Ok... Let me frame it in a context that I am most familiar with (and
some of you are as well):
High Frequency Trading.
Back before the mid 90's. You called in an order down to the NYSE (or
CME/CBOT/etc.). Your skill was to be the first to get in on what
rudimentary information you had at the time. Then came SOES in the mid
90's. Bypass the broker completely, go to the NASDAQ. People howled that
was "unfair". Now, you take for granted your ability to trade without
having to call down to the broker and get your face ripped off for 1/4
cent. The people who whined about the "unfairness" of it all find
themselves out of a job.
HFT is now the hot subject. Computers doing the trading/marketmaking.
It's about who has the fastest pipes, the fastest tech, the brightest
quants. You still need to employ STRATEGY. Any noob with a modicum of
programming skill can now hook up to a broker's API and trade
automatically. But, if you lack the same rudimentary SKILL, you will
STILL get ripped off. Those who fail to adapt, eventually -- will be
replaced. Same goes for radio. Any noob can hook up
skimmers/decoders/whatever, but if they lack skill, they are going to
thrash around. There's still skill involved even when using the new tech
crap -- having intuition of being on a band, catching an opening.
Knowing how to effectively operate, how to maximize the discrete
interactions you have with people on the air during the contest. It
comes down to even a choice of words. I was schooled on this by some of
the best in W9 land years ago. You can have the Lambo, but if you don't
understand the fundamentals, you are going to crash and burn or look
like a complete fool.
I know, it's a hobby. Supposed to be fun. Not supposed to be work.
wt2p
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