired outcome in dollars'. The percentage you get will be how often you'll either lose less than the amount specified or win. Subtract that from 100 to see how often you'll lose more than that.
