Tag Archives: Technical Analysis

“Practical Considerations on the effects of HFT on price” Webinar recording now available – November 5, 2014

Dear Friends!

Yesterday I held a Webinar for FXStreet.com titled “Practical Considerations on the effects of HFT on price“.

In the webinar I have touched on the following 4 points:

  • I have  provided a brief introduction on HFT (High Frequency Trading) and how it matters to us
  • Presented the major effects of HFT on market price and price structure (very important)
  • Touched briefly on the “war” between algorithms in the market
  • Closed with an example of HFT “disturbing” a well-formed setup of a Program Trading algos.

Why am I so interested in HFT if, as retail traders, we cannot leverage them to our advantage? HFT algos run on specialize technical infrastructure and networks that are attached  to the main electronic exchanges. Therefore, there is no way we can compete with HFT.

However it is important to know HFT and study what are its effects on price. Particularly HFT behavior is capable of modifying price structure and can “help” Market Crashes!!! This is why there is a lot of talking about HFT and whether they are “socially useful”.

The debate surrounding high frequency trading has become increasingly heated, reflecting the varied perspectives on the ability (and desirability) of high frequency traders to move faster (and on the basis of potentially greater information) than other traders. In the past I have written about the contrarian view represented by Paul Krugman represents on HFT.

But my interest in HFT – like my interest in trading – is practical. Why am I worried of HFT? Because I know how it can have impact and skew my edge.

And what is my edge? If you do not know my work you may not know that I model effects of classes of Algorithms (other than HFT) on price. By doing that I can understand if/when/where Algos participates on price.

At the end of last year I have studied a typical example of how HFT can “disturb” my trading setups. If you are interested you can read here the full article on the battle of HFT versus Program Trading.

 

There are only few things that can be proven or are true about the markets. One of these is the existence of algorithms (which trade a very high volume, in some cases more than 80%) and they work on all time frames, in high volume markets, with clearly observable effects on price. And I am not talking only about HFT (High Frequency Trading) here.

The good news is that we can leverage the Algos (other than HFT) on price and and obtain a powerful edge that can significantly improve our rate of success. Something that the application of Traditional Technical Analysis will never be able to provide.

Have a look at how in the brief summary of this webinar.

“I will provide a brief introduction to HFT (High Frequency Trading) and some definitions. I will then elaborate on 2 major effects of HFT on the markets. First is the effect on price structure and how it changes. I will then touch on the underlying “war” between classes and families of algorithms (not only HFT). I will conclude with the effects of HFT on methods that attempt to frame price structure and show a real market example – during planned news – and what can happen in those cases.”

So, if you haven’t had the time and the opportunity to watch yesterday’s webinar  you can watch it here below:

20141105_practical considerations webinar

Click here to watch the webinar recording here, and then let me know what you think about it.

Have a good day all.

To your success, rooting for you…

~FibStalker

 

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Filed under Education, Event/Webinar, Forex, High Frequency Trading, Money Management, Webinar

“A New Philosophy for Trading Success in Modern Markets” Webinar recording now available, October 20, 2014

Dear Friends!

Last week I held a Webinar for FXStreet.com. The title of the webinar is “A New Philosophy for Trading Success in Modern Markets“.

In it I explained how badly do we need a new Philosophy to trade successfully the markets nowadays. The webinar also covers the content of my Workshop I presented at the Toronto MoneyShow last Thursday.

The content of this webinar is important. Why? Well, if you look at the results of the average trader, as well as the majority of traders, you would immediately think that we are much in need for new and effective ways of analyzing, reading and trading the markets differently.

Actually, over 90% of traders lose consistently in the markets. Moreover, 22% of Forex traders do not use any kind of hard stop (recent data shared from OANDA, one of the largest Forex brokers in the world).

So doing things differently is key is a much needed substantial change. And as we do thing differently we must look at the reality of modern markets. Markets have changed and in trading we must employ ways of reading price that are grounded in the way the modern markets work.

There are only few things that can be proven or are true about the markets. One of these is the existence of algorithms working on all time frames, in high volume markets, and their observable effects on price. I am not talking about HFT (High Frequency Trading) here. Those work only on the smaller timeframes and there is really nothing we can do about them.

Can we leverage that and obtain a edge that can significantly improve our rate of success? Yes we can. And anyone can once the rules to model effects of algos on price are known.

