Broker line lugano trading
This is a function of the gearing they apply. How does Risk Management influence and shape your overall investment philosophy? The key to this is the old saying: It is mathematically harder to make back lost money than to make new money.
The best solution to this is to not make the losses in the first place. We only have one program: But within the program there are currently 16 separate and distinct algorithms. All clients get exactly the same signals and trades. We would rarely trade any account at more than three times gearing.
The client can nominate whoever they wish to hold their money and execute their trades. We are entirely systematic trend followers. In no sense are we predictive. As a famous systematic trader once said to me: We have steel balls. It would spoil the surprise. Our program is, in effect, a probability model in which, at instigation, all trades are risk equivalent.
Such a system would soon acquire all the money in the world. The money management rules are far more important. In what fundamental ways does your investment approach differ from other money managers? All I can say is that we are utterly disciplined in following our system. And we do so without hope, greed or fear. We do so with the certain knowledge that markets exist in order to teach humility and not just for our personal enrichment.
I have noticed that none of our computers have ears or eyes. This is just as well. What computers can do is take vast amounts of data and calculate variances, correlations and a whole range of other useful things.
A truly systematic approach removes both of these dangerous things. Do you have any particular preference for specific trading time horizons, such as medium to long term?
Kintillo is, by design, a long term currency program. Each cross is traded approximately 2. And we only trade once a day: London at around This makes us pretty uninteresting to most platform vendors as our volumes are so low. Whenever we are visited by them, after the usual questions about the program returns, std.
We would rather rebate a split of our fees to them than have them mark up the spreads the client pays or trade more frequently. There is no question that we should be much bigger than we are. The reason for this is because I have always believed that we are only as good as the representations we make. While we are entirely comfortable in making representations about ourselves, we are less so about others making representations about us.
In addition, I am not a fan of the so-called Fund-of-Fund business. Or, for that matter, the Hedge Fund business. We make virtually no effort to market to this sector. The plain fact is, being a trend follower makes us intrinsically uninteresting. We really have no market view and we have nothing to say about market fundamentals. As owner of the business, these attitudes and mistakes are ultimately my responsibility so there is no-one to blame but me. On the other hand, we really like us.
We really like what we do and we really like how we do it. We like being us. It has been observed that we can be regarded as distant and arrogant. We perform exhaustive back-testing of our systems, using a myriad of settings and the various permutations of them over as much data as we can acquire.
We construct heat maps and visualize performance in all kinds of markets and currency regimes in order to identify and eliminate potential surprises. The marginal contribution and diversification potential of each currency pair to the portfolio performance is assessed.
We also employ bootstrapping which is simply a method to project results by using historical distributions rather than theoretical ones. One advantage is obviously getting rid of the need for parametrical assumptions. Another advantage is the possibility to build scenarios based on expected market regimes, and obtain thorough descriptions of what possible conditions may look like.
We support our back-tested conjectures with research on the multiple issues that FX trading may be confronted with. We also gave a close look at the performance of currency pairs and systematic programs during currency intervention episodes.
We analyse these issues one at a time, and there are many issues that we have not discovered yet. We have performed similar research on other assets that Insch investments are based on, such as gold and crude oil. All our research is publicly available on our website, not only in FX but in other asset classes as well.
We maintain our focus not only on FX but also on other asset classes related to Insch investments and we try to keep an eye on the whole industry. We do our best to warn investors of the dangers in some of the most popular asset classes: Our research agenda revolves around being disciplined and systematic. We do not make changes to our trading system unnecessarily.
We do not change the settings just because we have one or two negative months. We have back tested the algorithms to the point that we are comfortable with them and we feel they are robust enough to meet our investment objective.
No one knows what tomorrow will bring and we pride ourselves on being purely systematic. So we stick to our proven algorithms. We have accumulated literally dozens hundreds? With regard to new trading strategies, our research team keeps an open heart and an open mind. We keep track of our yearly, monthly, weekly and daily performance of our portfolio.
If we see any anomaly, our team is instantly ready to take action. Thankfully, such an event has not happened yet. Kintillo is a long term systematic trend following system. The average winning holding period is around 21 days and losing holding period of 6 days. It is not by any means a high frequency trading system and we only trade once a day.
Hence, automated trading execution is nice but not crucial to us. The signalling algorithm is, however, fully automated and was developed in house. There are a number of different parameters for each currency pair. The parameters have gone through the exhaustive back testing process mentioned earlier to the point that we feel comfortable with them. If there is a signal for any specific pair, it will be displayed on our proprietary front end platform. All this process is extremely fast, only seconds from requesting the price to signal generation.
The whole process is overseen by an experienced trader every day. Relay race competitors have one primary task: Training to increase your speed to complete the track at the fastest pace is undoubtedly important, but what matters most is giving your teammates what they need to continue the journey: It is not unusual for professional runners in the Olympics or world championships to fail when passing the baton to their teammate due to mishandling during the exchange or passing the baton outside of the legal passing zone.
Passing wealth and assets to heirs — known as succession — presents similar challenges. Despite rising US interest rates and fears of a trade war triggered by Donald Trump, Chief Investment Officer Yves Bonzon does not see the need for a radical shift in the asset allocation.
Nevertheless, investors should improve the liquidity profile of their portfolio and marginally reduce equities. Erez Lieberman Aiden is a modern explorer who enters the most diverse research territories with the help of huge datasets and powerful computers. In this interview, the assistant Professor in the Department of Genetics at the Baylor College of Medicine in Houston, Texas, talks about his discoveries in the evolution of human culture and in genomics.
What caught his attention? First of all the global economic backdrop appears to remain positive.