This new platform I have not used for a long period reliabilty, my previous system was VERY reliable, but the 2 are nothing alike.... My intention was never for somoene to guiniea pig this with their money, instead I woudl highly recommend using interactive brokers simulation account... still get to see how reliable/accurate the system is and get a feel for how real results will be WITHOUT risking money..... I am beging to think this project may be a bad idea, way too many liabilities, dont want someone comming after me and sue me for tryign to do a nice thing for the trader community as a whole.
That makes sense. Either you should have the software evaluated/ approved by IB as an accrediated third party product, or you should lead an open source project (that would stimulate other open source projects alike), or IB should initiate an open source project of this kind (one of the best options, probably).
Try to make a disclaimer saying no liabilities for whatever, blah blah blah. Also make a page to warn users about the possible danger of using this software. If they will sue you for the losses, don't use it. It should be fine. Since what you offer it free of charge, people shouldn't expect highly or wanting everything. I don't think people will sue you. After all, it's free. PS: I know there are some free trading software around. You are not alone. Thanks for creating a helpful tool for every trader. All the best.
Quote from frostengine: Is the code in say medved quote tracker open source? No, its hidden.... Jerry Medved, however, is a well-known and respected guy, and the product is so widely used, there's some "safety in numbers" feeling. what about the free charting program I was using the other day IB charts... that source code is not open either... and countless others... Bracket trader..... nope not open either. Exactly why I (and many others) would not consider using them. Yes you can REALLY trust code that is hidden, if you want to know if i'm sending your information to the Ukraine, simply sniff the packets... you'll see every packet this application sends. What if it sits there until some particular "0-day", when it then goes alive? Can't sniff every packet - most people will sniff to begin with and then decide it's OK and give up. Even if someone catches it on that 0-day, you could be long gone and untraceable by the time someone catches up to you. There are TONS of ways to find if a program is legitimate without seeing its source code. None of which are foolproof, or even close, when considering the very real potential damage that can be done to our livelihoods. Yes, this discussion sucks for you, who, on the face of it, are being generous. Are there not trusted third-parties who, for a fee (that can be absorbed by interested users), can certify the source code? A related situation is that of "slot machines" and other similar electronic gaming devices in Nevada. IGT et. al. are required to provide complete source code and hardware for certification by the Nevada Gaming Board before the machine is allowed to be used. The gaming board also randomly walks into casinos, pulls CPU cards (replacing them with spares) and verifies that the software and hardware is identical to what was certified.
Alan, Well.. here is the thing I simply wanted to provide my platform to others because I thought it would help..... As for as if people dont trust my software and dont use it that is COMPLETLY fine by me. I am not trying to make money off of it, simply trying to provide what I feel is a good trading platform for automated trading. People use free charting applications all day long. So I dont really buy the argument people are going to be afraid of the software and not use it.. if so thats their choice. I am sure the more tech savy users on here will try their hardest to find out if this program does anything it shouldnt. YOU Do not need the source code to verify if a program does what it should. I would however consider third parties to verify the legitimacy of the software, but the ONLY way I would go that route is if I plan to make money off of this program. Therefore this application would no longer be freeware. As long as its freeware, I feel I am providing a service to the trading community, no reason for me to go through extra hoops to prove my FREE aplication is legitimate. It looks pretty unlikely I will ever charge for this application, because the narrow audience it targets would not be worthwhile, at least doesnt appear to be. The last point I wish to stress, is I am MORE concerned about someone sueing me because they missuse the software or even from a software glitch. That is what I am more concerned with because I know my software is clean. I guess trying to create a good trading platform for people just isnt worth the risks I would be taking. I would love to hear someone who is more knowledgeable concerning legal matters chime in about how affective thigns such as disclaimers and license agreements are in this type of situation.
I could only picture a need for protecting yourself legally if you were to charge for it. I do think that you are underestimating the demand for for an application like you are describing, not everyone wants to spend $100's a month on things they dont even know they will be able to use effectively. I think that you could be quite successful if it is a stable product.
Frost, last time I checked, you kept second guessing your Bot, which had good performance over time, but you couldn't deal with the drawdown, and it kept overtrading (giving back wins on choppy days). You also gave discretionary trading a shot, with less than stellar results. Believe it or not, I can see how you could design a great open-tier automatic system for traders (some folks find their niche in trading, others writing code, other still cooking, etc.). I just want to know exactly how you got from were you where a month or so ago, to where you are now. Curious, Jimmy Jam