Traders Improve w/Age: Markets Are Not Random | MartinKronicle - Michael Martin
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Traders Improve w/Age: Markets Are Not Random

As an aside, learning, like outperformance, is incompatible with the efficient markets hypothesis, according to which the markets follow a random walk and you can no more learn to trade them than you can improve at flipping coins. Our data therefore suggest the markets are not in fact random.

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