I typed out a big long post on the benefits I have had from futures.io (formerly BMT) and your original blog and how you have to be careful with where money goes (based on my bad experiences with a local Australian forum) and then I had an idea.
Why not open up the site threads completely to allow free discussion but make the following changes.
- Elite members are highlighted as financial contributors and have access to some of the nicer parts of the site (like webinars, competitions)
- Allow access to all indicators but give the contributor the choice to have make it free or "donate to download". Also add a "rate the indicator" so those contemplating a non free indicator can see whether it was worth the money. I'm thinking along the lines of the Android marketplace or itunes.
Those that make big coding contributions can get paid and the site still receives some revenue towards running costs and they are separate. Keeps it all simple and allows everyone to read all the posts.
Hi Mike and all,
I am new to forum and trading, head still spinning. What a GREAT place you have created here Mike. Hope to be able to contribute someday. Whatever you decide needs to be done will be respected by me. It's all over my head right now.
I don't post much ( if at all ) I think because lately more and more of an elite trader feel has been creeping here. I think that comes as the site gets more popular. IMHO , most I think elite members make higher quality posts.
I think you should restrict it to elite only, and keep the quality up on the site..
Just my 2 cents...The indicators I've downloaded are mainly to go through the code to help me in scripting my own indicators. As you know and may possibly remember, some of my threads have been closed over discussions of indicators that are copyrighted.
The methods of how an indicator can be coded is what interest me. I have no commercial use for them nor had any intention to do so.
I am happy to discuss indicators that I am familiar with but I am no coding expert. Hence you will not see me contribute where coding matters are concerned. I've been working my way over the past 2 years, scouring through other indicators to help me build my own indicator, which unfortunately is still not completed. Some contributors to this forum have been kind to help code a majority of the indicator or to put me in the right direction. And that's what I like about this forum. Unfortunately I can't discuss the indicators anymore as I have been warned.
I am also curious why some would pay for indicators that are already available free on your forum. All one needs to do is google it and the results are there. The exception being the indicators in the elite section which is already out of bounds. I have googled for example kase bars, and right at the top or close to the top of the page is your forum! Unfortunately or fortunately, it is part of the elite section!!! One needs to realise that this is THE PLACE for indicators and for help to code indicators.
Do what you think is necessary. You have my support. I have no objections.
Run more ads on ur pages if u need more income. You will make more money this way than through memberships in the long run. As u develop ur income by marketing through ads, u will develop the revenue to reimburse all elite users their membership fee. This is a step in the right direction, a way to gain integrity and credibility and profitability.
It is not plausible to me that u need to protect the hard work of others nor ur own 'hard work', nor the need to protect ur own intellectual property.
Ur success will be determined by the quality of the service u provide, which may or may not be justified by the elite membership fee: personally i have no interest in paying for ur services.
The extent to which u provide useful trading tools to the trading community u will personally benefit and empower those around u. Deriving your revenue primarily from selling membership for education probably does not give u credibility I am looking for. Running ads is just fine and a perfectly legitimate source of income. Ur excuses about y u want to protect ur information make no sense at all to me.
The main and most legitimate way that the internet operates is by freely marketing, branding and promoting products and services. A good product and service will ALWAYS sell itself. U do not need to fend of the copycats. Either u get it right and develop the trust, loyalty and support of the community or not. Time will tell.
Ur site has some useful information and is a resource. U should be seeking ways to open ur service and remove all restrictions rather than wasting time trying to protect anything. There is nothing to protect. There is a plethora of free information on the net and u r not even a drop in the bucket. U r only showing weakness in the eyes of the public by sending out emails such as the one i just received. Keep ur gloves up and tell ppl positive things and find ways of value adding ur services.
One free way u can improve the quality of ur patronage is to require all members to regularly fill out brief trading questionnaires. Publish the results on ur homepage. It would be a very useful educational tool for traders to c how other traders think about a wide range of issues. Filling out a brief questionnaire (with radio button answers) would value-add ur site and sort out who is really interested in ur site.
I don't nessesarly think thats its fair to the participants that posted there code to the open forum with the intention to help fellow traders. If they posted the indicator / straegy, it was meant to be given out, or they would have never posted it. Let face it, If an indicator is confidential, or purchased, they are not going to post it anyway.
As for indicators created by Big Mike, yes since the site has the intellectual property rights of the code it posts, they have the right to restrict their own code.
The forum was set up as an open forum, and should stay open. Give the members the option to allow an open or restricted download.
i haven't posted much lately, not because of the lack of interest but because there was a lot going in my life.
i do want to give you my support in whatever you decide to do later for the future of futures.io (formerly BMT).
the reason i signed up with futures.io (formerly BMT) is because of your integrity. i could see that you were serious and dedicated to provide a trader community and forum where like minded people gather together to learn from each other.
i have zero knowledge in programming but i was able to use some of the indicators posted by the experts to better my trading. so for people like us, this is a great place to be.
on the other hand, if i am the expert contributing my indicators to the community with the hope that it will be used wisely (maybe get a nice "thank you") and then some weasel get it sold to others for money, then i will be hopping mad. it's as though they've been robbed of their intellectual property.
no easy solution here. and i honestly don't have an answer.
Elite downloads only, I agree. But, the structure of this site "as is" is remarkable in the amount of real value on the free end of it, this was your original idea, it is still a great idea and it is becoming a greater site as time goes on as it expands and the depth of knowledge grows deeper (Elite side). Clapping for futures.io (formerly BMT)!
On many sites of all sorts (not trading) there are text boxes with funky characters that have to be filled out each time you send data, email, purchase something, request support. This is a tool to stop BOTS. There may be other tools to stop this actiivity.
Mike, have you contacted other people at you level that have forums of this caliber to ask how they might set up protections and defenses to stop this problem?
Possibly a high level IT administrator heavily educated and experienced in internet security would shed some light and offer solutions.
Have you talked to the company who hosts this site, they might have people on their staff that can help.
Some of the management staff at YouTube might have valuable insight - they deal with millions of people.
Mike, I look forward to you taking this to the next level,
Thanks for all you do,
I understand and respect your position on this issue. As someone who is somewhat new to trading, I get far more out of this site than I feel I can contribute. If it becomes necessary to sign up to be an elite member, then it's up to me (and others like me) to decide what I want to do. Thanks for the hard work you and the others put into this website.