OI13: The Art of Continuous Trading: Mastering Market Dynamics ft. Bill Gebhardt

Bill Gebhardt from 10Dynamics discusses the intriguing intersection of market efficiency and systematic trading strategies. He emphasizes the idea that while traditional views suggest markets are efficient, many hedge funds continue to find success using price-based strategies that should theoretically not work. This paradox leads to a fascinating exploration of the psychological aspects of trading, particularly how human behavior can create opportunities for systematic traders. Gebhardt shares insights on the operational complexities of running a nearly continuous trading process, utilizing intraday data, and employing a diverse range of signals. The conversation explores the risks of underfitting versus overfitting in trading models, ultimately advocating for a strategy that embraces empirical success without excessive optimization. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website. IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Moritz on Linkedin. Follow Bill on X. Episode TimeStamps: 02:17 - Introduction to Bill Gebhardt 06:35 - No pain, no gain 08:40 - Why are they called 10Dynamics? 10:08 - What is their philosophy behind how markets work? 12:24 - Are the signals that they run based on trend following? 13:47 - How they handle the operational complexity of their system 18:15 - How they assess the validity of their data 20:39 - Exploring the technical details behind the execution of their...