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In the definitive sens I agree with you that no or few systems are
purely mechanical--unless you turn over trading it to a 3rd party wire
your computer directly to the exchange. By no means does this mean
systems are otherwise useless for daytrading.
I have ~10 systems that I run to daytrade SP's. True confessions--I
don't take every signal and occasionally I'll take a trade with no
system signal, just my own judegment. But I would be unable to daytrade
without the systems alerting me to situations and providing me with
knlowledge of the edge the signal gives me. I lov to enter a trade on
one signal and have another give a signal a few minutes into the
trade--assuming it is in the same direction.
A final knit--systems don't have to be mechanical to qualify as systems
in my lexicon. The distinguishing issue is taking trades based on
accumulated experience/data. For a purely discretionary trader, system
develop;ment and backtesting is an excellent way of modelling one's
rationale and improving it. "Expert systems" are based on this
essentially.
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I certainly agree but then you really don't have a system per say
because
of interjecting rules. Bonds have so many reports some benign others
seem
benign but the market reacts severely sometimes even with those. Then
you
have the major reports that will effect the bonds in a direction with
force. So then your back to my original observation if you interject
rules
then you really don't have a true system, thus a system does not work
for
daytrading. Therefore I think people should never buy or spent time
trying
to develop a system unless its for very long term trading and very
capitalized but not for daytrading.
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