myfxbook.com and/or zulutrade.com (classic.zulutrade.com) are forex trade following sites where they support setting up a signal service. If your signal is that good, it will probably attract a lot of followers worldwide and commission deals with those sites are another way to "monetize" signals.
I hope mine wasn't misconstrued as rude. If it was, I sincerely apologize and will limit myself to only posting during "normal" awake hours rather than at 1 in the morning when I should be sleeping and therefore not communicating appropriately. Haha
The following user says Thank You to JGSmith for this post:
There are so many ways to provide your signals to the world that I can`t even remember all but here are a few that come in to my mind right now: PAMM accounts, Zulutrade, MQL community, simpletrader.net, Zipsignals, mydigitrade, curensee, collective2, etc.
Out of them all if you really can make money trading I do believe that the best and most honest way for both you as a seller and for the person that copies your signal are PAMM accounts...with one major flaw: your followers have to have the same broker. Why do I believe so? Many reasons, first of all you as signal provider -well better said account manager- will prove your real value beyond any doubt and gain trust from anyone investing if you really can do what you say because you cant blame slippage, errors of communication between signals, money management or whatever if you lose, its plain and simple your fault and your "followers" will sense that in a second and leave which is what you deserve if you make false claims. Then there is the cost of following which with PAMM accounts is the fairest of all: percentage from profit you make and only if you make a profit. See with PAMM accounts you cant trick people and it will take a long time, maybe more than 1 year, before you actually start to have someone taking you in to the consideration but its the way to go for real profitable currency traders as all of the rest of methods have big flaws both for followers as for providers of service. Take for example Zulutrade, a fake if you ask me, imagine that it lets the follower do the money management (at least from what I am aware of) and counts pips to rank traders, money management is a complicated issue and heavily linked in a very personal way with a specific trading strategy - trading is really not straight forward if you ask me - and such splitting the two is like having two people driving the same car, one with the wheel and the other with the pedals.
More when it comes to the way most of them reward the signal provider its just wrong if you ask me. Rewarding for each trade take by a follower as Zulutrade does or having a fixed $ ammount/month charged to customers as most others do is really not something any professional trader would want.
A lot more to talk about this but if you ask me the way to go is PAMM accounts or the "curensee" website I think might worth, rest of them are full of newbies both followers and providers.
The following user says Thank You to paul79 for this post:
People will hack your code. Other people will copy your ideas.
There's ways around the hacking but nothing is perfect. If you focus too much on that, you will not make any money because there will always be piracy. You just have to trust that most people will pay for the good stuff.
In terms of people copying your ideas - this is a pain, especially when you see people applaud other products because of things you invented BUT - the bright side is people copied you because they couldn't think those things up themselves.
So - protect yourself to a reasonable extent. Don't spent 80 hrs a week on protection. Just accept that people will copy your ideas and keep having new ones.
Then you'll be OK.
But if you are a one hit wonder....
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
Last edited by DionysusToast; March 19th, 2014 at 12:28 PM.
Broker/Data: Multiple broker + Multiple feed (for access to specific exchanges)
Favorite Futures: European Indices, Precious Metals, Energy
Posts: 423 since Dec 2013
Thanks: 204 given,
Marketing. There's a hundred and one indicators out there, so you need to show the edge that it provides and put it on a user friendly accessible website. The other thing is picking a price point that will cover your work and look at how you intend to retain their business or if its a one off custom.
Honestly more money in that business than I first realised when I started training in this field. Whats the view out there, do you guys think the market is saturated? or that most people fail to apply the use of indicators properly. I tend to the latter view.
If you have at least 1+ year of profitable trading history (Real/Live Account), you can promote your "system"/ PAMM service on myfxbook (under Trading System) , or FF/ Trade Explorer (under Commercial Content).
rapacapintro (dot) com, here you can use Interactive Broker or MT4 Broker.