Have a look at how in the brief summary of this webinar.

“I will introduce a revolutionary and effective way of thinking, analyzing and trading price dynamics and reading price structure, as well as obtaining information through price discovery. I will talk about the richness of information in price brought about by classes of algorithms in modern markets. I will then touch on the 13 points of my philosophy in trading, the 11 ways of doing things differently, the 7 Pillars of Trading Success in modern trading and the 4 major steps I follow in my trading. This webinar is going to challenge what you believe about trading and what can be done without traditional technical analysis, and the complexity of its rules. This is not for the faint of heart.”

If you haven’t had the time and the opportunity to watch the webinar just yet, do it. It’s an eye opener. I had people very excited coming to me after the Toronto MoneyShow Workshop.

Maybe there is a good reason… 😉

Watch the webinar recording here, and then let me know what you think about it.

20141020_New Philosophy webinar recording

Have a good day all.

To your success, rooting for you…

~FibStalker

 

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“Fallacy of Technical Analisys” Webinar recording now available on FXStreet.com, September 24, 2014

Dear Friends!

The webinar I offered in Yesterday morning at FXStreet.com is now available for you to view at your own convenience and time.

Find the recording of “Fallacy of Technical Analysis” Webinar here.

I promise, you will find this webinar not only very informative, but it will catch your attention (especially when I tell attendees that “statistically they are all losers, plus they are gamblers” 🙂 ).

This webinar may well also be the firs step of your transformational journey towards successful trading.

If you do not believe it, just watch it, and come back to me.

Otherwise, just take the “blue pill” and continue using and trying to make traditional Technical Analysis work.

Watch the webinar recording here, and then let me know what you think about it.

20140924_Fallacy of Technical Analysis_webinar

Have a good day all.

To your success, rooting for you…

~FibStalker

 

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Next Tuesday 14, 12:00 GMT, free Webinar “Fallacy of Technical Analisys and Market’s Review” on FXStreet.com, September 18, 2014

Hello Traders,

hope things are going well and your week is going well.

I am preparing my next Webinar that I will be offering next week on Tuesday September 23rd on FXStreet.com, the largest global Forex portal.

If you are looking at a different and effective way of looking at the markets, and wonder why you often are in the red with your trades, or you just want to bring your risk management to the next level, then next week’s webinar may be for you. I will be talking about the Fallacies of Technical Analysis and how looking at Algorithms Footprints, my own trading edge, as well as using the FibStalker Methods can dramatically help improving your trading results.

I am happy I will have the opportunity to share some of my research, which has practical impacts on my analysis and trading, and I firmly believe it can help you in your trading journey.

The webinar will be next Tuesday September 18, 2014 12:00 GMT (8am Toronto time).

See details below:

20140918_fallacy of TA and market review webinar
 Here below is the webinar’s summary: “In the first part I will discuss some of the fallacies of traditional Technical Analysis and why most common trading methods fail to provide effective trading plans. This problem is solved by studying the overwhelming presence of algorithms in high volume, modern markets, which also enables price discovery and procedural test of areas support and resistance. In the second part I will analyze the effects of algorithms on price of major Forex pairs and other markets requested by participants.”

To register for free to “Fallacy of Technical Analysis and Live Market’s Review” Webinar, follow the link below:

Click here to register for the webinar…

I hope you enjoy it, along with its fresh and useful information. This webinar will be dense of “HAHA” moments, and I am sure you will learn a lot and even develop a different view and more insights on markets’ price structure and why traditional Technical Analysis will not make you successful.

I look forward to seeing you there.
Have a great long weekend.
Regards,,,
Giuseppe, ~the FibStalker

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“Why traditional use of Fibonacci retraces will not make you successful?”, July 27 2014

Why traditional use of Fibonacci retraces will not make you successful?

Here is the reason. Read this article carefully…

I never considered the use of the Fibonacci numbers in my trading…

Until I have discovered that some of the Fibonacci numbers – a very small set – can be used to model the participation of powerful classes of algorithms that are very active and widespread in modern markets.

In today’s markets human participation and volume generated in exchanges is only a portion of that generated by algorithms which, in some cases, exceeds 80% of the total.

If that is the cases then (and it can be proven), why traditional uses of Fibonacci traces found in literature are still regularly proposed by trading experts ?

Are implications of the use of traditional Fibonacci fully understood?

