I work prop currently, but have been working on an extensive trading strategy that is so large I cannot handle it on my own. Just too many symbols to look at. In theory, I would like to hire on 4-5 other traders to trade the system with me (ex I handle symbols A-F, another trader F-K, etc...) These traders would not be making any independent decisions, they would just be staring at a spreadsheet and executing the trades they needed to each day based on my system. They would be paid a very small base + bonus depending on execution (lack of slippage from ideal execution price). I would only need these traders for the opening hour of each trading day. I have thought about automating this process, but would have no clue where to start with that, being that I have no programming background, and not sure I want to pay someone to program it (and also therefore revealing the heart of the strategy). With these traders, they would pretty much have no clue what the system is looking for and would have no access to the formulas, algo's, etc... Is there a way to set up my own LLC/LP, require the traders to put money down, but I take control of how the compensation % is handled? Sorry, just very clueless as to the best way to try to get this done. Any help is greatly appreciated.
If you can show someone what to do and when, you should be able to program this. If you need "traders" then it sounds like you are allowing for some discretion on their part and then maybe its not possible to prgram this. I have traded the OO's and I am pretty sure I could figure out your algorithm after a while if I traded it every day.
This is not an OO-esque system, and I am sure you would understand the basic concept of what was going on, but you would definitely not be able to figure out the precise details that trigger a trade. I am not placing hundreds of pre-market orders to be potentially filled, the trades are executed after the market open. I understand that with human traders, there will be some discretion on their part, but I still have no clue where to look as far as finding someone who can program this, how it would be integrated into my current trading platform, and whether I would want programmers to have access to the system "insides."
TradeNYSE, Get real. Under your conditions who the hell would want to work for you? No hours, low pay, and a cheap SOB who doesn't want to invest in his business. What you need to do is set up your 'sweat shop' at the zoo where you could use untrained chimpanzees to execute your dumb 'system'. Good grief!
Why not just hire clerical temp workers for $15 hour if they're not going to be making decisions? It sounds like you just need some warm bodies that can follow directions.
Tom...thanks for the input. Jango...you are right, I don't need trained workers or traders to help partake in this. The thing is, I have the friends/resources/warm bodies who I can get together to handle the actual trade execution....but b/c the strategy is looking at so many symbols, by myself, I don't have the buying power to handle all the trades. Ideally, I would get 5-6 friends who are interested to help out financially, open up an account with a prop firm and I handle the profit distribution. My main this is....is that possible to have a group of traders open up their own individual accounts, pool the profits into one account, and for one person (me) to handle the compensation for the rest of the traders in a tax-friendly, legal way.