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Bill,
To be sure, certain chart patterns are fairly easy to
identify by eye (e.g., triangles) although depending on their size perhaps not
in all instances. However, this is certainly not the case for more complex
patterns. As a result, for example, both Market Warrior and
Ensign provide automatic detection of Fibonacci patterns which have multiple
boundary conditions that nobody will be able to confirm by eye unless
Fibonacci himself calibrated their eyeballs which is a prohibitively expensive
procedure ;-)
Bill
----- Original Message -----
Sent: Tuesday, August 19, 2008 3:55
PM
Subject: [amibroker] Re: 'Rule Based'
versus 'Discretionary' trading...
There is some confusion created by the title you chose for
this
thread, it implies discretionary traders don't follow rules. That
is
false.
Normally the compliment of discretionary trading is called
mechanical
system trading not "rule based" trading.
It is more
reflective of the difference between the 2 groups.
Typically
discretionary traders trade what they see on a chart. What
that usually
means is the discretionary trader evaluates the state of
the market and
selects a set of trading rules most appropriate for
current conditions.
Mechanical system traders use the same set of
rules for all market
conditions.
The reason why discretionary traders need a flexible
graphical
interface is because they need to have information presented to
them
in a way that is easiest for them to interpret. That is different
for
everybody.
I think it is possible to create an adaptive
mechanical trading system
but IMO, it will require a large AI component.
Also, there is little
incentive to program patterns when they can easily be
identified on a
chart with a
glance.
Bill
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