While systems based on back-tested results are easy to ﬁnd, it is rare to ﬁnd ones based on long-term running data. Because of this, one of two things usually happens:
Option A: The system stops running correctly, proﬁts cease, and the system halts.
Option B: The system loses so much money so quickly that it’s impossible to halt before zeroing out.
When you hear of a trading system attached to the terms Black Box or Auto-Trading, think of it like you would a wolf in sheep’s clothing. For example, someone running a Ponzi scheme could easily promote it as this type of automated system. Why? For the exact reasons we just went over. Proﬁtable systems based on back-tested data are incredibly easy to falsify and recreate.
For example, there have been many companies that claimed to run an automated trading system. However, once they stopped making money and ended up in court, the truth was discovered that there was no robot, rather a person still making all the trades. Why would they do this? Because of how humans respond to trendy ideas. Consumers ﬂock to new ideas like new technology is the answer. This reward structure is ingrained in our system, but empty promises do not make for a promising reality.
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