The mid-1990s was a golden era for the trading system business. System vendors such as Keith Fitschen, Randy Stucky and Mike Barna thrived. Most of these systems were either trend-following, index, volatility breakout and variations of pivot points. Hundreds of copies of a trading system were sold during this time. Some developers traded their own systems and made money. Developers learned that those who purchased their systems often ran from adversity, even en route to greater profits, and would stop trading a system amid its first drawdown. The business model was relatively simple. The systems were sold as software. Clients would buy the system, trade it until that first drawdown and then stop. A typical price for a trading system was $1,000 to $2,000.
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