Thanks plaw. Great explanations, by the way.

My original confusion is your quote of 11-10 and 52.38%. I know 52.38% = 11/21. How does this relate to you making money? Is 52.38% the breakeven point since if you go 11/21, you've made 110 in profit, but lost 110 in your 10 losses meaning any picking percentage higher than 52.38% means you're making money??