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"The internet has eliminated the barrier to becoming wealthy."
—Naval Ravikant
"AI won't take your job, someone using AI will. The only people who consider AI a threat are the ones who don't know how to use it. But the winners of tomorrow? They aren't fighting against AI. They're partnering with it."
—Naval Ravikant
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Famed trend follower David Harding was blunt about his early days:
"In fact, we didn't employ any programmers at all. One of my old friends, who has no training of any sort, wrote all the systems and everything on a single spreadsheet, and we were able to run [our firm] just on a spreadsheet program in Excel with three people. That spreadsheet continued in operations the next nine or ten years. (Laughter.) I'm really letting the secrets out of the bag here..."
Harding expanded on trend following philosophy:
"[Trend following is] much more profound than many hedge fund strategies because it's talking about the very exploitable effect in the price movements of whole asset classes. People talk about anomalies; it's not like some small anomaly. It's about the way the whole world works. It's a theory about the way the world works, which is different from the theory that everybody in the financial world has about how the world works."
Daniel Dennett, a cognitive scientist with zero connection to trend following, compounds Harding's insights:
"Here is something we know with well-nigh perfect certainty: nothing physically inexplicable plays a role in any computer program, no heretofore unimagined force-fields, no mysterious quantum shenanigans, no élan vital. There is certainly no wonder tissue in any computer. We know exactly how the basic tasks are accomplished in computers, and how they can be composed into more and more complex tasks, and we can explain these constructed competences with no residual mystery. So although the virtuosity of today's computers continues to amaze us, the computers themselves, as machines, are as mundane as can-openers. Lot's of prestidigitation, but no real magic...All the improvements in computers since Turing invented his imaginary paper-tape machine are simply ways of making them faster."
Richard Donchian makes clear the time needed to execute successfully as a trend following trader:
"If you trade on a definite trend following, loss-limiting method, you can trade without taking a great deal of time from your regular business day. Because action is taken only when certain evidence is registered, you can spend a minute or two per market in the evening checking up on whether action-taking evidence is apparent, and then in one telephone call in the morning, place or change any orders in accord with what is indicated. Furthermore a definite method, which at all times includes precise criteria for closing out one's losing trades promptly, avoids...emotionally unnerving indecision."
Ask yourself, "What do you want?"
Shooting for big profits or AI bells and whistles unrelated to profits.
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