MoneyTec Traders Community Forum - View Single Post - If Forex is so lucrative then why many people are not interested in this?

peteuk · 26-01-2004, 04:17

Hi Jason
Keeping it simple is my pholosphy too, but this software doesn't know the meaning of the word

Pan oh Pan!
How's it going Pan?
Like vzhig says, the Garry Kasparov's of the world are few and far between, how many chess players can memorise that number of games, and even with his amazing skills he got into some difficulty.

This system doesn't take into account market sentiment or what Greenspan or Trichet say, it has no opinion and is completely unimpressed by news or views, and that is where it has an edge. It trades on what it actually sees, and compares that to what it has seen and makes a calculated projection. Whereas humans form an opinion on where the market will go if there's an interest rate hike, the system will only be interested in what the market is actually doing compared to what is has done previousy and what it is likely to do in the future. Technical analysis, which is what the system is based on, is pure numbers, and number crunching, statistics, projections based on historical data, assessing strength of those projections, analysing, monitoring, and comparing market conditions, hundreds of calculations a second, are all performed more accurately and more efficiently by computer than any human. Another advantage is that silicon chips have no emotion.
Agreed, a top class trader would probably knock the system for six, but how many Buffet's or Soros's are there among us?

Hi vzhig
You're absolutely right of course, and I guess that's the most valid reason against general release to the masses. I never thought for a moment the thing would work, you know what it's like, I saw it as a challenge and a project, like a dog with a bone I couldn't let the idea go. The more obstacles it threw up, the more determined I got! I'm no PhD, but there's some pretty sharp IT guys on the job. I can well believe there are already systems in existence, I rarely have an idea first, and an automated trading system based on TA is so obvious.
Thanks for the book reference, I'm going to try and get hold of a copy if it's still in print.

Cheers All

Pete

26-01-2004, 04:17	#35
peteuk level 3 Join Date: Mar 2003 Posts: 581 Downloads: 0 Uploads: 0 Rep Power: 0	Hi Jason Keeping it simple is my pholosphy too, but this software doesn't know the meaning of the word Pan oh Pan! How's it going Pan? Like vzhig says, the Garry Kasparov's of the world are few and far between, how many chess players can memorise that number of games, and even with his amazing skills he got into some difficulty. This system doesn't take into account market sentiment or what Greenspan or Trichet say, it has no opinion and is completely unimpressed by news or views, and that is where it has an edge. It trades on what it actually sees, and compares that to what it has seen and makes a calculated projection. Whereas humans form an opinion on where the market will go if there's an interest rate hike, the system will only be interested in what the market is actually doing compared to what is has done previousy and what it is likely to do in the future. Technical analysis, which is what the system is based on, is pure numbers, and number crunching, statistics, projections based on historical data, assessing strength of those projections, analysing, monitoring, and comparing market conditions, hundreds of calculations a second, are all performed more accurately and more efficiently by computer than any human. Another advantage is that silicon chips have no emotion. Agreed, a top class trader would probably knock the system for six, but how many Buffet's or Soros's are there among us? Hi vzhig You're absolutely right of course, and I guess that's the most valid reason against general release to the masses. I never thought for a moment the thing would work, you know what it's like, I saw it as a challenge and a project, like a dog with a bone I couldn't let the idea go. The more obstacles it threw up, the more determined I got! I'm no PhD, but there's some pretty sharp IT guys on the job. I can well believe there are already systems in existence, I rarely have an idea first, and an automated trading system based on TA is so obvious. Thanks for the book reference, I'm going to try and get hold of a copy if it's still in print. Cheers All Pete