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Wednesday, June 12, 2024

111: Strategy objectives, statistical significance, and market behavior w/ David Bush

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Returning to Chat With Traders for a second time is David Bush—first on episode 23.

David began as a discretionary trader, more than 20-years ago, but over time he’s developed into a quant trader. And he’s exceptionally good at what he does; David’s been the first place winner of two (real money) trading competitions in recent years.

Last time David was on we spoke fairly extensively about his path as a trader and a high-level overview of his process. This time around we covered plenty of new ground—exploring David’s process in greater depth. Also, I particularly liked David’s comments towards the end about, “Intensity, not time.”

Topics of discussion:

  • David speaks about participating and winning the NAAIM trading competition, and the one area where many competitors came unstuck when being questioned.
  • How to think about initial goals and objectives for a trading strategy, objective functions to determine the quality of results, and how much flexibility to allow.
  • Developing strategies to allow for change in market structure, considering; simplicity versus complexity, degrees of freedom, and statistical significance.
  • The many ways that one can backtest poorly, David’s method to reduce curve-fitting, and how to take a strategy live—are you a conservative or a gunslinger?
  • Addressing common criticisms of quantitative trading, recognizing that we’re living in the ‘decade of data’, and areas of focus for David this year (2017).

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David Bush: Quant trader, 1st place winner of BattleFin, 1st place winner of NAAIM.

Links and resources mentioned:

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