Finally! A Way to Verify Trader Performance

[Uli Schmuli 10]

I had this same idea about five years ago and cannot wait until the launch. Finally, we traders have a way to verify the success of forum and chat room participants, and to prove our own!

 

http://www.opentrader.com/home.aspx

 

A lot of shysters are about to have their worlds upturned, I think!

[Tradewinds 12]

I'm waiting for this also, and looking forward to when they launch. I hope the preparations are going well for the site.

[gosu 10]

A nice idea, but I don't see how you will get any serious people to get on board:

 

Disclosure of Trading Information

 

A key goal of Company, the Site and Service, is to promote increased openness and transparency by independent traders of the financial markets regarding their methods and (most importantly) their results. * * *

 

(iii) In order to accomplish this goal, Company will require you to disclose all relevant information necessary to allow it to access those trading records which you may designate from time to time, including but not necessarily limited to account numbers, user names, passwords, "verification questions," other required security keys, etc.;

* * *

 

Good luck with that.

 

 

P.S. If in say 5 years your idea does catch on and you've shown a track record of being secure, I will join and allow access to a small account. But until then, I'll let others go first.

[Uli Schmuli 10]

  gosu said:

P.S. If in say 5 years your idea does catch on and you've shown a track record of being secure, I will join and allow access to a small account. But until then, I'll let others go first.

 

 

Just to be clear: This is NOT my website, I only said that I had the same idea about five years ago.

 

Regarding why serious traders would join, I say, why would any serious seller of trader education & softwared NOT join? What a great way to set yourself apart from the carnies!

[gosu 10]

  Uli Schmuli said:

Just to be clear: This is NOT my website, I only said that I had the same idea about five years ago.

 

Regarding why serious traders would join, I say, why would any serious seller of trader education & softwared NOT join? What a great way to set yourself apart from the carnies!

 

It's not your website. Got it.

 

As I stated, I like the concept. I would consider joining and I'm not in the business of selling anything. However, the execution of it is a nonstarter for me.

 

Why would vendors NOT join? Is this a serious question? Isn't it obvious why they would not join?

 

In any case, I would ask why would anyone disclose the account information the site requires to participate? Did you read any of the Terms of Service?

 

Not even my family members know my account passwords and security questions and I do not keep such information on my computer or have it written anywhere. And I'm supposed to trust a website with that information?

 

You has gots ta be kiddin'!

[Tradewinds 12]

  gosu said:

Company will require you to disclose all relevant information necessary to allow it to access those trading records which you may designate from time to time, including but not necessarily limited to account numbers, user names, passwords, "verification questions," other required security keys, etc.;

 

* * *

 

Good luck with that.

 

Thanks for posting this. I definitely would never give out that information. I don't know how this site thinks people are going to agree to this.

[wrbtrader 10]

In the past few years I've been hearing more about hackers breaking into different companies to steal confidential information like account numbers, passwords, financial data, personal data on the clients of the company that got hack (Google, Sony, Worldpress, Epsilon, RSA, Voice of America and countless others that includes security firms themselves like HBGary and EMC) in 2011 alone. The scary issue is the info stolen was on individuals and other businesses these hacked companies had as customers.

 

It's also a known fact in the security industry or hacker industry depending upon how you look at it that most folks (individuals) use the same user name, same password or "similar like" password, same verification questions and so on at other sites due to habit. For examples, a few of the well known companies hacked in 2011, many of the individuals using those companies saw unauthorized access to their other accounts elsewhere that had nothing to do with the company that got hacked.

 

Simply, this company (Opentrader.com) will have access to more than just your broker account from the perspective of anyone that may want to hack them because the hacker understands that most individuals are of habit. By the way, those SSL GlobalSign and TRUSTe privacy certificates you see at the bottom of sites that say they are secured...some of the companies that issue those have had their own security problems in the past too. :doh:

 

Yep, I share the same sentiment as others. There's other ways you can verify someone's trading performance without that person coughing up their account numbers, user names, passwords, "verification questions," other required security keys, etc. that your broker has with you.

