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Actually academics have found that quite simple techniques such as a
moving average can result in a profit, including commissions and
slippage. This they show disproves the random walk theory in market
data. Academics model these trends as a "correlation" in market data
between the present price and past prices, which results in trends
which many of us trade successfully.
Academics seem especially interested in options pricing theory and
many have come up with superior returns in either hedging portfolios
or trading options outright. I've also read some academic reports on
currency and futures trading schemes with positive returns.
> > I find it quite funny that the random walkers get anyone
> to follow their
> > dogma.
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