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Ep. 1195: A Mechanical Way with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
The Demand for Disdiscretionary Macro Trading
I think the demand for discretionary trading probably comes from the reactive demand. It's extremely hard to rate a model that can react to every last move in the market. The world changed at two minutes past nine, and systematic models knew nothing about it. In those kinds of events, it's quite possible that discretionary traders will outperform. But it is an extremely difficult job to be a good micro trader.
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