Not completing desired trades resulted in more than just poor performance. The factor-trading system generated a series of complicated and intertwined trades, each necessary to score profits while also keeping risk at reasonable levels. By contrast, futures trading was simple stuff; if a trade didn’t happen, there were few consequences. With Frey’s stock-trading system, failing to get just a few moves done threatened to make the entire portfolio more sensitive to market shifts, jeopardizing its overall health. And missed trades sometimes cascaded into bigger, systemic problems that compromised
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