This is a good book but it's about the Kelly criterion and stories about how Ed Thorpe put it in practice.
Peter Brandt instead mentioned the fact that risk is dynamic, rather then statically defined first time we entered the trade as we think. I.e we enter a trade risking 1R and the TP is 10Rs away. But when the price goes closer to our TP, let's say at 2Rs distance from the target, we are risking 9Rs to make 2Rs, a bad deal one might say. This varies anytime during the trade.
Peter Brandt instead mentioned the fact that risk is dynamic, rather then statically defined first time we entered the trade as we think. I.e we enter a trade risking 1R and the TP is 10Rs away. But when the price goes closer to our TP, let's say at 2Rs distance from the target, we are risking 9Rs to make 2Rs, a bad deal one might say. This varies anytime during the trade.
1