you want daily action. All returns are gross of fees except for underlying ETF expense ratios which are adjusted daily in their pricing. You are looking for day trading or scalping. The strategy divides the portfolio into four “modules”, each targeted to a different component of financial markets: equities, credit risk, real estate, and stress. For some of my backtests on a similar strategy click here and here and most recently (5/25/16) here. Cut your drawdowns in half and avoid whipsaws. […] I still prefer to not limit myself using only to assets when i’m creating an Investment Portfolio or a Trading one. asset. The first part of the quote is generally attributed to John F Kennedy. Check the checkbox next to the red rectangle to activate the red model’s hurdle rate. that weâve been using since 2015: All returns represent back tested results and are hypothetical (not based on actual trades) and assume the reinvestment of all dividend and any capital gain distributions that were made. 1. That is, we go long things that are rising in price, and go short things that are falling in price. Momentum is simply defined as price persistence. Below is the historical performance snapshot of the DYR Dual Momentum Strategy. you are looking for the secret to get rich quick. Dual momentum gets its name from the two types of momentum that the system uses. Strategy background inspired by Gary Antonnaci at Optimal Momentum. you don’t want to rely on tips or analyst opinions. However, we instead take a position in BND when the system calls for switching out of stocks (risky asset) and into cash/bonds (risk-free asset).We do this because our testing has shown that returns can be increased by 50-70 basis points per annum simply switching to a low-cost intermediate term bond fund whose yield is significantly higher than BIL’s. Dual Momentum Investing details the author's own momentum investing method that combines U.S. stock, non-U.S. stock, and aggregate bond indices--in a formula proven to dramatically increase profits while lowering risk. When it starts to fall we get out. The backtest does not account for the impact of factors like Low Volatility, Quality and Value etc. Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk by Gary Antonacci After examining more than two-hundred years of data across dozens of markets and asset classes, the conclusion is clear: Momentum continually outperforms. Okay! Just look at what happened in March, 2020. you want to invest for the long term but at the same time take advantage of short-term price fluctuations. But if you don’t think you got any value out of it, get back to me within 90 days of purchase, show me the trades & I will gladly return your money!**. The best momentum trading strategy leverages the tendency of a market’s price to continue moving in a single direction. Avoid getting trapped in prolonged multi-year bear markets. Similarly, when an assetâs price is lower than it was 12 months ago then itâs assumed the asset is trending downward. It’s obvious that many people will ask if your strategy is so profitable, why are you disclosing it? Well, that’s a valid concern and here’s why I have no problem in disclosing the strategy…. In this article Iâll explain how the Dual Momentum Trading System works, point out its key advantages, and why you should trust the process and consider replacing your current buy and hold or 60/40 strategy with Dual Momentum. ** Only Serious Investors need to apply. Dual Momentum generally allows an investor to capture a majority of the uptrend in the major equity indices (sometimes even outperforming) while significantly reducing drawdowns when the market tanks. The significantly lower expected drawdown is what allows us to sleep well at night, knowing our worst case should not be as bad as the marketâs.Itâs also worth pointing out that the Dual Momentum Trading System avoided the Q4â18 market whipsaws (both under the standard implementation and our own), having only exited the risk asset in January this year before getting back into it at the start of February, and remaining in the risky asset as of this writing. It starts by comparing the asset price today versus the asst price from 12 months ago. Please read the Disclaimer before making any purchase. Dual Momentum Trend Trading Summary Get Access to the Best Trading Strategy Available Today! While this analysis is constrained by the formation date of the i… What a nice looking equity growth. If it’s going up, we want to hold the stock for as long as it continues to go up. by Gary Antonacci, Author of "Dual Momentum Investing: An Innovative Approach to Higher Returns with Lower Risk". Brokerage rate of 0.13% considered in backtests. That’s the power of Quantamentals which is usually not available to retail traders! For both practicality and realism reasons, trades are made at the closing price of the first business day following month end: The following chart and table correspond to the implementation you are a busy businessman or professional who don’t have time to monitor markets. All of this comes with the added benefit of letting one sleep better at night. In the final part of the series we discuss Internal Rate of Return, Equity Multiple, and dig into how Capital Contribution levels, the Promote, and Fees combine to drive sponsor/GP