OI13: The Art of Continuous Trading: Mastering Market Dynamics ft. Bill Gebhardt

Bill Gebhardt from 10Dynamics discusses the intriguing intersection of market efficiency and systematic trading strategies. He emphasizes the idea that while traditional views suggest markets are efficient, many hedge funds continue to find success using price-based strategies that should theoretically not work. This paradox leads to a fascinating exploration of the psychological aspects of trading, particularly how human behavior can create opportunities for systematic traders. Gebhardt shares insights on the operational complexities of running a nearly continuous trading process, utilizing intraday data, and employing a diverse range of signals. The conversation explores the risks of underfitting versus overfitting in trading models, ultimately advocating for a strategy that embraces empirical success without excessive optimization. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn , YouTube or via the TTU website . IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Learn more about the Trend Barometer here . Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Moritz on Linkedin. Follow Bill on X. Episode TimeStamps: 02:17 - Introduction to Bill Gebhardt 06:35 - No pain, no gain 08:40 - Why are they called 10Dynamics? 10:08 - What is their philosophy behind how markets work? 12:24 - Are the signals that they run based on trend following? 13:47 - How they handle the operational complexity of their system 18:15 - How they assess the validity of their data 20:39 - Exploring the technical details behind the execution of their system 22:39 - How they approach trading times 25:07 - Combining short and long term trading 26:52 - How they avoid overfitting and underfitting 30:58 - How Gebhardt implements his experience from the energy space 33:54 - How many markets do they trade? 35:50 - Accessing the domestic futures markets 36:56 - Why are single name equities so special to 10Dynamics? 41:08 - How they approach VIX futures 43:39 - Their perspective on replication strategies Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer