I have a question for active traders.
I am implementing the InstantDEX order matching and it will be negotiated on a trade by trade basis "directly" between nodes. [of course by "directly", I mean via each nodes privacyServer so that way you can trade with anybody without worrying they are trying to locate you via your IP address]
What this means is that you will be getting offers to trade from others when they decide to make an offer. Now this would be annoying if it starts coming in like spam, but the making offer side will have logic to only submit offers that are likely to succeed, eg. you have posted a bid/ask that they like. Since the trades will be matched peer to peer, there is no way to guarantee that your quote is still valid, as two people can make an offer at the same time and one of them will get there first, so there is a chance that a valid quote on the orderbook wont be accepted when you make an offer.
This fundamental characteristic naturally leads to a query/response to the trading process and now I know you are thinking, if you have a query/response behavior anyway, might as well generalize it and automate it. Thats exactly what I thought!
What I am talking about here is allowing users to easily create a trading bot that follows simple rules. Nothing as complex as metatrader stuff, but much more than simple limit and stop orders. Ive traded forex for so many years with my custom trading system, I cant tell anymore what it complicated or simple. So I need some feedback as to what sort of complexity can be useful for traders. Eventually, the plan is to integrate in something like FIX so that big trading houses can plug directly into InstantDEX, but for now I think the more standard JSON API is the way to go, at least for InstantDEX tradebots. I want to have a way for non-programmers to setup a "tradebot"
Here goes my attempt:
Buy or Sell
Volume
Ave price
highest/lowest price
The above four things seem to me what is most important. You want to buy or sell a certain amount and as long as you get the average price, then the details as to each subtrade are not so important, though setting the highest price to buy or lowest price to sell seems to be required, if only to prevent the bot from going crazy and selling for silly prices.
I want to take the emotion out of the trading. If you can logically determine, I want to buy X amount @ price, click a button and if the market had allowed such to happen, then the trades get done and if not you will be guaranteed of at least the extreme price and if I code it right usually will end up around the average price. By taking the emotion out of it, it will usually be a better result.
Feedback appreciated. No sense in my implementing features nobody will use.
James
P.S. A privacy related thing, if you trust your privacyServer to properly clear the trades, then it will be possible to use the trading process itself to gain privacy. Like the guy on the telephone at the auction. Your privacyServer could be trading on your behalf, but of course this adds a great deal of trust you put into the privacyServer
I love it. I love this coin even more.
I lost a huge amount of coins after accidentally deleting my wallet (see earlier posts), but that has not deterred me. Like you James, I am now buying. My target buy price was 180-200k but after waking up this morning (Sydney) to see the price at 150k I'm a happy man. I had several 250-500 buys filled down to 150k and have just rounded out my buying for today with a few more at 160k. If the price drops more 'll keep buying. Weak hands can dump it down further if they want, there are plenty of us in the know that will catch them all the way down. In 3-6 months, they will not be happy. 3-6 months, we will.
James keep drip-feeding the features. I want to establish a privacyServer but am still having issues with Ubuntu 14. I'll ditch that server and use another with 13. Question on privacyServer... How are they identified in the app in order for users to "know" which one they are choosing, since the IP of the privacyServer is not known (I assume)?