9. Building a Toolset

The investment community has developed thousands of trading systems. The best are proprietary and generally not available to the investing public. Many have proven themselves by generating excellent profits across a broad range of conditions that sometimes persist for extended periods of time. However, markets are complex, and conditions change. The past 20 years have seen periods of high and low inflation, rising and falling market volatility, normal and inverted yield curves, rapidly rising and falling oil prices, commodity shortages, currency devaluations, and a dramatic increase in worldwide liquidity. Despite claims to the contrary, no trading system can perform well across such widely varying conditions. Although ...

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