Quote from bankroll:
Either by Michael Covel or Paul Tudor Jones it is not clear from which of the two.
The question is what is the truth of the statement? Or your opinion?
As I remember, covel is a parasite of trend following just as David Goodboy is a parasite of money broker for passive market participants.
PTJ ran a firm that traded his and OPM.
You are asking a science question, maybe.
The systemmic operation of the market is a system that is without noise, flaws nor anomalies. This is a characteristic of a scientific system.
Your question was answred long before PTJ or the people Covel interviewed and quoted.
A scientific review of the operation of a market involves mathematics. The necessary indgredients include data and its processing using mathematical tools.
The key limiting ingredient comes from the examination of market variables and particularly their most commonly overlooked characteristic. As OP you may want to put on ignore all posts that violate anything unscientific or not mathematically founded and expressed.
Start with the granularity of the variables. for example discard each book that does not discuss granularity in chapter one.
Only a minority of your posters deal with the independent variable of the market. Don't ignore those that do.
You see professional trading. Its primary source of income is fees and commissions. Neither have anything to do with science or mathematics.
I tught trading to students for 10 years. All made profits trading. Each of the 10 years I taught different students. All students had their math aptitude tested "before" and "after" The 100% sample was a SRS because anyone could walk through the door of my classroom. On a six sigma basis the average shift was 1. 23 sigma. The scoring was from a large sample (the largest in the world at that time).
IQ changes at a rapid rate as young people grow older.
A unique characteristic of my classroom was one wall. floor to ceiling in piles of 25 it was filled with corporate annual reports. secondly, it had a full broker service from S&P. All students subscribed to the WSJ. they also did daly charts of their portfolios. A list was always on the wall of every stock charted.
In class I answers questions asked by the students as the classroom modus.
In March they completed the long form 1040. Two texts they read and prepared personal illustrations for were: "Beat the Dealer" and "how to Kie With Statisitics". Their illustrations of mistakes were from public periodicals the WSJ and anything else they discovered and referenced in books.
Every year at least one student traded real money to pay for his college education.
My opinion of young people, roughly speaking, is that their religion closely approximates money as a religion.
My students all felt that trading and investing is a teachable science. They also felt it had a broader base than most sciences.
Once at midnight, two past students came to me with a problem. One had just inhereted the first portion of her trust (6 mil). the question was: Can I sky dive now that I am 21. I said: "conditionally, write a proof and deliver it to your grandmother and your parents. then see that they have accepted the proof". Skydiving is your decision and you have the responsibilty to prove what you do is resoned.
A lot of the posts here are proofs of personal beliefs. Beliefs are just consequences of learning.
I did not try to prove teaching scientific trading is possible. I just feel science and mathematics is part of everyday life. The name of the course was "Environmental Math"*. Everyone had to have a checking account. In those days 1,200 a month was spent on clothing in schools that had uniforms.
* Later what was wrong out there became known as the envoronment.
