Even with exceptional data, a vast amount of quants and developers assume a price can be attained is there is a record of it. However in real life you might not be the person to hit the offer or bid first. If you better the bid someone might do it right back to you etc. Very high frequency methods with razor thin expectations play on the edge of disaster. The good thing is that one started in real time an immediate back test can be done to track the beta of back tested verse realtime results.

Best to everyone and great pod casts!

Cheers - David