“Dear Michael, Nice to see that the French version of your excellent book will soon available. I work for a money management firm in Paris, and I specialize in “dynamic hedging”, in the sense that I sell futures contracts on indexes, bonds or currencies, whenever my methodology tells me to do so. In fact, I am possibly a trend follower, as I mainly use breakouts in the current trend, put my stop loss, and ride the trend as soon as I can without any care for the fundamentals or brokers’ bla bla. Although I know you are not fond of day trading, I do it myself (because I am not authorized to hold positions overnight), and can tell you that trends in smaller time frames do exist. Anyway, thanks for the good work, and I enjoy reading your daily blog.”
It’s not that I am against “day trading”, I just don’t know how you can really compete with the Jim Simons of the world. On a side note, it is puzzling that so many restrictions are placed on “overnight” trading especially since that is where the big money is made.