I want to become a signal provider

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Old Jun 20, 2018, 1:30pm   #1
 
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I want to become a signal provider

I want to provide forex signals to people but not sure whether to use a platform like Zulutrade or go with my own site and recruit traders through there.

What are advantages and disadvantages of taking either route?

Couple that comes to mind is you have lots of potential traders already there on Zulutrade waiting to follow provided one's signals are very good, but then you have the problem of not knowing if these social trading sites pay the signal providers what they are due. You don't have as much control over the income.

Or, shall I do both?

Does anyone here have an idea how much the top providers make on a platform like Zulu?
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Old Jun 20, 2018, 1:57pm   #2
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Originally Posted by tradernumber View Post
I want to provide forex signals to people but not sure whether to use a platform like Zulutrade or go with my own site and recruit traders through there.

What are advantages and disadvantages of taking either route?

Couple that comes to mind is you have lots of potential traders already there on Zulutrade waiting to follow provided one's signals are very good, but then you have the problem of not knowing if these social trading sites pay the signal providers what they are due. You don't have as much control over the income.

Or, shall I do both?

Does anyone here have an idea how much the top providers make on a platform like Zulu?
Why would you want to waste your time providing signals if you can trade?
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Old Jun 20, 2018, 2:30pm   #3
 
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Why would you want to waste your time providing signals if you can trade?
I trade my own way for myself. But I have other ways of trading that I am willing to help people make money with. It's no big deal. If you can help others make money can you imagine the goodwill that comes with that (not to mention a nice little side income from selling the service itself)? The signals will be very clean, with a clear TP and SL for each trade.

I don't think I will be wasting any time. The research I do for clients will be work because I will be making a bit of money from that. I will, of course, make the process as efficient as possible so I don't spend a huge amount of time eating into the quality of life and into other activities. But since this will be a job, I won't mind spending the necessary time as the signals will be performance related. If I don't provide a good service the clients leave.

Last edited by tradernumber; Jun 20, 2018 at 2:37pm.
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Old Jun 20, 2018, 2:43pm   #4
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I trade my own way for myself. But I have other ways of trading that I am willing to help people make money with. It's no big deal. If you can help others make money can you imagine the goodwill that comes with that (not to mention a nice little side income from selling the service itself)? The signals will be very clean, with a clear TP and SL for each trade.

I don't think I will be wasting any time. The research I do for clients will be work because I will be making a bit of money from that. I will, of course, make the process as efficient as possible so I don't spend a huge amount of time eating into the quality of life and into other activities. But since this will be a job, I won't mind spending the necessary time as the signals will be performance related. If I don't provide a good service the clients leave.
i would tread carefully ......its not worth the time and effort and also its not all that its cracked up to be even if you are good ...believe me ......minefield dude

for example what professional insurance will you be taking out ?
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Old Jun 20, 2018, 2:52pm   #5
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i would tread carefully ......its not worth the time and effort and also its not all that its cracked up to be even if you are good ...believe me ......minefield dude

for example what professional insurance will you be taking out ?

That's the point. He takes no risk but asks everyone else to take it based on some arbitrary signal provided.
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Old Jun 20, 2018, 2:59pm   #6
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That's the point. He takes no risk but asks everyone else to take it based on some arbitrary signal provided.
but he does take on risk if they come after him for losses via litigation ......hence the professional indemnity insurance needed ...if they will insure him
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Old Jun 20, 2018, 3:46pm   #7
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but he does take on risk if they come after him for losses via litigation ......hence the professional indemnity insurance needed ...if they will insure him
I was obviously talking about trade risk where nobody can predict future outcomes, not even mofo
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Old Jun 20, 2018, 6:00pm   #8
 
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tradernumber started this thread There will obviously be the standard risk warning, that trading carries risk, and losses can exceed deposit. Why should I need to take out insurance I am merely providing signals which they do not have to act on. Obviously, to get the best results the idea is that each signal will be traded in order to capture all the winning trades but it is entirely up to them to ensure they do this. All these points will are made clear, as well about risk management, in a risk warning message. they will have to agree to these terms before they can subscribe to my signals.

Wouldn't this satisfy the legal requirements since I am, after all, not a money manager, and won't be trading/investing on their behalf?
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Old Jun 20, 2018, 6:44pm   #9
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It's even more complicated than just setting up. According to the fsa:

We classify copy trading as portfolio or investment management where no manual input is clear from the account holder. This entails standard regulatory obligations for authorised management.

Portfolio management authorisation

Where the service described above is provided through MiFID financial instruments, it requires portfolio management authorisation from us. In the model described, the service provider exercises investment discretion by automatically executing the trade signals of third parties. Where MiFID applies, this triggers associated ongoing regulatory obligations including the suitability assessment, other conduct of business requirements and providing periodic reports to clients and regulators.
Where the client sets trading parameters, such as the sum they wish to invest or are prepared to lose, this will not affect the characterisation of the service as portfolio management.