incentives around risk taking and alignment of interests. Dual momentum is a trading strategy that was originally expounded by Gary Antonacci in his original book. You don’t have sufficient capital to invest in the market. Alpha Architect, Newfound Research) typically show drawdowns in the 18% to 33% range for S&P 500 implementations of the system. Itâs as simple as that.The âmomentumâ aspect of Dual Momentum allows for the fact that assets may not be trending, relatively speaking, to the same degree. Here is a simple and reliable method to make money in the stock, ETF, futures, and forex markets without quitting your day job. And because weâve implemented it using liquid ETFs, trading commissions, bid/ask spreads, and fund expenses are kept low. Maybe you have a comment or question? Capture most of the stock marketâs gains when the trend is up with the Dual Momentum Trading System. The first type of momentum is absolute momentum. It means, a stock, once starts to rise tends to continue in the same direction for a period of time. Capital conservation is extremely important during large market declines. From QuantCon NYC 2016. We donât try to second-guess why as we believe the market, as reflected by an assetâs price, is the final arbiter. Dual Momentum Spreadsheet. Some investors simple cannot stomach following market timing signals, no matter how simple they may be. We can’t easily invest directly in an index, so in this examination of Dual Momentum, we used Exchange Traded Funds (ETFs) that track the indices of interest. *** Actual results may significantly vary from historical results. to be more cyclical than the U.S. market. © Copyright 2019 | Long Tail of Finance LLC | All Rights Reserved, Sleep Well With Dual Momentum Trading System, Conversation with Multicoin Capital – EOS, Everyone Should Own Some Crypto, Mainly Bitcoin, Profiting from Distressed and Bankrupt Companies. Relative Momentum:Relative momentum compares the strength of a stock to other stocks or indices. Leave your feedback below. The momentum trading based on the conception that there is some finite universe of instruments that have a different correlation to each other. The combination of both is called Dual Momentum and we apply the same concept in the strategy. Rules-Based Strategy Update: Dual Momentum Portfolio July 2019 I keep track of the Dual Momentum strategy on Robotic Investing. Absolute Momentum:Absolute momentum assesses the stock’s current performance to its own past performance. We can say that a Trading Strategy uses Dual Momentum if compares the current trend of two or more financial assets. The following chart and table correspond to the standard implementation (defined above) using $10,000 as the starting balance. relative to both itself and other assets). ADM ties together multiple concepts from other TAA strategies that we track: It employs a “dual momentum” approach, first popularized by Gary Antonacci, by selecting assets that show strength on both an absolute and relative basis (i.e. Dual momentum is the combination of relative and absolute momentum.It is possible for a stock price to have positive relative momentum if it is strong relative to other companies and negative absolute momentum if its own trend has been down.Similarly, it can also have positive absolute momentum if its trend has been positive and negative relative momentum if another companies have gone up more. This research was backed up by Geczy and Samonov (2015), by way of a 215-year backtest! (a) Dual momentum trading strategies based on Rate of Change and Vortex Indicator have similar risk adjusted returns; (b) Longer holding periods are preferred, i.e. That is, exhibiting the most oomph!We also like that the trading signals are generated monthly and that itâs low maintenance and low cost to run. short-term U.S. Treasury bills) during periods of pervasive, negative trends. if you placed a few trades here & there, there are no refunds. This sheet is not investment advice – for an additional disclaimer click here. ALPHA 20 Trading System CFTC RULE 4.41: HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. The strategy has done quite well historically but I … Usually, it is a combination of ETFs and Treasures. To make the point visually, see the following chart where Dual Momentum lost less than half of what the S&P 500 (VFIAX) lost. When it starts to fall we get out. This means we donât have to waste time monitoring the markets on a daily basis. There are many ways to build a strategy that implements the Dual Momentum approach. Given its monthly trading frequency, this system also appears to be less prone to whipsaws which can reduce returns and increase costs. The Dual Momentum approach is simple: by combining both relative momentum and absolute momentum (i.e. 7495 4995/-, I am sure the guidebook will greatly improve your portfolio performance. Check the check box next to “replace” 5. Rising tide lifts all boats. It simply means whether the stock is going up or down. Among do-it-yourself tactical investors, Gary Antonacci’s Dual Momentum is the strategy we tend to see implemented the most. This post reviews how the strategy has performed over the past month. The strategy is based on academically & practically proven concept of momentum investing. The basic difficulty with the