The Beginning of Discretionary Trading
Today a very sophisticated systematic (quantitative) trader said “Discretionary trading wasn’t around before the 1980’s.” I am still stunned. Maybe he is 22 years old or something…. but can anyone explain this to me? He might have met “money managed in a discretionary manner” but still…….
This very sophisticated SOUNDING quant trader is a moron who thinks he can model the market consistently enough to have his computer automatically make money for him. Direct him to Reminiscences of a Stock Operator for a history lesson and then to When Genius Failed for a peak at his future. Perhaps he will see the error of his ways, though I doubt it.