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What separates the 5% club who generate consistent returns in the cryptocurrency markets from the 95% who don’t? The 5% club focuses on the size and probability of their losses instead of fantasising about how much they’ll win. When you understand your edge, you can begin to use risk management and position sizing to take advantage of the opportunity. When you know how much you’re risking, the size of your position, and the probability of success, you can calculate the probability of going bust— your risk of ruin. Before you do that, you need to uncover an edge. One of the tools the 5% club uses to let them know they may have hit pay dirt is expectancy.