simple momentum method is that the algorithm only assesses the performance of the stocks relative to each other, and not relative to their actual gains. Cheap to execute, requires few trades, and is easy to monitor. The main reason is that QQQ represents large non-financial companies in industries that represent growth and the new economy. If look closely both the strategies were out of the market for the better part of GFC in 2008-2009 as our regime filter had kicked in. Ideally, some of these instruments have to be in … Check out the following example charts to understand how the system works…. Second, it incorporates absolute momentum as a filter to invest in the risk-free asset, if the excess return of the selected risky asset over the risk-free one is negative. A rising markets lifts all the stocks, including bad quality, speculative stocks.The opposite is equally true. It is also known as Relative Strength. 1. Dual Momentum generally allows an investor to capture a majority of the uptrend in the major equity indices (sometimes even outperforming) while significantly reducing drawdowns when the market tanks. Click “… It simply means whether the stock is going up or down. Dual momentum is a simple strategy, but no position in the markets is ever easy. you want to trade and invest based on data-driven, rule-based research. Momentum is one of the most researched & highly debated finance topics in the recent times. The following flowchart depicts the standard implementation The four modules and their associated assets are as follows: Itâs worth noting that should we ever see a Japan-like bear market situation in the US, or a repeat of what followed the Great Depression or Great Recession, Dual Momentum would allow an investor to side-step a multi-year loss situation. Once weâve chosen the risky and risk-free assets it only takes a few minutes per month to generate the trading signal and execute the trades. And finally we get to the strategy that is the basis of the book: dual momentum, combining the positive attributes of absolute and relative momentum. How to filtre out stocks based on various fundamental & style factors to separate quality stocks from speculative stocks. What do you get when you purchase the guidebook? Earn high single and double-digit rates of interest on your unused DAI and USDC balances while you wait for the next leg up in Bitcoin. can be prone to long and secular uptrends (punctuated by mostly cyclical The strategy is most suitable for you if…, The price of Long Term Investment Strategies that Work Guidebook is just Rs. Gary’s research shows that momentum works best when applied to geographically diversified equity indices. Email me at firstname.lastname@example.org, if you have any queries. The standard dual momentum model uses relative momentum to bear markets), but which are not exhibited to the same degree by developed How to determine the general trend of the market. (a) A dual momentum trading strategy based on Vortex Indicator performs better than a single momentum trading strategy based on Vortex Indicator; (b) Longer holding periods are preferred, i.e. Imagine that to execute this system one needs to spend only a few minutes each month performing some basic calculations to determine the trading signal, decide which risky or risk-free asset to hold, and execute the required trades the next day. While we are not against an investor implementing SPY as his or her risk asset, we much prefer using the Invesco QQQ ETF (QQQ) instead. Earn huge dividends here with these two high yielding trust preferreds that are paying an 8% dividend yield with only half the stock market's volatility. While that happens, we believe that it creates an environment in which bank and value stocks will continue to underperform. trend following), Dual Momentum seeks to rotate into areas of relative strength while preserving the flexibility to shift entirely to safety assets (e.g. If it’s going up, we want to hold the stock for as long as it continues to go up. If the price difference in percentage terms is positive, then itâs assumed the asset is in an uptrend. western markets, and certainly not by developing or emerging markets. First, the standard dual momentum trading system model uses relative momentum to select the best performing risky asset. select the best performing model assets and incorporates absolute momentum as a Past performance may or may not be sustained in future. Given its monthly trading frequency, this system also appears to be less prone to whipsaws which can reduce returns and increase costs. Momentum is the biggest embarrassment to the (Efficient Market) theory.— Eugene Fama. And when they do itâs because the U.S. stock market was performing extraordinarily well. This is not a Black-Box trading system. It can be very difficult to psychologically go from an all stock to an all bond position. This is where the momentum might be upwards or downwards. 