[brownsfan019]

Here's my 2 cents - the more things change, the more they stay the same. If you have an edge and can exploit it with consistency, you can/will make money whether discretionary or automated. I think more and more bots will enter the markets (and add more liquidity in the process) but there is one constant - a computer programmed software package will eventually fail. There are few (if any) computer programs that can survive up, down and sideways markets.

Point being that no matter what, it is human emotions that will drive the markets. Even if a computer program is calling the shots, a human has the ability to over ride the system and decide when to turn it off.

A good example I can think of is when online stock trading became mainstream (ETrade, Ameritrade, etc.) stockbrokers (like myself at the time) were being told that this was the death of that profession. Why should I pay hundreds of dollars per trade when an online broker will do the same for 10 bucks?!?!? Guess what? The full service firms are doing just fine and their businesses continue to grow. Having been in that business before I try to keep a close eye on how the brokers are doing and they are fine.

There's always going to be a reason why discretionary traders will die. And many will. And many will use that a reason for their failure. I saw it all the time at the brokerage firm with the failures - can't compete with online, can't compete with no load funds, can't compete with ETF's, etc.

As much as a cliche as it is, only the strong will survive and for those that do survive, the journey will be well worth it.