I do not think so. Let me explain why.

First of all we should ask why the majority of the Fibonacci levels are not significant when modeling institutions’ algorithms, probably the strongest power in the markets, backed by billions of dollars?

Secondly, how are the Fibonacci numbers derived?

If Fibonacci numbers are a wonder of nature – i.e. we find them into manifestations of nature, like the DNA helix or a strong hurricane structure – in a recent research paper published for IFTA/SIAT, I have shown how some of the numbers like 38.2%, or 23.6% are engineered in a way that not necessarily reflects manifestations in nature.

So, from a practical point of view, we may well be dealing with pure human inventions rather than levels that explain or help trading the markets. Levels that are “grounded” into real market behavior, as I like to note.

Thirdly, why Fibonacci number are considered useful in trading?

The simple argument – according to traditional literature – is that trading any market is comprised by free willed individuals. Fibonacci places “natural limits” to how excited or depressed a free-willed mechanism will expand or retract into. Therefore, you can look for a Fibonacci ratio to catch the expansion of price or the retraces of a move.

Unfortunately, when it comes to practical trading, Fibonacci has to be paired with other trading techniques. Some writers like to make a parallel with the 3 best-non-kept secret to investing in real estate: Location, Location, Location.

In fact the trading equivalent, they say is, is Confirmation, Confirmation, and Confirmation.

I would rather say it is Psychology, Psychology, and Psychology.

Which brings to the fourth point: why confirmation? And what are the consequences?

Confirmation is needed because Fibonacci levels alone are not enough.

We do not know where price will stop, i.e. at what level. Moreover, typically price will overshoot or undershoot a level in a totally unpredictable way that confuses traders.

For this reason, the most immediate fix has been to consider other supporting techniques, e.g. price patterns or indicators, so that a trader would get involved at a Fibonacci level, only when the confirmation techniques all agree.

If this concept makes sense from a conceptual point of view, it does not mean is the way to go to be successful in the markets.

And, in fact, it is sufficient to look at the statistics for a confirmation. Again and again we observe that over 90% of traders still lose consistently in the markets.

If use of Fibonacci – in the way it is proposed by the traditional literature – was any better, the number of successful traders would be much higher. Don’t you think?

So what is the problem with confirmation?

In my research I have identified two major issues:

  1. Use of confirmation is complex for new and experienced traders
  2. Some uses of confirmation are flawed both from a conceptual and practical view point

Let’s start from the first issue.

The majority of people, including experts, think that you can add several techniques and use their reciprocal confirmation for practical trading.

Nothing more removed from reality and practice.

These people seem to forget that trading is a numbers game.

When you use different techniques for confirmation you have also to mind the main problem: reconciling the signals of each and every one of these techniques.

Traders who use several confirmation techniques never seem to mind the probability of each and every ‘combination’ that these techniques can present themselves in a particular situation.

Plus the indications from these techniques have to be reconciled with price itself.

Therefore, initially traders get excited by the idea of confirmation, but then they start realizing that, indeed, their trading becomes even more difficult.

The reason is that traders do not have the knowledge and the skills to reconcile all the possible configurations of the indicators, plus they do not know how to reconcile indicators that offer opposite readings.

Moreover, the majority of traders, including experienced traders, do not use a probability, reliability, expectancy and frequency of opportunity in their trading.

So, confirmation is only useful if you employ a very limited number of indicators and, even in that case, it is still complex and tends to shift trading into discretionary approaches, a sure recipe for disaster and lack of success for starting and experienced traders alike.

The second issue mentioned above (e.g. flawed use of confirmation) is related to the way the techniques are used in confirmation.

In my recent research paper I have documented some issues like the ‘inversion of semantics’ in using retraces and  the practice of using the clustering or confluence.

Confluence is when multiple Fibonacci levels are identified in the same area from different Fibonacci traces. The areas where levels fall close to one another identify ‘clusters’ deemed to be stronger support or resistance areas.

The reasoning behind confluence areas is that of confirmation. However, how can single, unreliable Fibonacci levels come all together to identify something that is more reliable?

It would be like thinking that a bunch of inexperienced and unreliable players could come together to form a great basketball team that wins the season.

How probable is that? Could that ever happen? I do not think so.

Still you find a lot of traders who speak with confidence about confluence and clustering like it was an effective technique. It is not, and you do not have to fall into the trap.