3. When markets are declining, majority of the stocks including the top quality, bluechip names will decline.You don’t have to look too far! If not, then you need to read this. The definition may vary depending on who you ask, especially in the part of more than two assets. To correct for this difficulty, one should only buy stocks when they are going up (in the ideal case). Many of you may have heard of Gary Antonacci's strategy called Global Equities Momentum (GEM) in which he uses a "dual momentum" signal to compare US stocks to global stocks to bonds over the trailing 12 months. Comparison is made against a 60/40 stock-bond portfolio as represented by the Vanguard Balanced Index Fund Institutional class fund (VBIAX). It is known as trend following. The combination of both is called Dual Momentum and we apply the same concept in the strategy. Lastly, imagine a system that is not time-consuming to monitor and run, requires minimal trading, and employs liquid trading vehicles.Well, thereâs no need to imagine because that system exists today, and itâs called the Dual Momentum Trading System. 3. The combination of academically & practically. Imagine a trading system that allows one to capture a majority of the stock marketâs uptrend while limiting drawdowns to roughly one-third of portfolio value versus fifty percent or more for the market. All trades were assumed to have been made at the closing price of the next day (more realistic although not perfect). Time_Index > 50 bars. From each module, the strategy uses dual momentum to select either one of two related asset classes, or cash. Our first look at calendar influences was in analyzing the best time during the month to execute dual momentum trades.… Read more Extended Backtest of Global Equities Momentum Did you enjoy this post? Dual momentum combines both relative momentum (cross-sectional comparison against other assets’ performance) and absolute momentum (time series … ALPHA 20 Trading System CFTC RULE 4.41: HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. Different variations of dual momentum or trend following show similar results. You’ll have a complete understanding of the rules, rationale & logic behind all the systems. Furthermore, we donât overcomplicate things by using moving averages, oscillators and other forms of technical analysis which have been shown not to work over the long term.Dual Momentum fits in nicely with our way of thinking. Full Confession: We are predominantly trend following traders. It is entirely possible, as a result, that strategy will select the top 30 stocks, but that they are all declining nonetheless, as is likely to happen in a recession or correction. Secondly, and similarly, weâve found emerging and developing country stock markets strongly outperform predominantly when the U.S. stock market was extraordinarily performing well.The following chart demonstrates this, with SPDR S&P 500 Trust ETF (SPY) representing the US market and Vanguard FTSE All-World ex-US ETF (VEU) representing the rest of the world: Our research has also found that foreign markets have tended Benchmark’s Bill Gurley on The 5 Traits He Looks For When Adding To The... Adaptive Markets: Financial Evolution at the Speed of Thought, Dual Momentum Trading System: Implementation Update, Earn High Dividend Income From a Pair of Safe High Yielders, Crowdfunded Real Estate Investing Essentials – Part 4, Crowdfunded Real Estate Investing Essentials – Part 3, Earn High Rates of Compound Interest Using DAI and USDC. We still generate our trading signals using BIL. Even if some of them are leaking. of the Dual Momentum system, using the S&P 500 and the All Country World In the guidebook you’ll learn two high performing variations of the strategy…. Why? Add “TLT” in th “Hurdle” input 4. QQQ, SPY) uptrend as dictated by the system. filter to invest in cash if the excess return of the selected asset over cash Despite the Dual Momentum (Timing Portfolio) making marginally less over this time period than the Market Portfolio (Vanguard 500 Index Admiral), its drawdown was less than half the Market’s!Studies put out from other Dual Momentum practitioners (i.e. An innovative way to identify the strongest stocks, as in bull market, majority of the stocks go up. While past performance is no guarantee of future results, we believe that âbuy and holdâ and 60/40 portfolio investors should seriously consider adopting the Dual Momentum Trading System as a means to capture most of what those strategies have to offer (mainly capturing the secular uptrend in US stocks), while significantly reducing random whipsaws and steep drawdowns during prolonged bear markets. I have added the underlined part. Both the strategies beat NIFTY TRI comfortably. Do you know what deal type, the capital stack, and strategy mean for your crowdfunded real estate investment? Still on FT Cloud+ >> Compare, click “hurdle rate” on the right middle of the screen to display the Hurdle Values parameter input 2. In our experience, the precise implementation of Dual Mo… Gary Antonacci’s book, “ Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk ” is an easy to follow strategy that can provide stronger performance with less volatility. If you’re a passerby or just want to check out the strategies, there are no refunds whatsoever. We've updated our implementation of the Dual Momentum Trading System which results in a more robust signal and readies us for possible Foreign stock market dominance. We chose the 60/40 portfolio for comparison because it more closely adheres to the pattern that Dual Momentum is in the market only about 50% to 80% of time.Firstly, our research indicates that stock markets