Want to start Fx signal service?

Hi there,
I write this thread with some trepidation. Basically I was thinking that I might want to start a signal service. My reason is that I have living(rent,etc)expenses like we all do. However I was thinking if I had a small income from this monthly then I wouldnt have to touch my trading capital.
I dont want to touch any of the money in my trading acoount for 2 years or so, to enable to hopefully grow.

I know myself the negative stigma about people who offer these services. At this moment it is only a thought.
What are the things to watch out for? What is the best way to do it?
I mean if I did decide to do it, I would give 2months completely free just so people can see how it performs. That way it is a no lose for people.
I believe my system is pretty good. It doesnt involve sitting infront of a screen as the orders can be done through market orders in the morning or at night.

Your thoughts pls...

Hi,

For starters, I'd want to know your trading background and track record...

Dave

The problem with most signal services (apart from those who are outright dishonest about their track record) is many "shade" the prices they report clients could have got on past trades (e.g. using a price which only existed several minutes before the signal was sent or ignoring bid/offer spreads or rollover costs).

To differentiate yourself from the others set up a web site and accurately time-stamp trades (posted in real time) and report a track record which accurately reflects the costs of trading.

It will be difficult to get noticed, but there is undoubtedly a demand for an honest and profitable service.

tradewinds said:

Hi there,
I write this thread with some trepidation. Basically I was thinking that I might want to start a signal service. My reason is that I have living(rent,etc)expenses like we all do. However I was thinking if I had a small income from this monthly then I wouldnt have to touch my trading capital.
I dont want to touch any of the money in my trading acoount for 2 years or so, to enable to hopefully grow.

I know myself the negative stigma about people who offer these services. At this moment it is only a thought.
What are the things to watch out for? What is the best way to do it?
I mean if I did decide to do it, I would give 2months completely free just so people can see how it performs. That way it is a no lose for people.
I believe my system is pretty good. It doesnt involve sitting infront of a screen as the orders can be done through market orders in the morning or at night.

Your thoughts pls...

Click to expand...

I had subscribed to Netpicks.com for some time. It started profitably and then suddenly I started making losses. All of the subscribers started yelling and you know what was the answer? "The Brokers are manipulating". They lost a lot of subscribers including myself.

If you are serious then I suggest that you partner with someone who has a database of several thousand members/clients and start by providing free tips daily or as and when you get them.

As the saying goes "The proof of the Pudding is in the Eating" and "Actions Speak Louder than Words" , if your signals are profitable then you will attract loads of traders and if they start making losses, you will get a bad reputation, just think about that.

If you are still interested then drop me a line, I may introduce you to someone I know, who may help you or better still start submitting your signals here daily well in advance.

Wish you all the Best

John

tradewinds said:

........
I mean if I did decide to do it, I would give 2months completely free just so people can see how it performs. That way it is a no lose for people.
......
Your thoughts pls...

Click to expand...

you could start your 2-month free-trial right here.
by end-June, you will either fall by the wayside, or have the attention of several thousand T2W members.

You can add your system to fx-auto.com and your performance will be tracked automatically. Fx-auto have a big number of clients who will test your system if the performance is good.

I don't see anything wrong with starting your own trading signals. There is a market out there so do it.
However my own experience.

I don't like foolish fools or clever ones for that matter. I just could not take the stress of having to refund . I have my own group and I'm not thinking of adding anymore . However for you to have a signal service.:the question is not if it works or not, but are you willing to listen to the negative and naysayers who will burn you. On the other hand, as a consumer who would be interested, do you know what you are doing?

Signal service

tradewinds said:

Hi there,
I write this thread with some trepidation. Basically I was thinking that I might want to start a signal service. My reason is that I have living(rent,etc)expenses like we all do. However I was thinking if I had a small income from this monthly then I wouldnt have to touch my trading capital.
I dont want to touch any of the money in my trading acoount for 2 years or so, to enable to hopefully grow.

I know myself the negative stigma about people who offer these services. At this moment it is only a thought.
What are the things to watch out for? What is the best way to do it?
I mean if I did decide to do it, I would give 2months completely free just so people can see how it performs. That way it is a no lose for people.
I believe my system is pretty good. It doesnt involve sitting infront of a screen as the orders can be done through market orders in the morning or at night.

Your thoughts pls...

Click to expand...

Given that I have been operating an FX service (research & signals) for nearly 3 years I can provide some insight.

First, it is not easy, with all due respect to newer and even older traders, most lack the ability to focus and internalize information (i.e. the signals/research) that can help them to become better traders. They are looking at 6 different 'signal' trials while they are looking at yours - how can they possibly evaluate any of them?

In addition, a couple of losing trades and they are on to the next 'system' or 4X Made Easy seminar.

If your analysis is good and you can get it to traders who understand what it takes to make it, they will be great customers. If not, you will need to do the numbers game thing - get 100 trials to close 3-5 clients - and then, turnover will still be an issue.

The better approach is to go after the institutional clients - it is more challenging to get in front of them, but at least when you do they 'get it' - if the service is valid they will be clients for a long time.

I made the decision in late 2006 to go after the institutional crowd and it was a good decision. Yes, the vast majority of my clients are still 'retail' but that is slowly changing.

Hope my experience and insight helped.

Dave Floyd
Aspen Trading Group
www.aspentrading.com

Thanks alot guys for your great replys. What I might do is start off by offering it to people I know,friends,relatives and they can evaluate how good it is. You all have been very helpful.

Sounds great...

If you give two months for free, why not? No catch?

johnblake said:

I had subscribed to Netpicks.com for some time. It started profitably and then suddenly I started making losses. All of the subscribers started yelling and you know what was the answer? "The Brokers are manipulating". They lost a lot of subscribers including myself.

If you are serious then I suggest that you partner with someone who has a database of several thousand members/clients and start by providing free tips daily or as and when you get them.

As the saying goes "The proof of the Pudding is in the Eating" and "Actions Speak Louder than Words" , if your signals are profitable then you will attract loads of traders and if they start making losses, you will get a bad reputation, just think about that.

If you are still interested then drop me a line, I may introduce you to someone I know, who may help you or better still start submitting your signals here daily well in advance.

Wish you all the Best

John

Click to expand...

hello john , im interested in providing my service for free to start up , can you connect me to the person so that i can work with them