Just wondering if anyone uses the Kelly criterion as their money management strategy, or perhaps some derivative of it?

The Kelly criterion provides the optimal position size (or risk %) to maximise your equity growth over the long term, assuming that your win rate for your R:R ratio remains constant.

Of course this isn’t realistic, as your win rate will likely change over time. Some people provide themselves with a buffer by using 50% or less of the optimial position size. While the Kelly criterion suggests an optimal position size, it completely ignores drawdown, so trading optimally may involve large drawdowns, perhaps in excess of 80%.

Anyways, I’m looking for some discussion or insight. Alot people suggest a position size of 2% or less since this is what most mainstream sources suggest. There doesn’t seem to be much talk or case studies of traders using the Kelly criterion.