According to Justin Bouchard and his team over at AlgoFast, many events have strong long and short term effects on your investments. But what if those events happen while you're at work, or away from your desk? You could potentially miss out on significant opportunities to buy or sell positions. That's where AlgoFast comes in.
Founded in 2012 and headquartered in Chicago, AlgoFast is a startup that is bringing ease to individual investors with an event-driven trading platform. AlgoFast thinks that just because you're not sitting in front of your computer all day, doesn't mean you shouldn't have full access to the markets and trades. With AlgoFast, you have the opportunity to automatically invest in the market at any given time with hypothetical strategizing.
"Event trading has been around for a long time. We certainly did not invent the concept. We just wanted to automate the process," says Justin Bouchard, CEO of AlgoFast.
"We had no idea Barchart had been using this technology long before the fad, so when they rebranded it, we were pleasantly surprised."
In order to allow investors to stay on top of the markets automatically, AlgoFast needed to find a market data vendor that would provide them with all of the data they would need to stay on top of significant events.
"Finding a data provider was an incredibly difficult process. When we started, data was much more expensive, especially for economic data. There is still a disturbing trend where exchanges are overcharging for data because order-flow and exchange fee revenue is lost to dark pools," says Bouchard. "Fortunately, technology is improving and information always becomes commoditized over time, so the data providers that innovate in ways to win the price war ultimately win the larger battle," added Bouchard.
AlgoFast came upon Barchart OnDemand and was immediately impressed with the variety of advantages that were available to them through the cloud-based APIs.
"There has been a major push in Silicon Valley and the startup world toward REST APIs. We had no idea Barchart had been using this technology long before the fad, so when they rebranded it, we were pleasantly surprised," says Justin. "We can take in much more data at much lower costs, while also building to the API much faster," added Justin.
With Barchart OnDemand, AlgoFast has been able to provide their users with the information they need to make smart and strategic event-driven decisions.
Explore the different market data APIs AlgoFast uses for their event-driven trading platform:
Used by AlgoFast to integrate price data such as, open, high, low, last price, or any other kind of price data on their platform.
With this API, AlgoFast is able to receive data for company balance sheets, income statements and cash flow statements.
AlgoFast uses this API to receive technical data and statistics such as moving averages, percent changes over different time periods and stochastics.
With an event-driven platform, AlgoFast has an unlimited potential to reach individual investors all around the world. When it comes to the future of AlgoFast, Justin says, "We'll have to wait and see!"
To learn more about AlgoFast, visit www.algofast.com.