Yet Fibonacci numbers can be employed in a very effective way when used in what would generally be considered a totally unconventional approach (and here lies your edge), to explain price structure in modern markets.

Some of the Fibonacci numbers can be used to model the presence of algorithmic trading on all timeframe in high volume markets, which includes equity indexes, large stocks, major forex pairs, commodities and other highly participated asset classes.

The fact that I found fascinating is that this way of looking at the market enables techniques unheard of before, like procedural tests of areas of support and resistance (a technique I called FibStalking timing) and price discovery.

Particularly, price discovery – a technique to extract information on what price can do next – is enabled by the same levels used for the stop losses.

Moreover price discovery is often obtained without risking any money in areas where timing is performed through the FibStalking technique.

To learn more about the FibStalker methods that can enable you to trade and explain price and get involved in the same price areas where algorithms do, as well as, use a method that incorporates the psychology of the markets, check out the information in www.fibstalker.com

The simplicity of the methods and reliance only on price information, is what a lot of students and followers like and appreciate about my work.

 

If you like this article and it makes sense to you please share your own stories and thoughts about using Fibonaccileave a comment on the blog or drop me an email to: fibstalker@gmail.com.

 

In my research and practical trading I study the effects on price of classes of algorithms in high volume markets. If you are interested in a new and effective trading edge, check my work at www.fibstalker.com.

Happy Trading

~FibStalker

WHO IS GIUSEPPE BASILE?

Giuseppe Basile
Giuseppe is a Certified Market Technician and swing trader, IFTA and SIAT associate. Holds a B.Sc. in Computer Engineering and a MA in Finance. In the markets since 2001, became trader and mentor in 2007. Studied with several traders in UK, Europe and US, adding over 7,000 hours of screen time between 2009 and 2013 alone. In 2012 launched FibStalker, a blog specializing in forex, futures and stocks trading, where he also runs a free newsletter and publishes daily videos with actual setups and complete trading plans.

Giuseppe’s unique method attempts to spotting footprints of Program Trading, a powerful class of algos that governs the markets. Giuseppe is a rigorous researcher with several published papers about money management, automated trading, HFT and innovative timing and trading methods.

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“The Fallacy of Traditional Technical Analysis…”, July 22 2014

“The Fallacy of Traditional Technical Analysis will make you Unsuccessful in the Markets…”

“… what you need to know and to do, in order to avoid failure and generate a positive experience and outcome in trading, right from the get-go!”

We all know and see that way market price action has been “engineered” in the years in the concepts of Traditional Trading Analysis is varied and imaginative.

From the “fathers” of technical analysis like Charles Dow to the concepts introduced by Gann, Elliot and more recently by Wilders, who is the responsible of the majority of the “art” still used today by professionals and retail traders alike.

Are the methods and concepts of Traditional Technical Analysis successful?

Unfortunately, the answer is a resounding “no”! The proof? Is in the statistics: 90% to 95% of traders lose consistently or breakeven.

If they the method of Traditional Technical Analysis successful and the simple concepts of trendline, price patterns, indicators, average crossovers, etc. would be enough to consistently earn money in the markets, which is clearly not the case.

Some people want you to believe that you can be successful with those methods, but you need discipline, which the majority of people do not have. You need to be a “yoga master”, otherwise you cannot trade successful. My advice: when you see them do not walk, run!

How far from the truth? People still do a lot of things they do not love doing, but have the discipline to do it.

An example?

Think of how many people hate their daily job and trading their time for dollars.

Discipline is a byproduct of confidence, which does not come by acting like a machine or being a superhero with plenty of willpower. Confidence comes when there is comprehension and confirmation.

Comprehension about the way you analyze price and take positions in the markets with low risk idea that almost immediately generate risk-free trade and how and when you take profits.

Confirmation comes from seeing the same setup working again and again, following a well-defined, clear procedure.

But the method of Traditional Technical Analysis tend to do exactly the opposite, they generate confusion and lack of confirmation. Why?

Newbies and experienced traders – using several technique and indicators – think they see exactly the same patterns over and over. The reality is that  in the analysis process they need to use a lot of discretion”, in order to reconcile the indications that come from the different studies and  patterns they use.

And then of course there are the charting specialists who have introduced many ways to help see patterns in price, like linear charts, HiLoClose Bar Charts, Japanese candlestick charts, Point & Figure, pivots, fractals, market profile, etc.

