| 英文摘要 |
This paper studies algorithmic trading by non-professional investors in Taiwan from the perspective of socio-technical agencements. Software like MultiCharts has lowered the barriers to algorithmic trading, but also restricts the trading strategies available to users. Different types of retail investors have consequently enhanced their ability to trade rationally in differing ways, revealing the differing modes to perform homo economicus. Some retail investors rely on trading strategies purchased from third parties; these strategies, however, are encoded and sealed black boxes. Investors who code their own strategies can improve the rationality through scientific testing and efforts to avoid emotional interference in trading, failures of strategic judgment, rigidity of coding, and the fact that “past results do not guarantee future performance” often leads to the use of intuition in trading. The findings suggest that the attributes of human actors will impact the features of agencements, even when equipped with the same market device. |
