Prop firm asking for source code and strategy??

What I would give to have an automated system to set and watch that gave me 50-75K take home pay...in my first year....for 5K of my money at risk...

the trouble is there are no guarantee's...

ES

P.S. Back to the grind searching and looking...
 
Quote from ElectricSavant:

What I would give to have an automated system to set and watch that gave me 50-75K take home pay...in my first year....for 5K of my money at risk...

the trouble is there are no guarantee's...

ES

P.S. Back to the grind searching and looking...
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Sounds like one of my trader presentations coming up this weekend:


"CONSISTENCY. GRINDING OUT A LIVING, DAY BY DAY, BY FOLLOWING A HANDFUL OF TRADING PRINCIPLES."

http://www.stocktrading.com/retreat2010topics.html


Don
 
Quote from ElectricSavant:

What I would give to have an automated system to set and watch that gave me 50-75K take home pay...in my first year....for 5K of my money at risk...

the trouble is there are no guarantee's...

ES

P.S. Back to the grind searching and looking...
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That's only $250/day. Not so unreasonable.. You don't need any more than $5k put up for that.
 
easy for you to say....you know how to trade consistently...

ES


Quote from esc_trader:

That's only $250/day. Not so unreasonable.. You don't need any more than $5k put up for that.
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Quote from Don Bright:

As I've menteioned many times, I have traders who have made millions who I have no clue what they're doing - sure, I guess I could review their sheets, but the truth is, I just don't care - AS long as they're within reasonable paramters and not causing platform issues.
Don :)
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the truth? well, either the above is a lie, or the below is a lie... they both can't be true:

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....but never have we asked for source code, never.
Don
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the only thing being beaten is you and the bright reputation... and no one is doing that but yourself. if you want it to stop, you should stop posting to this thread.
 
Quote from WinstonTJ:

I'm going to keep this vague on purpose because I don't know if this is a regulatory requirement or not...

A friend of mine called me yesterday and said he spoke to a prop firm about trading, etc. He does 100% automated trades. The prop firm said flat out that he would need to disclose his source code as well as strategies (that are fully automated) if he were to trade there and that this was an SEC and compliance rule.

My first reaction was that this was total BS but its a pretty well-known and reputable firm (which I will not be disclosing so don't ask).

Are there any SEC/FINRA or even in-house compliance regulations that would require a shop to have or understand the source code or automated strategies to "prevent against manipulation" or the like?
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guess this depends if its a trading arcade or a real prop firm..
some trading arcades call themselves prop firms..

but if it is a trading arcade to where they are giving you a desk or whatever and leverage.. but there capital is not at risk.. no you dont need to show the code...

if they are a legit prop firm and you have access to trade firm capital and firm capital is at risk.. yes you do need to show the code.. they need to manage there risk and they need to know what your programming involves.
 
Quote from propseeker:

the truth? well, either the above is a lie, or the below is a lie... they both can't be true:


the only thing being beaten is you and the bright reputation... and no one is doing that but yourself. if you want it to stop, you should stop posting to this thread. [/B]
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Hmm? Pretty good reputation for the last 30 years IMO (and many others it seems).

Now, can't believe I have to explain this again...

Quote from Don Bright:

As I've menteioned many times, I have traders who have made millions who I have no clue what they're doing - sure, I guess I could review their sheets, but the truth is, I just don't care - AS long as they're within reasonable paramters and not causing platform issues.
Don



Several traders simply don't have to turn in business plans because the do not use automated upstream programs. Their "systems" are not a concern to us because of this.
--------------------------------------------------------------------------------


the truth? well, either the above is a lie, or the below is a lie... they both can't be true:



--------------------------------------------------------------------------------
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....but never have we asked for source code, never.
Don

For automated programs going upstream, we "may" ask for a bit of clarification so as to avoid any concerns with the platform.
I don't think I can be more clear on any of this.

Don :confused:
 
Concerning automation...why is this thread making such an issue?...I am told a good quant can look at the trades and mark them on a chart and reverse engineer just about any automation...sometimes clues are needed, when he gets stuck. I am not a quant, but I have reverse engineered many codes, just by looking at the equity curve.

...but if a company has the resources they can get the equivolent of the Coca-Cola recipe if they wish

Isn't this thread a mute point...???

ES

P.S. It comes down to trust....I Know...I Know...Do not trust anybody....but there comes a point where traders working together as a team can help one another...But Again...if I pay to have a code written for me...it's mine...
 
It seems to me there is some sort of focus on regulation, right? duh...I have even seen prop operations fold recently...or pull out...

Bright Trading continues with its seminars and seems to "Keep on Truckin"...

Maybe their operation is different from the others...Perhaps automation is a little speck of sand in their business and maybe they need traders manually trading...Shouldn't we have a thread about that?

ES

P.s. I can just imagine all of the unemployed people lining up with their cash to start a new profession. Bright Trading should be real busy...
 
Quote from Don Bright:

Several traders simply don't have to turn in business plans because the do not use automated upstream programs. Their "systems" are not a concern to us because of this.

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....but never have we asked for source code, never.
Don

For automated programs going upstream, we "may" ask for a bit of clarification so as to avoid any concerns with the platform.
I don't think I can be more clear on any of this.
Don :confused:
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you're not being clear, because you're not addressing the "share some of the concept" part. why are you "sharing some of the concept" if your interest lies in protecting the platform?
 
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