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Superalgos is the go to hub for day traders – Luis Molina, CEO – Nairametrics

Day trading, according to Wikipedia, is a form of speculation in securities in which a trader buys and sells a financial instrument within the same trading day, so that all positions are closed before the market closes for the trading day to avoid unmanageable risks and negative price gaps between one day’s close and the next day’s price at the open.

In Nigeria, since the advent of forex trading, a lot of its youths have turned to day trading as a way to earn both active and passive income due to the high level of youth unemployment plaguing the country. In fact, many have opened day trading tutorial centres and groups so as to keep up with learning and understanding market trends.

If you are a day trader and is looking to dive into the world of automated trading, Superalgos is a platform that allows you create your own bots, test them and deploy without the need for any technical knowledge. Nairametrics was able to speak to Luis Molina, the lead developer and co-founder of Superalgos.

About Superalgos

Superalgos touts to be the #1 algo trading platform on GitHub. It is known to be a project run by an open community operating as a decentralized organization. The platform is powered by its native token used to reward members for their contributions.

Superalgos is known to be an open-source, community-centric decentralized trading ecosystem, that is building a token-incentivized open trading intelligence network. This constitutes the Superalgos platform, its social trading apps currently under development, its network which is used to disseminate trading intelligence and the infrastructure and intelligence members contributions.

Luis Molina is one of the co-founders and lead developer of Superalgos. He told Nairametrics that he began working about 30 years ago, creating banking systems. Even after dropping out of school, he was able to create his own company, also focused on creating and selling banking systems. After this, he went on to create a company called Normal Inception, which he founded in the Persian Gulf country, the United Arab Emirates.

He further explained that the original idea for the platform came from his trader friend and then he started Superalgos along with his trader friend four years ago. He stated, “We started developing four years ago and we have been in stealth mood all this while. We have been majorly focused on building. Our strategy is to build a product that is so much better than the rest, so much so that it will get adopted by people just because of how good it is. It is a community built, open-source project, incentivized by a token.”

Algo traders

According to the company’s website, Algo traders design, test, and deploy trading strategies using the Superalgos platform. Molina explained, “Algo traders are people, who instead of trading manually, create bots as a way to automate their trades. This is exactly what Superalgos at present time is building. We are building the tools for Algo traders and for people who are not Algo traders but want to become Algo traders.”

The world of automated trading

Automated trading systems make use of computer programs to follow certain investment strategies in other to create buy and sell orders on stock markets and other exchanges. The algorithm will make the trades based on predetermined rules from technical indicators or more advanced computations.

Speaking on the benefits of automated trading, Molina stated, “The benefits are quite clear. As humans, there is only so much we can do. For the most part of the day, we are usual busy doing one thing or another. With a bot, you are able to monitor multiple markets and multiple exchanges at the same time, 24 hours a day. It also removes the emotional part of trading, where a lot of people fail due to fear or anxiety. Trading is a metaphor for animals in the sea. To be honest, 99% of the people trading are really small fish and then the 1% consist of bigger fishes, like Algo traders, who trade as a hubby, even bigger fishes who are companies that hire mathematicians, developers and machine learning experts and whales who are bigger fishes with a lot of capital, all swimming in the same sea and you know the rule of the sea; the big fish eats the small ones.”

He further explains, “So the question is, how can we make people to be faster, stronger and smarter when trading. This is why we decided to build a community and give them the tools so even if you are a small fish by capital measure, you are able to swim faster, be stronger and smarter enough to not get eaten by the bigger fish. Superalgos as of today, is a set of trading tools, which enables you to automate your trading, in other to make you faster, stronger, smarter and gives better chances of competing with people that are ‘bigger fishes’ who are also hiring developers, mathematicians and machine learning experts.”

Ultimately, he explains since an individual cannot be an island of his own in terms of skillset and knowledge, Superalgos is a platform that brings together developers, mathematicians and machine learning experts and offering their services for free for everyone to use.

On the downside of using trading bots, Molina stated, “Superalgos is a platform to decide trading bots. Except for samples that people contribute to the platform, there is no trading bot that you can run out of the box to make money. The idea is that you create them. We have installed beautiful visual designers so you do not need to be a developer to use Superalgos and the idea is that you drag and drop small pieces, in which you will be able to create and automate your trading. The risk involved is up to you. You have to know what you are doing and have knowledge in trading and risk management. This is because if you automate a losing strategy, you are going to lose on a consistent basis. However, with these tools, the platform allows for you to test your strategies.”

The SA Token

The SA token is the native token of the Superalgos platform. It was recently launched on PancakeSwap, a decentralized exchange (DEX), under the ticker ‘SA’. The launch comes after four years of development with tens of thousands of downloads during the open beta phase as the community builds up liquidity pools for its native Superalgos token on the DEX.

Molina says, “Our token is a community token and it represents how much you have contributed to the project. The difference between the SA token and other tokens is that others use their token to incentivize security for their respective networks while we don’t need security for our network because our token runs on someone else’s network. What we do is we use 100% of the incentivization power of each token to incentivize contribution to the platform. In the first four years, the contribution was in the form of codes to the codebase to create these tools. We are transitioning to allowing people contribute trading intelligence in the form of indicators, strategies and also signals. The platform will be set up where people will be running bots which produces signals for traders and putting them in the Superalgos network for everyone to benefit.”

Molina concluded by telling us more about the Superalgos application and how traders can benefit from the #1 platform on GitHub. He also gave hints about his top five cryptocurrencies. Click here to watch the full interview.

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