# What is the best way to improve Statistical Thinking?

**URL:** <https://discourse.datamethods.org/t/what-is-the-best-way-to-improve-statistical-thinking/5797>\
**Category:** probability\
**Tags:** decision-making, prediction\
**Created:** [July 1, 2022, 1:58pm UTC](https://discourse.datamethods.org/t/what-is-the-best-way-to-improve-statistical-thinking/5797 "2022-07-01T13:58:34Z")\
**Posts on this page:** 1\
**Showing post:** 9

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**Author:** ![ChristopherTong](https://discourse.datamethods.org/user_avatar/discourse.datamethods.org/christophertong/32/2938_2.png) [@ChristopherTong](https://discourse.datamethods.org/u/ChristopherTong)\
**Post date:** [July 6, 2022, 3:11am UTC](https://discourse.datamethods.org/t/what-is-the-best-way-to-improve-statistical-thinking/5797/9 "2022-07-06T03:11:09Z")

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A prerequisite to probabilistic thinking is a setting in which it is, at least hypothetically, possible to make a list of all possible events and assign a real number to each. When that real number obeys certain properties, it is a probability, but first you have to have the prerequisite. The London Metals Exchange was notorious for lacking guardrails of other markets, such as automated rules for halting trading. Until this year, I don’t believe trading in nickel has ever been halted on the LME. In March, they halted trading of Nickel for about 2 weeks – and canceled the previous 8 hours of legitimate transactions! There are now lawsuits of course. However, how would a trader have known, a priori, that this possibiltity should have even been part of the sample space? This is not simply a matter of missing information.

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