|
PureBytes Links
Trading Reference Links
|
Hi,
I agree that some outstanding traders (PTJ, Soros et al) make more
'structured' traders look a bit ordinary. Just as some people possess a
gift for varios things things such as sport, some men (eg Rupert Murdoch
and probably many great trades) have an acute ability to sense the will
of the people and make a ton of cash from it.
The problem is that such unstructured methods do little to advance
knowledge in any western empirical scientific way. Such 'feel' traders
(particularlt Soros during the GBP play) are not readily able to
quantify their science and learn empirically from mistakes. Had Soros
blown up during that, what lessons could truly have been taken from that
punt? Don't mess with a Central Bank again?
Academics can often only try to do things in a scientific way, so that
when things work they can be readily replicated, and when things bum
out, it can be used as a lesson to encourage the same mistakes to be
avoided. It all reminds me of a footer I once saw to a Professor of
econometrics' email...
"If we new what we were doing it wouldn't be called research"
Cheers...
John
|