Hi. What does "systematic trend following" actually mean? I know that is based on some solid rules, right? But I don't really understand how does it work. And since it use solid rules, I suppose that this part can be automated 100%.(I'm referring only to the management plan, the long/decision I suppose that is made based on discretion). Because I saw some funds that state that they use a discretionary for decision and systematic for management. Any opinions are welcome. later edit: for example, Winton is a systematic trend following fund, what does this actually mean? (the same with Chesapeake Capital fund). How do they operate?