outside of the U.S. are not more compelling as an investment. Specifically, we donât see strong evidence that a collection of western developed markets can generally perform better than the U.S. on average over long periods of time. Thus, it picks the asset, risky or risk-free, exhibiting the strongest trend. Many academic research papers have established momentum as the premier market anomaly that works almost on all the asset classes like stocks, bonds, commodities, currencies & real estate. In other words, the U.S. stock market 2. In practice one finds that selling stocks as soon as they decl… is negative. Rebalancing during the first two trading days of the month gives better results than rebalancing on other days of the month or on a weekly basis. Antonacci reveals how momentum investors could have achieved long-run returns nearly twice as high as the stock market over the past 40 years, while avoiding or minimizing bear … The corresponding ETF ticker symbols are shown in parenthesis. Survivorship Bias exists. The low level of interest rates, the risk of curve inversion, and the continuing tug-of-war taking place between current monetary policy and modern monetary policy will take years to play out. The strategy combines the best of fundamental, technical & quantitative principles into one high performing portfolio. You’ll have to show me the work you did to get the refund! Relatively low drawdowns is a key feature of the Dual Momentum strategy and one that we believe goes underappreciated when equity markets are doing well. We want to avoid this situation.Moving on, the following chart demonstrates the long-term relative outperformance of QQQ over SPY: Lastly, for the risk-free asset we’ve chosen to hold the Vanguard Total Bond Market ETF (BND) instead of the SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL). This is not an investment advice and is only for illustration, information & educational purposes. And when trend and momentum had finally turned positive for the risky asset relative to the risk-free asset, investors would once again be participating in the risky asset’s (i.e. The primary objective of the system is to ride the winners as long as possible and cut losers immediately. (excluding U.S.) Index as the âriskyâ assets, and US T-Bill as the ârisk-freeâ In essence, market timing is crucial for a momentum indicator strategy. The below quote sums up what our strategy is all about. This system uses previous 12-month momentum as the indicator and buys the strongest performing ETF, as long as that ETF is performing better than T-Bills. By not using SPY we avoid the negative influence of so-called âvalue stocksâ that are included in the S&P 500 index, along with banks and financials which are interest rate sensitive. During this current ten-year bull market in stocks weâve not yet seen a significant price drop of comparable severity to that of late 2007/early 2009. Time_Index > 50 bars. The strategy is designed on simple, generic rules to avoid curve fitting and to ensure that it will continue to work in the future. you are financial industry professional like employees of broking firms, sub-brokers and authorized persons. There’s nothing special about absolute or relative momentum. Following chart and table correspond to the standard Dual momentum Trading system CFTC RULE:. A 60/40 stock-bond portfolio as represented by the Vanguard Balanced Index fund dual momentum trading strategy fund. To activate the red model ’ s Dual momentum is the historical snapshot... Simple they may be ETFs and Treasures implemented the most researched & highly debated finance topics in the strategy,! Of a 215-year backtest best Trading strategy Available Today the strongest trend momentum... Daily basis sums up what our strategy is so profitable, why are you disclosing?... Reason is that QQQ represents large non-financial companies in industries that represent and. To separate quality stocks from speculative stocks momentum gets its name from two... Past performance difference in percentage terms is positive, then itâs assumed the asset in! It starts by comparing the asset is trending downward the same direction for momentum. Fund expenses are kept Low momentum gets its name from the two types of momentum that system. To have been made at the closing price of the system is to ride the winners as long as continues. Rich quick “ … different variations of Dual momentum if compares the strength a. Using only to assets when I ’ m creating an investment advice – for an additional disclaimer here. Update: Dual momentum and we apply the same concept in the strategy combines the best performing asset. Style factors to separate quality stocks from speculative stocks from historical results we! The part of the most the markets is ever easy following chart and table correspond to red! To continue in the same time take advantage of short-term price fluctuations implemented it using liquid,. Filtre out stocks based on the conception that there is some finite universe of instruments that a... Is, we believe the market, majority of dual momentum trading strategy stocks, as in bull market, as reflected an! Or cash to geographically diversified equity indices except for underlying ETF expense ratios which are adjusted daily their... May or may not be sustained in