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Prop firm asking for source code and strategy??
- Thread starter WinstonTJ
- Start date
I saw something like that once, except the scenario was different. They didn't ask for anything up front, but had language that anything I developed while trading with them would become their property.
Ultimately something else got in the way, and I never got around to work this particular issue.
Just trade retail: start with IB, move to Lime if you're big enough. There's also Genesis through various firms, and Echo. All have good APIs
Ultimately something else got in the way, and I never got around to work this particular issue.
Just trade retail: start with IB, move to Lime if you're big enough. There's also Genesis through various firms, and Echo. All have good APIs
Quote from propseeker:
you see, this is an example of a firm that you wouldn't want to do any auto-trading with (imo, after that crap, ANY trading). you never ask for code, but you "may" share the stragey huh? how honorable of you. ridiculous that you would disclose this in public.
if something goes haywire, you have risk controls in place. NOT, feel as if you're OWED something for even hosting them, giving you the right to share the strategy with the other traders in the firm? this is 100% horseshit.
i personally made my firm sign an nda. it likely wouldn't be worth much, but if i ever heard about them pimping my strategies to other traders in the firm or elsewhere, i would make life very difficult for them out of principle.
i'm still a little floored you would openly say that. if their were any doubts about the sleaze... doubt no more. bright trading, oh yea baby.
Hmm? Interesting. So, you would le tme have access to your computers, your money, a direct line to all the exchanges, to do anything I wanted to do? With all due respect, that doesn't seem like a valid business structure. We have to actually unplug computers at times over the years due to programming errors. One so simple as as a "cut and paste" missing a line item.
Anyway, we just want to know if they're sending in enveloping, retracements, etc. no "strategy" or anything. We get dozens each month, we just eon't want to hurt the trader, other traders, or the Firm of course. Other than that, we encourage all the trading we can, right?
Don
Quote from WinstonTJ:
I'm not going to name names - sorry... Its not Assent and its not Bright.
I think its enough that any trader could read this thread and get the feeling that asking for source code is a major red flag.
This business is too small to start pointing fingers and naming names.
I guess you could report it to SEC/FINRA, also send a copy to the firm to let them know they are being watched; these dishonest firms must be stopped.
Quote from Don Bright:
Hmm? Interesting. So, you would le tme have access to your computers, your money, a direct line to all the exchanges, to do anything I wanted to do? With all due respect, that doesn't seem like a valid business structure. We have to actually unplug computers at times over the years due to programming errors. One so simple as as a "cut and paste" missing a line item.
Anyway, we just want to know if they're sending in enveloping, retracements, etc. no "strategy" or anything. We get dozens each month, we just eon't want to hurt the trader, other traders, or the Firm of course. Other than that, we encourage all the trading we can, right?
Don
i would let you do whatever you wanted to do within risk guidelines i set. orders per second, $ per order, $ per position, $ per acct, etc. these would be hard-coded into my risk mgmt interface which each of your orders would go through. this is how a real auto-firm handles things. it's called risk control. i wouldn't have to know what you were doing and i certainly wouldn't share it. if the brights idea of risk control is turning off computers when things go wrong, then you really shouldn't be in this business. i can't believe you admitted to that either, that's hilarious!
my post wasn't about risk control though was it? it was about you stating that bright's general policy is that it's ok to share the strategies of your auto-traders with other traders in your firm. i don't think that's ok. i think that's unethical, and i think you're a fool for admitting it publicly.
'we _may_ share your ideas', and 'we have to actually unplug computers at times' are probably things better left unsaid by someone billing themselves as a professional trading firm. unplug computers?!! ROFL. that's just scary. i can't believe gsec let's you jokers get away that shit.
Quote from propseeker:
i would let you do whatever you wanted to do within risk guidelines i set. orders per second, $ per order, $ per position, $ per acct, etc. these would be hard-coded into my risk mgmt interface which each of your orders would go through. this is how a real auto-firm handles things. it's called risk control. i wouldn't have to know what you were doing and i certainly wouldn't share it. if the brights idea of risk control is turning off computers when things go wrong, then you really shouldn't be in this business. i can't believe you admitted to that either, that's hilarious!
my post wasn't about risk control though was it? it was about you stating that bright's general policy is that it's ok to share the strategies of your auto-traders with other traders in your firm. i don't think that's ok. i think that's unethical, and i think you're a fool for admitting it publicly.
'we _may_ share your ideas', and 'we have to actually unplug computers at times' are probably things better left unsaid by someone billing themselves as a professional trading firm. unplug computers?!! ROFL. that's just scary. i can't believe gsec let's you jokers get away that shit.
LOL, nice "mis-interpretation" and I'll address your thought about "risk" - not just financial, but of overloading exchanges with orders, which is what I was referring to....you may not be aware of penalties for placing too many orders vs. filled etc. - I simply mentoned that because of an "auto traders" failure to comply with proper risk controls, and an error he made, a zillion orders were being sent upstream....he actually unplugged the machine as a bit of a "aw shxx" kind of a show of frustration. Since we have dozens of auto progrms running simultaneously at all times, we obviously don't know or care about the code or the strategy involved ...just "what" they're doing, as I mentioned...are they merely responding, how many unfilled vs. filled orders (to stave off large financial penalties)...things like that. We've always taken risks with our trades, within reason...nothing sinister or invasive here.
Our financial risk controls are great, provided by GS, monitored in several places. Anyway, "much ado about nothing" IMO. All the best,
Don
i don't misinterpret things. if you have traders that can do things that you don't want them to do, then you have sloppy risk control. period. passing the buck to the trader does not absolve you of responsibility. i gave concrete suggestions, but feel free to ignore them... they WILL come back to bite.Quote from Don Bright:
LOL, nice "mis-interpretation"...
"we obviously don't know or care about the code or the strategy involved"
yea, sure, or the traders:
Quote from Don Bright:
We do ask to have a basic business plan of the "what" you're attempting to do so we can offer some assistance - and GS holds Bright responsible of something goes haywire, so we "may" share some of the concept....
Don