Is there a quantitative method in monitoring trades to reduce the possibility of correlated trades?
Answer
The most straightforward approach is to develop a covariance matrix to ensure that you are not overweighting to the same factors or bets in your trading. The covariance matrix can be built off of a factor model, for example, or you can construct a covariance matrix based on your prediction signals if you have multiple models. In this way you can understand the ex-ante historical correlation of your trades.
Note that there is a considerable amount of art in designing a covariance matrix (See Fabozzi).
Without understanding more about your approach it's hard to be more helpful than the above approach.
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