Hundreds of techniques, and today you can find lots of originally mutated techniques and methodologies available to the traders, the analysis and the ch”artist”.

What many fail to realize, is that all the studies of traditional technical analysis, are no more than statistical tables plotted in graphic form to present a “picture” to assist traders in their decision process.

These statistical tables are tools that are built on historical and lagging databases. Moreover the rigidity of the parameters used in the studies imposes rigid responses to changing market conditions.

Have you forgotten that the market is a live beast that learns and adapts to trader behaviours?

Mark Douglas, author of the great  book ‘Trading in the Zone’, reminds us that the markets can do anything. Do you really believe you can cope with this principle and trade the markets with the aid of lagging derivatives of historical databases of price?

I surely cannot, and believe me, I have studied and tried hard and I am actively involved in rigorous trading research with national and international bodies (IFTA/SIAT). But again, if the answer to successful trading was in Traditional Technical Analysis, why not having a higher number of successful traders?

Many have forgotten that the market is the sum total of the behavior of its participants. An most do not know that the composition of participants has greatly changed in the years. In fact, in some markets computer-based algorithms exchange more than 80% of the overall volume.

Indicators, patterns and the technique of technical analysis are used for measuring the markets health, not so unlike the way a doctor measure the temperature of a patient with his thermometer, or the measuring tape to a carpenter. They are just tools.

If you comprehend this concept, you also understand that you need to start to looking at the market differently!

And if you are just starting, I advice you to not learn technical analysis at all! If this statement may see extreme and controversial, just think of a big work that will need to be done to “unlearn” certain concepts and believe.

That work is just “massive”, and some people seem not able to get over and “set aside” all the “art” and methods – that do not work.

Why I say that? It has been hard for me to “let go” to the method and concepts and techniques I have learned during the years to embrace different ways of looking at the markets.

In the end, I was successful, and looking back I was able to accept that some knowledge can ‘hurt’ and ‘damage’ me more than make me successful.

This may well be one those rare cases where ‘ignorance’ is actually and advantage.

So my suggestion is for you to look where other do not look. To ways of looking at the market that are more aligned and in-gear with the modern markets work.

And there is a lot going on in modern markets that is not explained at all by the methods and techniques of Technical Analysis.

If you want to learn more on different ways of looking at modern markets, have a look at the Education section of my blog.

 

Please let me know what you think about the content of this article. Go ahead, leave a reply in the form below.

 

In my research and practical trading I study the effects on price of classes of algorithms in high volume markets. If you are interested in a new and effective trading edge, check my work at www.fibstalker.com.

Happy Trading

~FibStalker

WHO IS GIUSEPPE BASILE?

Giuseppe Basile
Giuseppe is a Certified Market Technician and swing trader, IFTA and SIAT associate. Holds a B.Sc. in Computer Engineering and a MA in Finance. In the markets since 2001, became trader and mentor in 2007. Studied with several traders in UK, Europe and US, adding over 7,000 hours of screen time between 2009 and 2013 alone. In 2012 launched FibStalker, a blog specializing in forex, futures and stocks trading, where he also runs a free newsletter and publishes daily videos with actual setups and complete trading plans.

Giuseppe’s unique method attempts to spotting footprints of Program Trading, a powerful class of algos that governs the markets. Giuseppe is a rigorous researcher with several published papers about money management, automated trading, HFT and innovative timing and trading methods.

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Humans against Machines in the Markets, May 26th, 2013 (English Language)

ilsole24ore_italia&mondoThe below article, by Enrico Marro, was published on May 26th, 2013 on Il Sole 24 Ore, the major Italian Financial Newspaper. The article (which can be found here in its original format, in Italian language) discusses part of the content of the presentation I held on Friday May 24th at the Rimini IT Forum, the major Investing & Trading event in Italy.

Humans against Machines in the Markets: how trading robots amplify market collapses, creating systemic risk. Likewise in the 2010 Flash Crash.

“Humas vs machines, and even machines against machines. A huge Flash Crash happened on May 6th, 2010, when simultaneously with the other U.S. indexes the Dow Jones plummeted about one thousand points (over 9%) in a few minutes – traders and market operators staring – only to bounce vertically, recovering losses in a few minutes. But three years later, is also the recent Twitter flash crash, which took place on April 23rd, 2013: a pirate tweet from the Associated Press Twitter account with the phony news of two explosions at the White House, wounding the President Obama, causes a sudden loss of 1% for the Dow Jones, again recovered almost immediately with a “V” movement.

