Well glad to see Pete's return has sparked some healthy debate - Pete you seem to have that affect...
Since I am a Developer you would think I would be punting using Computers as a means to make money and make trading decisions - although for me it is impossible to put in programming logic how I trade. Maybe my "system" is not really a simple cut and dried methodology which makes me such a sceptic. How would you program gut feel? How would you as Pan says take key market events into consideration - 9/11 perhaps?? I don't think you can stick to any system come hell or highwater - discretion or human intervention is inevitably part of it and when this happens you corrupt the system - deviate from its original trade. Once this happens, will you do it again... or stay hands off...mmm
The thing is Pete news key event etc can have a marked impact on the market and swing things around totally and make the market act like it shouldn't(or at least as your system expects) Will you system be able to make that kind of jusgement call. Lets say the Fed decides to increase interest rates at what point will your system decide - oops time now to go long dollar after being short for the past few months - after you've taken a 300 pip loss??
Handsoff system trading could be successful - maybe you can prove me wrong although when guys like Richard Dennis goes bang (after OK admittedly making very good money for a good few years) then I become skeptical.
Anyhow like I said good luck with your ITS venture - the markets are great at the moment for making money with good volatility maybe you can make a few traders very wealthy.
Cheers,
Cliff