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Great discussion topic and some great answers (all of them are good
really - so good I can't add anything except a little colouration -
in no particular order).
A young teenager, inspired by the Olympics, decides to become a world
class cyclist.
Future success depends on things like:
- technical knowledge e.g. riding technique and bike technology
- aptitude (including physical attributes)
- practice (discipline, hard work etc)
- experience (very few competitors win gold at their first olympics)
- etc
Some may focus on one element more than another but at some point
along the journey some things start to become second nature and they
don't need to focus on those particular elements as much thereafter.
At the moment of truth - the gold medal race - they are
not 'thinking' about too much - all of the above has synthesized into
something........ what is that something and how does it happen?
One thing we know for sure is that it is a process that takes time
(learning to 'ride' as world class levels that is).
It is interesting, to me, that I don't see any evidence that, say,
Herman (autotrader) or Fred (optimizing trader) aren't worthy
competitors in the 'gold medal race' race so it follows that the have
made that journey, as have some of the 'discretionary' traders.
Therefore...... whatever the process is it is independent of typology!
Heading in another direction:
I have been corralled into certain styles by administrative
restrictions e.g. my partner is nervous about our accounts being
offshore - if she is nervous that is not good for me - IB (offshore
account) is the only place I can dock AB with a broker for
autotrading (unless I hire a programmer to manage a custom solution) -
other brokers that I can access via QT don't have the products I
want at the price I want -hence I am driven to Java based trading
platforms where I can take or leave the customization on offer - what
do I do there - I visualise the chart pattern that I analyzed the
pants off in AB and then 'mentally' run the rules on that platform
(simple systems required) - some platforms let me do a few simple
customizations.
I have other examples of administrative issues that drive my trading
to some extent - flexibility is the key - flexibility requires a good
will rehearsed skill set (AB is a great training tool)
- the aesthetics of AB are quite good
- the strengths of AB go way beyond backtesting/optimization (as
others said)
- the only mechanical traders are auto traders where the
implementation is unarguably 'programmed'
- chart trading isn't limited to discretionary traders (rule based
traders can want/use chart features to)
Thanks to all for a great thread.
brian_z
--- In amibroker@xxxxxxxxxxxxxxx, "sidhartha70" <sidhartha70@xxx>
wrote:
>
> Thought I'd try and start a discussion on this very important
topic...
>
> Over the years I seem to have come full circle... back in 1994
> starting as a largely discretionary trader, I moved into 'rule
based'
> systems while working for Merrill Lynch back in 1997. I spent about
7
> years trading various types of rule based system. All variations on
> statistical arbitrage themes.
>
> Over recent years I have migrated away from rule based trading back
to
> discretionary, and find myself developing some quite strong opinions
> about rule based trading (opinions which I happy to have
changed!!!).
>
> One thing that strikes me about this forum is the focus on 'rule
> based' trading and backtesting/optimization of systems. Perhaps this
> relates to the grounding of the product. I have been an owner of
> AmiBroker for about 5 months now I guess... and it seems to me it's
> strengths lie in backtesting & optimization (if only I had a product
> like this back in 1997 my life would have been an absolute joy).
> However, it's weaknesses seem to lie in it's charting (as has been
> commented on a couple of reviews on Elite Trader) and particualrly
the
> openness & adaptability of it's charting framework.
>
> Anyway, I'd love to start an open discussion on 'rule based' versus
> 'discretionary'... Pros, cons, differences, potential returns from
> each route, does one route lead to the other etc..etc...
>
> I'm very much wanting to learn from opening this subject up.
>
------------------------------------
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