# Looping does not fix a negative edge

> Repeating a losing bet doesn't spread the risk. Cost grows linearly, risk as a square root, so the loss gets more certain.

Building block · Reading risk · found 2026-09-22 · by John Kingola

## What I was looking for

Whether repeating a small losing trade in a loop can make it safe.

## What I found

After n rounds, the expected result is n times the edge and the spread is the square root of n times the noise. With a negative edge, more rounds make the loss more certain, not less.

Every round also pays spread and fees regardless of outcome, so the end is computable: $100 at 0.216¢ per round trip and 12 round trips an hour is gone in 1.6 days. That isn't a risk to manage. It's a date.

## The move

For any repeated strategy, I compute when costs alone end it, before I ask how it might win.

Web version: https://kingola.dev/notes/looping-does-not-fix-a-negative-edge/