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Applying Technical Trading Rules to Beat Long-Term Investing: Evidence from Asian Markets
Asia-Pacific Financial Markets Pub Date : 2021-05-26 , DOI: 10.1007/s10690-021-09337-5
Thomas S. Coe , Kittipong Laosethakul

We provide evidence that the use of technical trading rules provides traders the opportunity to generate profits from actively buying and selling individual stocks across Asian markets. We test the trading performance of three widely used technical trading strategies, the Arithmetic Moving Average, the Relative Strength Index, and the Stochastic Oscillator, as well as variations to each trading strategy. We compare the results of these trading rules to a long-term buy-and-hold strategy across 4822 stocks traded in 39 Asian countries. Our results, when applying a simple behavior intervention filter of only selling a position when a trade is profitable, show that these technical trading rules, on average, were able to outperform the buy-and-hold strategy for 66% of the stocks listed in our sample. Additionally, given any of the listed Asian stocks, we found that, on average, a trader could apply any technical trading strategy and have a greater than 50–50 chance of outperforming the buy-and hold strategy for that stock for 63% of all stocks.



中文翻译:

运用技术交易规则打击长期投资:来自亚洲市场的证据

我们提供的证据表明,技术交易规则的使用为交易者提供了机会,可以通过在亚洲市场上积极买卖个人股票来获利。我们测试了三种广泛使用的技术交易策略,算术移动平均线,相对强弱指数和随机震荡指标的交易性能,以及每种交易策略的变化。我们将这些交易规则的结果与在39个亚洲国家/地区交易的4822只股票的长期买入持有策略进行了比较。我们的结果应用简单的行为干预过滤器(仅当交易获利时才卖出头寸)显示,这些技术性交易规则平均而言,对于66%的上市股票而言,其表现优于买入持有策略。我们的样本。此外,考虑到任何亚洲上市股票,

更新日期:2021-05-26
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