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Strategies & Market Trends : Trading For A Living
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To: Eric P who wrote (1003)7/21/1998 6:48:00 PM
From: AHM  Read Replies (1) of 1729
 
I am a day trader - and to be perfectly frank I know that I make a great many mistakes. But I would be terrified of an automated system since things happen that cannot be anticipated in software or in pre-set criteria. I imagine you have designed a mini-program trading system similar to that which is used by major funds and securities houses.

I recently saw a demonstration of a program which takes real-time data from an on-line broker through which I trade, and using criteria I establish, filters the data feed and lists those stocks that pass through the filter. By clicking on any of the identified symbols, the program displays 2 charts: one with intra day data and the other with historical daily data. At that point I'm on my own - and I prefer it that way. I'm not trying to be critical of your proposed system, but I think it is extremely risky if the criteria are faulty. You have said this yourself in correctly pointing out that a defective set of criteria will enlarge losses. What I found in the demonstration was that the criteria I set was dependable in more than half the securities that were identified.

As to paper trading, clearly I did not have to enter orders against the data that was displayed. I simply wrote down the trades I would have made and then watched what happened.

I wish you much luck with your system - clearly you have invested a huge part of your life in its development. Even though you have a switch to turn it off, I would be nervous as an initial user until I could see an ongoing and continuing stream of postings from your clients saying that they had a high degree of success.
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