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WallStreetAnalytics / wallstreetanalytics

An endeavor to create an analytics tool to democratize the information hedge funds are creating teams to collect.
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How would this be different from other tools already out there? #34

Open Amir-Abushanab opened 3 years ago

Amir-Abushanab commented 3 years ago

While I'm a big fan of "code first ask questions later", I'm not a big fan of reinventing the wheel. I think it's worth taking a step back to think about how this would be different from what's already out there. Looking at this from a Product Management perspective, what is the "killer feature" that we should pour our focus on and leverage? Is the sentiment going to be closer to real-time? Will the NLP be able to differentiate sarcasm and incorporate emojis? Will it send a notification every time Musk tweets about a stock?

In other words, besides the fact it's Open Source, what would motivate the average retail investor to use this over say https://www.quiverquant.com/dashboard/ (which I personally use and find it does the job extremely well)? Or even the simpler https://swaggystocks.com/dashboard/home ? Their About Us page it's practically word for word what's in the README now https://www.quiverquant.com/aboutus/

Don't get me wrong, it's perfectly fine if being Open Source is really the only differentiating factor, but to knock this out of the park it's worthwhile to spend some time answering this.

So allow me to kick of this discussion off by starting at the end and taking a look at who our end-users might be. Very roughly, I feel they would fall into the following categories.

  1. The Newb 🐣: probably just bought a stock for the first time and wants to know how the internet feels about their pick.
  2. The Average Joe 🦘: Same as Newbie, perhaps has been in the game long enough to know a thing or two about not investing with your emotions or jumping on a stock before doing their due diligence, but nonetheless is still looking for that sweet sweet confirmation bias.
  3. The Quant 🤖: really just wants an easy to use open API they can pull from to convert into a signal and up their trading algorithm's performance
  4. The Institution 👨🏽‍💼: like it or not, this code will be public, and even if the license ends up not permitting commercial use there's no way it will be ignored if it's good. Code is protected by copyright, features are not
zoox101 commented 3 years ago

I think that the biggest differentiating factor is that this project will be 100% open source. Anyone who wants to contribute can, and anyone who wants to use the software will be able to for free forever. A strong open source community naturally confers a number of advantages that private entities can have a hard time matching.

That being said, if anyone knows of any similar open source projects out there, please post below. We would love to work with them. I am following up on the links posted here and in issue #36.