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It depends on the "system". If you're basing it on canned indicators and
lagging derivatives of price then of course it won't be very good. However,
if you have identified some aspect (or a number of aspects) of price action
that is (are) quintessential to all moves, then maybe you can use it as a
component of a dynamic system.
Iain Bell
iain@xxxxxxxxxxxxxxxx
-----Original Message-----
From: Glenn Schultz <glens@xxxxxxxxxxxxx>
To: Omega List <omega-list@xxxxxxxxxx>
Date: 14 March 1998 16:59
Subject: systems vs. discretion
>I just got back from being on the road this morning and received a number
of
>replies to my systematic trading vs. discretionary trading. I got an equal
>number that were for and against. It appears that the problem I am
>experiencing is one of rule specification and programming ability.
However,
>when I get long or short I really could not tell anyone why in the form of
>rules. Sometimes I will look at stochatics other times I will look at fib
>numbers. Sometimes I wake up in the morning and just want to be long
>bonds. The one thing I do consistently is get out fast when a trade goes
>against me (I will take no more than about 6/8 against me) After which I am
>just a fond memory.
>
>After considering the matter further, I think that there is most likely a
>place for system trading / discretion trading combination each has its own
>weakness specifically
>System - inflexible and unable to adapt to a market that is never the same.
>Discretion - Very adaptable subject to emotional error. -- success
requires
>complete ego suppression which is something not many can attain.
>
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