1) Communication : When choosing someone to do any type of programming work for you, make sure you can communicate with him or her. After All - you want them to understand what you want and need.
2) Experience : You need to figure out whether the person is really capable of doing the work. In other words, make sure that he aren't the kind that just "talks the talk".Building an Algorithmic Trading machine requires a very professional programming skills.. This is especially true for high-frequency strategies where the speed of execution is of the essence.
Make sure your Developer have an in-depth knowledge of trading technology , and he already did something like that before.
3) Efficient : Sometimes you have a basic idea of what you want and need ( For Eg: I want an HFT Algo Machine that can trade Forex ) , But you don't really know how to go about doing that. Exchange , DMA , Brokers , Protocols , Backtesting , hardware , Software , etc.. - let the programmer help you with that - let him determine what would really help you be more efficient.
4) Flexibility: Some customers know exactly what they want and can put it all in writing. This ability enables the customer to require that the programmer give an exact quote on the project. When the project is completed, the customer should receive precisely what was requested. If the customer is not quite firm on what is needed , then it will most likely be necessary to implement changes during the creation stage. These changes in direction require a flexible programmer. The programmer should be able to handle a reasonable amount of such changes without having to increase the bid. However, if a programmer lacks flexibility it will probably be impossible to get changes implemented without a new quote being made. Of course, this process involves additional cost and time.
5) Price : software is part art, part science, and part math. its a craft that requires more then 10 years to master.Would you hire the cheapest doctor, lawyer, or plumber you could find? If you take trading seriously and think of it as a business, this makes no sense.As they say you get what you pay for. hire a pro, he'll have it done in 1/4 the time and it will be right the first time. In Algorithmic Trading machine - Any Bug can be crucial , especially If talking about HFT systems - if your system is not fast enough , then you are out of the game.
Moris oz
Algorithmic trading Consulting and development
www.caapitech.com