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--- In amibroker@xxxxxxxxxxxxxxx, "Fred" <ftonetti@xxx> wrote:
> What's a winning systems really worth ? ... Well if one had $1 mm and
> a system that could make 20% per year on relatively small draw downs
> even in enviornments like the last year or so then it's worth a hell
> of a lot more than $300, isn't it ?
I would say that a winning system, like an automobile, or an office
software suite, is "really worth" what the marketplace is willing to
pay for it. The rest of the "value" alluded to above is the value of
capital, not the value of the system.
The marketplace for trading systems is a tremendously inefficient one.
It's not like The Firm comes knocking the very next day after a good
system is coded, making the developer an offer too good to refuse.
Indeed, the marketplace for a trading system can change radically from
day-to-day depending upon who happens to be doing the shopping!
The a) creative, analytical, and programming chops necessary to create
a good trading system are a completely separate issue from either b)
having the capital to trade it, or c) having the personality and other
specific skills for successful day-by-day trading.
Many folks are very actively engaged on making improvements in all 3
areas (a, b, c). That's the general path of the independent trader.
However, if someone chooses to specialize, for example, specifically
in system development (a), that is a perfectly legitimate choice.
Nothing accurate (pro or con) can be inferred about a) from the lack
of either b) or c).
Those who choose to believe, for various philosophical reasons, that
nothing good can be found for sale in the marketplace merely create a
self-fulfilling prophecy for themselves.
Keep in mind though, that simple possession (whether thru personal
development, or purchase) of a good system _will not_ guarantee you
profits from trading the markets. There is _much more_ involved.
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