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Old Jun 20, 2018, 7:24pm   #10
 
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Really..... this is getting airtime ??? this guy is talking about a nice little income selling a service ?

Am I ?

Yea probably !

Still "what the actual f@ck ????"
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Old Jun 20, 2018, 7:38pm   #11
 
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tradernumber started this thread Well, I have a very strong track record, all documented for people to see, and they can trade the first month in a demo account just to try it out (free of charge). If they like it, then get on, and if they don't no one is forcing them to buy it.

But if you guys think there would be potential legal ramifications then I'd rather go on Zulutrade which protects the traders from the potential pitfalls. Of course, why would I want to lose people money? If I win, more people come on board, and everyone is happy.
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Old Jun 21, 2018, 10:07am   #12
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As a trader, you are most likely to have actually run into a number of different Foreign exchange signals. The major task for any kind of beginner investor is to learn ways to trade efficiently as well as acquire an understanding of the Foreign exchange market, instead of to just copy signals they might not completely recognize. That being said, the knowledge of what those signals in fact imply for an investor generally as well as how you can use them is valuable for traders of all proficiency degrees.
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Old Jun 21, 2018, 10:58am   #13
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Originally Posted by tradernumber View Post
There will obviously be the standard risk warning, that trading carries risk, and losses can exceed deposit. Why should I need to take out insurance I am merely providing signals which they do not have to act on. Obviously, to get the best results the idea is that each signal will be traded in order to capture all the winning trades but it is entirely up to them to ensure they do this. All these points will are made clear, as well about risk management, in a risk warning message. they will have to agree to these terms before they can subscribe to my signals.

Wouldn't this satisfy the legal requirements since I am, after all, not a money manager, and won't be trading/investing on their behalf?
seriously ? .......have you ever been in business selling to the general public before ?

what will you do is someone sues you regardless of your disclaimers ?

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Old Jun 21, 2018, 11:00am   #14
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Well, I have a very strong track record, all documented for people to see, and they can trade the first month in a demo account just to try it out (free of charge). If they like it, then get on, and if they don't no one is forcing them to buy it.

But if you guys think there would be potential legal ramifications then I'd rather go on Zulutrade which protects the traders from the potential pitfalls. Of course, why would I want to lose people money? If I win, more people come on board, and everyone is happy.
go watch the Daren brown video on the horseracing scam .....anyone can make a very good living being 50% wrong all the time selling signals to people ......

we knew many businesses doing this back in the 1960's ...my father and grandfather who were bookmakers and professional gamblers didnt need to as its pretty scammy ...but it still works easily 50 years on in 2018

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Old Jun 21, 2018, 11:22am   #15
 
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Hi Tradernumber,

First of all, you don't need insurance of any kind to promote or sell signals for your trading. In fact a lot of people on this very board promote their signals and when they have got in and out of a trade. As long as you use the standard caveats and risk warnings for which you can find on any signal selling providers website, you would be exonerated from anyone losing their shirt.

After all, its their responsibility, you are not telling them to trade a certain instrument or place a certain amount down, you are simply stating that you have seen an opportunity on a certain instrument at a certain price and will post your entry and exit, again, regardless of whether you have taken the set up or not is irrelevant.

It is hard work dealing with the many people that just happen to get in on a 'bad run' of signals, quit then bad mouth you. But that's part and parcel of this business. Some people have bad things to say about good people, but that speaks more about them then it does of you.

As a start, you could post your signal set ups on here for all to see - start a new thread. This would be great exposure for you and to which I am confident that the forum mods would allow under their T&C's and community guidelines, however if I'm incorrect here, then they would certainly point you in the right direction i'm sure.

@NVP - I'm surprised by your comments here as you are as stated a vendor yourself!! you don't need insurance to sell signals and of course, people can sue anyone at any time for any reason, but it doesn't mean they will be successful. In fact they will just throw more money after bad and as the vendor with the correct disclaimers in place, would simply shrug it off and keep collecting the subs.

If someone has something they feel of value they they want to sell, they are allowed to do so (T2W is no exception), it is the buyer that has to take note, do their due diligence and accept that losses can occur - after all, isn't that what trading in its most simplest form is about?

Side note: Like any forum, it needs good people who can trade and show others, for a price or for free. I saw a newbie ask a newbie on here very recently on how to trade. WTF. Blind leading the blind - and a lot of that goes on here. But... we don't know that Tradernumber can or cannot trade as they have yet to prove themselves. However, by the power of this forum, they can post their trades, people can ask questions in a cordial fashion and new comers can learn. One way or another, we learn whether this person can trade or not, is the real deal... or not. But as it is of no cost or money down, it is only our time we wish to invest. If we wish to subscribe then we take the financial risk of the subs, if we then choose to trade the signals, we again choose to risk as much money as we are prepared to throw down. That's people's choice.


Good luck and have a great day trading.

PS: @NVP - you know I have the utmost respect for you but I had to comment on this one, I'm not attacking you here.

Lee
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