These are just two of the most resounding cases of the power of robots
The reason is in those High Frequency Trading (HFT) systems that have profoundly changed the structure of the market in recent years. Introducing new and unprecedented risks, as also underlined a rich series of Anglo-Saxon studies cited in the excellent Discussion Paper “High frequency trading. Features, effects, questions of policy” recently published by Consob. It’s not just about the risks related to the quality of the markets, but also about systemic risks.

Systemic risks

According to the study by Consob, HFT systems can create the conditions for profound and rapid destabilization phenomena in one or more markets. To trigger such events it’s enough a problem to just one single algorithmic trader: e.g. an operational fault (such as a hardware failure) which, in turn, by influencing the strategies of other high frequency traders, may have repercussions on the entire market, and also affect other markets, given the intense cross market operations of market operators. An example: on  August 1st 2012 Knight Capital, one of the largest operators on the US market, a HFT system has lost $440 million (equal to about four times the company’s net income) .

At the same time, the FIA EPTA (the Association of the main European traders) reiterated the importance for market participants to work with regulators to minimize the dangers to the stability of the markets (FIA at the time had published a paper with the recommended tests to be performed by trading firms when they change technology).

Faster and intense collapses
Unfortunately the spread of high-frequency trading can lead to amplifying the bearish pressures so much into generating situations of extreme chaos in market exchanges. As in the mentioned Flash Crash on May 6th, 2010, when the “robots” have amplified the fall of indexes, despite the fact HFT not being the triggering cause. A big sell order kicked off the dance. According to the reconstruction of events made by the Sec (Securities and Exchange Commission, american equivalent of Consob), sales orders generated by machines have subsequently triggered more sales of other “robots” by creating a “hot potato” (hot potato trading) whereby trade counter-parties were both HFT systems, that continued to sell. Thus amplifying the bearish spiral.

The instability brought by machines
That High Frequency Trading can be disruptive for the markets is convinced, among others Giuseppe Basile, computer engineer with 10 years of experience as an IT consultant around Europe and project manager at Accenture. Basile (who is also Technical Analyst and trader SIAT member) has devoted – at the recent ITForum of Rimini – a report to the impact of HFT systems on market price dynamics. «It is all about trades placed and removed very quickly, often hundreds or thousands of times a day” – explains – “with a high number of orders cancelled in comparison to filled orders, i.e. trades carried out”. To unleash the robots it does not take a lot: changes in volume or volatility, or market news, or delays in distribution of market data (prices, volumes, or other). «Some systems include listening components that skim the news headlines and immediately act on them, buying or selling on the basis of where prices are in relation to the “correct” estimated value», says Basile. And things in the future, are likely to worsen: “the next generation of programs will be adaptive and will learn from their experiences” — underscored – “and it will be hard to try to predict or control the dynamics of a market populated by a mix of human and algorithmic traders».

Liquidity becomes a ghost
A very common myth that circulates around in the trading environments is that HFT systems have at least a virtue, that is to make the markets more liquid. But it is indeed a myth, a legend that does not match operational reality. On the contrary, Consob explains – backed by Anglo-Saxon studies on the subject – that in specific conditions of market turbulence the HFT can absorb liquidity with major destabilizing effects for the markets. In the trading environment the offer (bid) by HFT systems is called ghost liquidity, to indicate a liquidity only “apparent” because it tends to disappear in the blink of an eye, often in very turbulent market conditions and then just when the traders most need it.

Also in Europe robots are everywhere
Particularly popular in overseas markets, HFT systems have become very popular even in the old continent. In most European countries the share of trading due to robots has grown steadily in recent years and currently fluctuates between about 10% and 40%. Piazza Affari (Milan Exchange) unfortunately is no exception. According to an AFM report, for the first five months of 2010, one order out of five in the Italian Stock Exchange comes from a machine, not a human being. But we are only at the beginning. The instability brought by robots on the market may increase, says Basile, with Flash Crash much worse than that in May 2010.”

Translated and published with the permission of Enrico Marro of Il Sole 24 Ore. © ALL RIGHTS RESERVED.

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