{"id":230918,"date":"2025-09-22T15:20:48","date_gmt":"2025-09-22T19:20:48","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=230918"},"modified":"2025-09-22T15:21:46","modified_gmt":"2025-09-22T19:21:46","slug":"quant-systematic-trading-vs-discretionary","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/quant-systematic-trading-vs-discretionary\/","title":{"rendered":"Quant Systematic Trading vs Discretionary"},"content":{"rendered":"\n

The article “Quant Systematic Trading vs Discretionary” was originally published on Robot Wealth<\/a> blog.<\/em><\/p>\n\n\n\n

Someone recently asked me about the difference between our approach and discretionary order flow trading and technical analysis.<\/p>\n\n\n\n

Order flow trading involves sitting in front of a screen and looking at orders and trades as they come in and trying to work out if more buying or selling is happening, where those trades are occurring, and how that might predict the short-term future.<\/p>\n\n\n\n

Technical analysis relies on past price history and various patterns it makes on a chart.<\/p>\n\n\n\n

Both approaches involve a lot of sitting in front of a screen and using one\u2019s discretion, skill, and experience to make trades.<\/p>\n\n\n\n

How is that different to the approach we teach in Bootcamp?<\/a><\/em><\/strong><\/p>\n\n\n\n

First, let\u2019s get clear about what we mean by \u201cedge.\u201d<\/p>\n\n\n\n

An edge is a pricing inefficiency. A mispricing. Something that\u2019s worth $100 that is trading at $110. Something that you expect to make money on in the long run if you do it a lot.<\/p>\n\n\n\n

Clear enough.<\/p>\n\n\n\n

And an edge is caused by other people creating excess supply or demand. It arises due to other people causing the market to trade at the wrong price, which you then take advantage of.<\/p>\n\n\n\n

This is the fundamental cause of any market inefficiency \u2013 excess supply or demand<\/em><\/strong>.<\/p>\n\n\n\n

How you discovered the inefficiency doesn\u2019t really matter.<\/p>\n\n\n\n

Whether you discovered it by talking to a drunk broker at lunch, by doing data analysis, or by taking a ton of Adderall and staring at ticks for 16 hours without a break, it\u2019s the same inefficiency.<\/em><\/strong><\/p>\n\n\n\n

Don\u2019t think that there\u2019s some group of people with quantitative tools that are honing in on different effects from everyone else because they\u2019re really smart.<\/p>\n\n\n\n

All of these effects are created by people buying and selling \u2013 nothing more, nothing less.<\/p>\n\n\n\n

And those effects are just as real, whether you discovered them by talking to your mate, by doing data analysis, or by racking up screen time.<\/p>\n\n\n\n

An order flow guy could be looking at some effect that he learned about through months of disciplined screen time. And I could be looking at the exact same thing, but I learned about it by doing data analysis.<\/p>\n\n\n\n

He used his subconscious brain; I used some data wrangling and a scatter plot.<\/p>\n\n\n\n

We\u2019re doing the same thing, we just got there via different paths.<\/p>\n\n\n\n

The key point is that there\u2019s no special set of edges for order flow traders and another set of edges for the quants. They\u2019re the same thing<\/em><\/strong>!<\/p>\n\n\n\n

The approach to discovering them is where people differ.<\/p>\n\n\n\n

Our Approach<\/h3>\n\n\n\n

The defining feature of the approach we teach in Bootcamp is that it minimises subjectivity<\/em><\/strong>.<\/p>\n\n\n\n

We avoid saying things like, \u201cHey, look at this effect, but it only plays out sometimes and under certain conditions, and you need context and nuance and experience to understand those conditions.\u201d<\/p>\n\n\n\n

We don\u2019t have any interest in that because we can\u2019t prove that it has validity.<\/p>\n\n\n\n

And we certainly wouldn\u2019t try to teach you that stuff. We don\u2019t know how to teach you to acquire the sort of experience and nuance that matters for order flow traders or technical analysts or other discretionary approaches.<\/p>\n\n\n\n

But we are<\/em><\/strong> interested in edges that are obvious and repeatable.<\/p>\n\n\n\n

Edges that show up in the data no matter how you slice it.<\/p>\n\n\n\n

Edges that are so big that you can mess up the execution and still make money trading them.<\/p>\n\n\n\n

We teach how to analyse these edges and reason about them. How to build a process to extract them \u2013 a process that is repeatable and doesn\u2019t require any skill other than following the process.<\/p>\n\n\n\n

Crucially, we urge you to do things that are easy<\/em><\/strong>. At least at the start.<\/p>\n\n\n\n

It takes time and effort to sit in front of a screen and train your subconscious mind to recognise intraday patterns. I know of very few traders who can make money doing this. I\u2019m quite sure I couldn\u2019t.<\/p>\n\n\n\n

It\u2019s exceptionally difficult and overwhelmingly unlikely to work out.<\/p>\n\n\n\n

Instead, we think that you should tackle easy, obvious edges first.<\/p>\n\n\n\n

Go slow. Learn where edge comes from so that you know where to look. Learn basic data analysis and portfolio construction skills so that you can analyse and trade them yourself.<\/p>\n\n\n\n

These are skills that anyone can learn.<\/p>\n\n\n\n

Chances are you\u2019re not a galaxy-brained Adderal aficionado who might have a shot at learning discretionary trading.<\/p>\n\n\n\n

So don\u2019t waste time on that approach. Go easy on yourself and start with things that are much more likely to work out, and learn some useful skills along the way.<\/p>\n","protected":false},"excerpt":{"rendered":"

Technical analysis relies on past price history and various patterns it makes on a chart.<\/p>\n","protected":false},"author":271,"featured_media":204587,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[339,338,341],"tags":[851,15504,494,5987],"contributors-categories":[13676],"class_list":{"0":"post-230918","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-data-science","8":"category-ibkr-quant-news","9":"category-quant-development","10":"tag-algo-trading","11":"tag-discretionary-trading","12":"tag-quant","13":"tag-systematic-trading","14":"contributors-categories-robot-wealth"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nQuant Systematic Trading vs Discretionary | IBKR Quant<\/title>\n<meta name=\"description\" content=\"Technical analysis 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