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Proposer: Pito Salas
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Product and Team name: Trade Assistant
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Tweet length summary of project: Your own trading bot monitors the market, applies your rules, and sends you buy and sell reminders
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Team Members: [up to 3 other people. Proposer has to be part of the team]
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Product Summary:
When it comes to a volatile market, many people have rules of thumb about when to buy and when to sell. This can apply equally to stocks, securities of any kind, commodities like gold, or even bitcoin! Trade Assistant monitors the market according to your personal rules of thumb and alerts you by tweet or email with advice, e.g. “Buy 4 shares of Apple now”, or “Sell $100 BTC now”.
The Trade Assistant does not do any trading! Instead it reminds you of your own buy and sell signals by email or text message. TA is not artificially intelligent, it simply applies your own rules of thumb. This can be most easily explained with an example. Here are some examples of the kinds of iTunes Smart Playlist-like rules that can be set up:
- “Buy .1 BTC when price is below $500”
- “Sell .05 BTC when the price is higher than the highest price it hit in the last 3 months”
- “Buy 10 AAPL when the price is within 10% of the low for this year”
- “Sell 10 AAPL every 2 weeks”
TA monitors all the securities you are interested in and when one or more rules fire, it generates an alert by email, text message or tweet.
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Elevator pitch: Do you like to trade stocks? This product gives the amateur investor accesss to a powerful algorithmic trading tool to help then respond more quickly to the market. Set your own personal trading rules and then get reminded by email or text message when it’s time to put in an order.
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Describe the customer(s): An advanced amateur trader in stocks, commodities or currencies
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Describe what “jobs” the product will do for the customer: Constantly monitor the market, apply the customer’s own rules, and fire of alerts to buy or sell. Similarly, the customer can receive alerts about market moves, suggestive patterns.
- Customer Pains/Gains:
- Pain: I know what my buy or sell signals are, but it takes too much time and attention to monitor the market all the time
- Pain: I loose money because I cannot act quickly enough on market moves
- Gain: I save time because TA is watching the markets, I don’t have to
- Money: This product is perfect for a freemium model. Basic functionality free, and more advanced use will have a monthly fee. Note that the product does not do trades and so there’s no revenue opportunity around trade commisions.