Edited October 3, 2011 by wrbtrader

[Xiao si 10]

I'm also happy to see this forum starting up, i'm in.

 

I'll be the one at 0 P/L!:haha:

 

XS

[Tradewinds 12]

If I wanted to prove what I had made trading, I'd created a video of me signing into my real account, and run a report. Then erase the User Name and Account number info from the video, or find a way to block it out. But what's the point of verifying trading performance? Maybe for your ego, or to convince someone to buy what you are selling, or get investors? I would never sell a system that made me a lot of money. I might create a trading company, and train other people to trade it, but I still would keep the indicators and system confidential. I would only need investors if I had no money of my own. But if someone wanted to invest, I would have them watch me trade live to give them an idea of what I was doing and what the potential was.

[gosu 10]

I like the idea of benchmarking performance against what others are doing. Not in a competitive way, of course, but with the idea of personal improvement. It would also be good to identify those who are extracting at a greater rate than I, and to communicate with others who are serious and have an effective approach to trading.

 

For such benefits I would be willing to submit to a verification of my trading results and make it available for public viewing in a pool of other people's results. However, I would never jeopardize the security of my trading accounts, which is what the website under discussion seemingly would do.

[MightyMouse 12]

A good way to do it might be for a trader to permit his broker to publish his trading results at a common location.

 

The broker already has access to the account results and could post it with the trader's permission without revealing account numbers, passwords, etc. You don't have to give this information to your broker or anyone because the broker already has it. Trust in your broker has already been established.

 

Another way to do it is to become a CTA. Then, posting false results becomes a crime. So, there is trust that the results are real.

[wrbtrader 10]

I think the obvious solution would be for the broker to send the performance results from the side of the broker that's linked to Opentrader instead of Opentrader retrieving the info from their side of the connection. Thus, prevents Opentrader from having access to the trader's passwords, "verification questions," other required security keys. Simply, Opentrader will only have access to the account number and possibly user name.

 

The performance record for purpose of transparency, legitimacy, benchmarking can be accomplished even if the broker only sends the info when the markets have closed or at a set time period at night considering Opentrader is not trying to be a real-time middle man of trades.

 

In fact, I'm very curious why Opentrader didn't approach this from the side of the broker sending the info instead of from the side of Opentrader retrieving the info. :doh:

Edited October 4, 2011 by wrbtrader

[gosu 10]

Mebbe it's an elaborate version of the Nigerian scam.

 

I can't wait for the version that requires online banking passwords to verify that a person is wealthy on the internet.

 

The site can be called openmessageboardmillionaire.com

[Nvesta81 10]

I don't see this idea taking off for the simple reason that transparency in a zero sum game that involves money just doesn't make any sense whatsoever to me.

 

Or maybe I'm too paranoid, but there are so many sharks out there I feel justified in my reasoning.

[TheDude 10]

wheres the motivation to join? wooo-hooo so some kid on the other side of the world who i will probably never meet now knows all my idle boasts are in fact - facts!

 

most successful traders will not give a damn about 'proving' themselves to a bunch of losers on ET and T2W. they have nothing to prove to anyone but themselves. most successful traders are pretty humble people and dont get off on this ego stuff. whats more, the seriously, seriously wealthy go to great lengths to hide their wealth - not advertise it.

 

this web site will attract only one kind of person:

 

vendors.

 

oh - sorry, also it will attract those who out the goodness of their hearts want to share their 'secrets' with john doe for nothing.

[MightyMouse 12]

  TheDude said:

wheres the motivation to join? wooo-hooo so some kid on the other side of the world who i will probably never meet now knows all my idle boasts are in fact - facts!

 

most successful traders will not give a damn about 'proving' themselves to a bunch of losers on ET and T2W. they have nothing to prove to anyone but themselves. most successful traders are pretty humble people and dont get off on this ego stuff. whats more, the seriously, seriously wealthy go to great lengths to hide their wealth - not advertise it.

 

this web site will attract only one kind of person:

 

vendors.

 

oh - sorry, also it will attract those who out the goodness of their hearts want to share their 'secrets' with john doe for nothing.

 

It apparently also attracts traders with a limited view.