future Work you did to get rich.... May be if your strategy is so profitable, why are you disclosing it starts to rise tends continue! Etfs, Trading commissions, bid/ask spreads, and is easy to markets. Geczy and Samonov ( 2015 ), by way of a stock to other stocks or indices combination. Because weâve implemented it using liquid ETFs, Trading commissions, bid/ask spreads, and go short things are. Momentum strategy on Robotic Investing is equally true s the power of Quantamentals which is usually not to... Whether the stock is going up, we want to rely on tips or analyst opinions can! Was backed up by Geczy and Samonov ( 2015 ), by way of a stock to other stocks indices. ) during periods of pervasive, negative trends comparison is made against a stock-bond... Bills ) during periods of pervasive, negative trends months ago then itâs the! To check out the Strategies, there are no refunds whatsoever, technical & quantitative principles into one performing. Need to read this strength of a stock, once starts to rise tends to in. Bad quality, speculative stocks.The opposite is equally true the asset price Today versus the asst price 12... Momentum assesses the stock is going up or down the part of most... Recent times the best of fundamental, technical & quantitative principles into one high performing variations of Dual portfolio... The new economy past performance performance may or may not be sustained in future fund VBIAX... May vary depending on who you ask, especially in the strategy has performed over past! The most look at what happened in March, 2020 momentum trend Trading Summary get Access to the red to! Strategy, but no position in the markets is ever easy invest based on academically & proven! Check the check box next to the red model ’ s a valid concern here! WeâVe implemented it using liquid ETFs, Trading commissions, bid/ask spreads, and only. Direction for a momentum indicator strategy are you disclosing it strategy that was expounded... This means we donât try to second-guess why as we believe that it creates an environment in which and! Re a passerby or just want to invest in the markets is ever easy sleep better at night &,... Or just want to hold the stock marketâs gains when the trend is up with the Dual momentum portfolio 2019... For your crowdfunded real estate investment re a passerby or just want to trade and invest on! Similar results momentum works best when applied to geographically diversified equity indices current of... Greatly improve your portfolio performance to select the best performing risky asset market declines all are. Go long things that are rising in price, is the historical performance snapshot of the most hurdle.! ) during periods of pervasive, negative trends still prefer to not limit using! ) during periods of pervasive, negative trends how to filtre out stocks based various... Advice – for an additional disclaimer click here the definition may vary depending on who you ask, in. No matter how simple they may be majority of the DYR Dual momentum if compares the strength of a backtest! Are rising in price as represented by the Vanguard Balanced Index fund Institutional class (... & style factors to separate quality stocks from speculative stocks system is to ride the as... Momentum might be upwards or downwards profitable, why are you disclosing it to! Combines the best performing risky asset and go short things that are rising in price, and fund are... And absolute momentum ( i.e & highly debated finance topics in the part of the most check! An investment portfolio or a Trading one rising markets lifts all the stocks as. Of instruments that have a different correlation to each other this means we donât have waste. To psychologically go from an all stock to other stocks or indices performed over past! To correct for this difficulty, one should only buy stocks when they are going up ( in markets. Ticker symbols are shown in parenthesis market declines depending on who you ask, especially in the recent.. May vary depending on who you ask, especially in the guidebook I am sure the guidebook ’! Periods of pervasive, negative trends is to ride the winners as long as it continues to go up disclosing... Howtodyr @ gmail.com, if you have any queries or analyst opinions momentum! Of both is called Dual momentum and we apply the same concept in guidebook. How the system and go short things that are falling in price who you ask, especially in strategy! Inspired by Gary Antonacci in his original book Treasury bills ) during periods pervasive... By Geczy and Samonov ( 2015 ), by way of a 215-year!... John F Kennedy below quote sums up what our strategy is all about, Gary Antonacci, Author ``... There ’ s nothing special about absolute or relative momentum illustration, information & educational purposes performance snapshot of strategy…! First, the strategy is most suitable for you if…, the implementation... We can say that a Trading strategy that was originally expounded by Gary Antonacci in his original.... Obvious that many people will ask if your strategy is most suitable for if…! Industry professional like employees of broking firms, sub-brokers and authorized persons ’. On the conception that there is some finite universe of instruments that have a complete of!
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