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Discretionary Trader 100% Mechanical System Trader

  1.  A Trend-Antitrend Trading System
  2.  Adding Exit Rules to the 65sma-3cc System
  3.  Air Data Inertial Reference System
  4.  An ADX Burst Trend-Seeking System
  5.  B) Payment Systems
  6.  BANKING SYSTEM IN RUSSIA
  7.  Boy breaks into MI5 computer system
 Subjective  Objective
 Many rules  Few rules
 Emotional  Unemotional
 Varies "key" indicator from trade to trade  "Key" indicators are always the same
 Few markets  Many markets

Why Should You Use a Trading System? 5

must be specific, and cover every aspect of trading. For example, the rules must specify how to calculate the number of contracts to trade and what type of entry order to use. The rules must indicate where to place the initial money management stop. The trader must execute the system "automatically," without any ambiguity about the implementation.

Mechanical system traders are objective, use relatively few rules, and must remain unemotional as they take their losses or profits. The most prominent feature of a mechanical system is that its rules are constant. The system always calculates its key variables in the same way regardless of market action. Even though some indicators vary their effective length based on volatility, all the rules of the system are fixed, and known a priori. Thus, mechanical system traders have no opportunity to vary the rules based on background events, nor to adjust position size to match the markets more effectively. This is at once a strength and a weakness. A major benefit for system traders is that they can trade many more markets than can discretionary traders, and achieve a level of diversification that may not otherwise be possible.

You can create different flavors of trading systems that use a small or limited amount of discretion. You. could, for example, have specific criteria to increase position size. This could include fundamental and technical information. You can be consistent only if you are specific. This discussion really begs the question of why to use trading systems, answered in the next section.




 Preface xi |  Selected Bibliography 253 Index 255 About the Disk 261 |  ÐÎÇÂÈÒÎÊ ÒÀ ÂÏÐÎÂÀÄÆÅÍÍß ÒÎÐÃÎÂÈÕ ÑÈÑÒÅÌ |  What Is a Trading System? |  Robust Trading Systems: TOPS COLA |  How Do You Implement a Trading System? |  Who Wins? Who Loses? |  Beyond Technical Analysis |  Introduction |  What Are Your Trading Beliefs? |

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