Richard Dennis is the Chicago commodities trader who settled an argument by proving that trading can be taught. In 1983 he recruited a group of novices, trained them for about two weeks in a mechanical trend-following system, funded them with his own money, and let...
Ed Seykota is the trader who put trend following on a computer. In 1970, working at a brokerage house, he began testing mechanical trading rules using punched-card computers, and in doing so helped create the discipline now called systematic trading. He is better...
Mean reversion and trend following are opposite bets on what price does next. Mean reversion assumes that a sharp move away from a normal level tends to snap back, so it buys weakness. Trend following assumes that a move underway tends to continue, so it buys...
Position trading is holding a stock for weeks, months or longer to capture a sustained move, rather than trading in and out of short-term swings. It is the slowest of the active trading styles and the one that fits an ordinary working life best, because decisions are...
Backtesting is the process of running a set of written trading rules against historical market data to see how they would have behaved. Done properly it tells you the shape of a strategy: how often it wins, how much it gives back, how long it can stay underwater, and...
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