The housing prices in Hong Kong peaked in '97 and began to fall from their peak in the same year. It fell until 203, and when I looked back, it was almost 65 percent.

Hong Kong people's wealth evaporated by HK$2.2 trillion, with an average loss of HK$2.67 million per owner, and the number of negative equity was as high as 170,000, and it was not until 2009 that it recovered to the level of '94.

When Li Yan was working in a securities company, he was really envious when he read this history several times. I sighed in my heart when the housing prices in the imperial capital could take a big dive like Xiangjiang? The management has been emphasizing the residential attributes of houses and curbing the rapid growth of housing prices. Li Yan understands that if the dissolution of the capital and the integration of the Beijing-Tianjin wing cannot really be pushed away, then the imperial capital will definitely be like a big magnet to firmly attract people within thousands of kilometers to come to the imperial capital to seek a living.

In that case, the house will continue to become a rigid demand, and the price will definitely not fall! Even if the social security, household registration and other policies restrict the housing price, it still can't stop the enthusiasm for buying a house.

"Ninety-seven, ninety-eight years. The entire Xiangjiang was looted, and at that time, the people of Xiangjiang had Soros phobia in their bones. Every time the index reaches 16,000 to 17,000 points, the index will begin to fluctuate sharply. The oscillation in this position is known as the Soros oscillation. Li Xiaoteng squinted his eyes as if he was recalling something, and the speed of his speech was not fast, and after saying this word by word, he raised his eyes and glanced at Li Yan.

When Li Yan and Li Xiaoteng looked at each other, they were shocked by his deep eyes. Many years later, Li Yan can still clearly recall Li Xiaoteng's deep eyes.

When describing Soros's shock, why did Li Xiaoteng's eyes become so deep?

"There's one more thing I want to tell you. Li Xiaoteng suddenly changed his words.

Li Yan nodded and said, "Isn't it a matter of singing long and short?"

Li Xiaoteng shook his head and said, "No, it's about the programmatic trading model. ”

I never thought that Li Xiaoteng would suddenly talk about this topic, he had just used a programmed trading system to make a deal during the day, and he mentioned it to himself at night. Li Xiaoteng would definitely not do anything without a target, so Li Yan knew that he was referring to his own quantitative model!

I wanted to pretend to be stupid, but thinking that Li Xiaoteng could say this, he must be sure that he was using this program. So Li Yan nodded very simply and said to Li Xiaoteng: "I went to Lijiang and met the chief analyst of Hongta. A set of programmed trading systems developed by him tried it in the intraday today......"

The corners of Li Xiaoteng's mouth curled, and he seemed to be very satisfied with Li Yan's words. But Li Xiaoteng immediately shook his head and said: "The programmed trading system is generally a successful operation concept of mechanized execution, after all, it is a kind of program software, which has strong replication. Moreover, the regularity is also very strong, and the more successful system compilers will never disclose their quantitative trading models in order to prevent other individuals or companies from identifying or preventing, which leads to the fact that people in the circle will not communicate quantitative models. ”

Having said this, Li Yan wanted to argue a few words, and also wanted to say the specific situation. But after this impulse only existed for a fraction of a second, Li Yan quickly suppressed this emotion.

Li Xiaoteng glanced at Li Yan, frowned slightly, and said: "Someone started to do it decades ago, and the really feasible system is actually something that most people have never seen." For example, the programmatic trading systems used by foreign masters such as Quantum Fund, Warren Buffett, Soros, and Peter Lynch only exist in legends. ”

Seeing that Li Xiaoteng was not talking, but just looking at himself. Li Yan brushed the thoughts in his heart and said to Li Xiaoteng: "I also know that programmatic trading has regularity and mechanicality, and the same program has the same signal trigger, which is destined to be impossible to be used by most people in the market." This thing has a strong regularity, but ......"

"You probably don't know, right?" Li Xiaoteng asked Li Yan with a smile.

"Don't know what?" Li Yan looked at Li Xiaoteng's slightly meaningful smile and frowned slightly.

"Programmatic trading is easy to disrupt the normal flow of transactions, affecting the entry and exit of buy and sell orders on the disk, and it is easy to be targeted by institutions for a long time. When it comes to programmatic trading, I have a few successful scenarios on my side. If you are interested, you can ask Gongsun for it!" Li Xiaoteng said very indifferently, as if he was just talking about a matter of knowledge exchange. It's just a circle of friends who share it.

But when Li Yan heard it, what he meant by this was naturally very scary.

"I've created bullish traps at key price levels and successfully fought programmatic trading systems. After Li Xiaoteng said this, he smiled and continued: "The programmatic trading system has peaks and troughs. Generally, it is nothing more than a trend-based and oscillating trading system. Trend systems can work in strong markets, and oscillating systems generally do not work well. Volatility is easy to play in a volatile market, but if it breaks through or breaks down, it is often useless. Li Xiaoteng analyzed the programmatic trading system very clearly in a few words, which made Li Yan very teachable, but also secretly wondered what Li Xiaoteng meant.

"I'm more optimistic about you as a person, and I also believe that you can do better than a programmatic trading system. After all, from the perspective of time, in the case of manual operation, the fewer the number of medium and long-term transactions, the lower the transaction cost and the higher the profit. This is also a test for people, and it also requires a high level of tolerance from traders. Many people have a high number of transactions in the short term, and the transaction costs are high. As for profits, that's the case, so many people in the market who do short-term new chasing up and down, after the investment curve opens, the income is only small. ”

"You mean to make me give up the programmatic trading system?" Li Yan asked him.

"Of course not! I also agree with programmatic trading systems, and I understand a lot of things. Some people think that people are better than computers, but this is a wrong idea. After all, what to use and how to use it is up to people. It's like a gun doesn't kill people, but people kill people. As soon as Li Xiaoteng's voice fell, Li Yan frowned and asked, "Brother Teng, I don't know what you mean too well." ”

"In my opinion, your programmatic trading system doesn't work. I don't want to make any mistakes when you're singing long and short. After Li Xiaoteng said this, he looked at Li Yan with a smile, and then picked up the teacup and tasted the tea unhurriedly.

Bi Peilin couldn't sit still next to him, snorted lightly, then tilted his head and said in a very low voice: "It seems that he has a great programmed trading system, I think it is eighty percent...... Envy, jealousy, hatred, right?"