nothing new here. bad traders will lose money, good traders will make it there will/are still be inefficiencies traders who whine about algo's, black boxes, etc. are just whiners.
You do realize that there is an entire generatoin of video game players out there who have been able to change very complex algo's and manipulate them at will. It will be a test of programer/machine vs. market. Akuma
and a few decades ago the "kitchen of tomorrow" basically said the lady of the house that cooked those great dinners for the family was just going to be able to push a few buttons, sit back and watch tv and BINGO out pops the meal. What did we end up with? Prepared chemical, ready mixed, ready cooked (just warm the crap up), cancer causing junk that SOME put into stomach daily. Who but a FEW of the fine house wives out there can today put a great meal on the table that was MADE from separate ingredients? Very few i suspect. Ted Kluzinski was not off his rocker after all. . Machines are tools, they are never going to replace good, decent , intelligent humans. Traders still need to learn how to trade or invest relative to their time frame, mkt timing will never be replaced by a braindead matching computer that at best is a matching tool. There is no blackbox, machine, software etc that replaces the ability of humans to think on the fly. The good news is there never will be either. . So kiss your wife and thank her if she can still cook and consider yourself lucky. As for trading, gee, after all these years that computers have been out there and many have more power to compute on their desk today that scientists had a few years ago...........they still manage to blowup their accounts and the ratio of winners to losers seems to stay constant. Fugedaboutit looking for excuses why you can not trade, (not saying all, surely some sharpies in ET), learn the trade or else flip hamburgers. > :eek:
I read a study a while ago, can't find it now. They found that removing the emotions factor did not improve yield. I'm sure the quants need to tell themselves and their employers something that sounds logical and reassuring about their super system. "We are Quants. We are logical. We wonder why price moved so quickly and so far. Our calculations say that it was impossible. It does not make logical sense...."