Hi all.
It's not for me to judge how clever it is or not, but I liked it and may even agree with some of it.
Anyway, it's a lot of boo-boo, so maybe some of you can't understand it.
The Myth of Autopilot.
If you want to quote the classics - A. Elder "How to Play and Win at the Stock Exchange":
Imagine a stranger comes to your garage and tries to sell an automatic system to drive your car. Pay just a few hundred dollars for a computer chip, install it in your car and stop wasting your energy steering, he says. You'll be able to take a nap in the driver's seat while the Nimble Steer takes you to work. Chances are, you'll laugh in such a salesman's face. But would you laugh if he offered you an automated system for a stock market game?
Gamblers who believe in the myth of autopilot believe that the pursuit of wealth can be automated. Some try to develop an automated gambling system themselves, while others buy it from specialists. People who have spent years honing their skills as lawyers, doctors or businessmen are shelling out thousands of dollars for canned competence. They are driven by greed, laziness and mathematical illiteracy.
Systems used to be written on scraps of paper, but now they usually take the form of copy-protected floppy disks. Some are primitive and some are very complex and have built-in optimisers and financial management rules. Plenty of players are on the lookout for the magic that can turn a few pages of computer code into an endless stream of money. Those who pay for automated gaming systems are reminiscent of medieval knights who paid alchemists for the secret of turning simple metals into gold.
Complex human activities do not allow themselves to be automated. Computer learning programmes have not displaced teachers, and accounting systems have not caused unemployment among accountants. Most human activities require experience in decision-making, so machines and programmes can help but not replace humans.
If you could acquire a working automated system, you could go to Tahiti and spend the rest of your life in luxury and bliss, receiving a steady stream of cheques from your broker. But so far, the only people who have made money from automated systems are software vendors. They have formed a small but colourful home-based industry. If their systems worked, why would they sell them? They could go to Tahiti themselves and collect cheques from brokers! However, every salesman has a ready answer. Some claim to love programming more than playing the stock market. Others say they sell the system only to gain capital for the stock market game.
The market changes and overplays the automated system every time. The toughest rules of yesterday don't work well today and probably won't work at all tomorrow. A competent player can adjust his methods if he detects alarms. An automatic system does not adapt so easily and self-destructs.
By having autopilots, airlines pay high salaries to pilots. They do so because humans are capable of handling the unexpected. When an airliner over the Pacific Ocean suffers hull damage or runs out of fuel over the Canadian wilderness, only a human being can make it out of a crisis situation. Such situations have been reported in the newspapers, and in both cases the experienced pilots managed to land their cars because they improvised. No autopilot could replicate this. Trusting your money to an automated system is the same as trusting your life to an autopilot. The first unintended event will destroy your account.
There are good gaming systems out there, but you have to keep an eye on them and adjust their every decision. You have to follow the process yourself, without shifting your responsibility to the system.
Interestingly, I also have a lot of Alexander Elder quotes in my collection, but more about that later.
Williams too. The latter I want to "smash" in person when I have the time.
I am not 'diagnosing'. I am offering a discussion.
What has Williams done to you? )))
What has Williams done to you? )))
Which one are you talking about? They're both good, though. But, I don't want to accuse in name, I will consider specific phrases from specific "literature" when I have time.
I have never had a chance to ask them for money.
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The idea for this thread came from Alexei's thread "Annals of the Forum: Quotes of the Day". Let this branch become the opposite of the Annals. Not everyone is a "fan of annals", some people come here hoping to learn something new ......
.
So, if you have any clever thoughts, somehow related to trading, programming, stock trading, various types of analysis, if you like any of this forum's participants, famous traders, authors of books and films about stock trading, authors of articles, strategies - post these thoughts here, we will read them and discuss.
Please note that smart ideas in bold type, indicate the authors (if they are known, of course), and do not violate the rules of the forum. Later, when I have time, I will fill a branch with my collection of statements about trading.