just to add to the discussion.
My story of entering into trading has a lot to do with algo trading
Being a computer grad, computers & programming is what I studied to put bread on my table. I had this wet dream of writing a perfect algo and turn my laptop into electronic ATM
(I can afford for algo platforms and write my own programs)
After playing with tick data for a year the truth seems to dawn on me !
Any thing based on TA is going to get hit harder, its like playing Russian roulette, play enough time (everyone survives until the last fatal day!),
a wipe out or slow death by bleeding is bound to happen (unless you are market maker running arb. strategies) .
I have not given up my dream, but the reality is glaring straight into my eyes sometimes mocking me and throwing all my efforts to dust !
But I do believe some day trading IQ of computers may exceed any human (like it happened in chess!), on that day, my computer would boot itself and set my garage on fire, after wasting my day in putting out the fire, my computer may print a memo like this:
Todays profit, 2.3 Billion INR, traded in 28 International exchanges,
set the garage on fire just to keep your stupid brain from interfering with my strategies,
I know you can't be convinced logically to stay away from me.
I guess computers have to get that evil to compete with humans
and sure some day it will !