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What is Markets Chat (markets.chat) real-time trading room platform?
Will there be 'public' 'free' rooms for anyone to participate?
i.e. a Nexusfi room for anyone to share charts and videos and special rooms like on Nexusfi for specific methods.
I frequent a discord room that is for anyone to participate but was created for the creators system.
Sometimes others 'hijacked' the thread and post way too much of their own stuff that is just noise.
To solve the issue, the creator created a separate channel for 'other' systems and it seems to have solved the issue.
Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
This quote by @Big Mike was in answer to my question about whether multiple persons in, for example, a small group of friends trading together, could all share their screens jointly.
If the number is small enough, as a group of friends probably would be, I think they could each have a room and each person could subscribe to the rooms of the others. Example: John, Bill and Tom are trading together and discussing trading ideas. John is the owner of one room, and his room is subscribed to by Bill and Tom, who can each see and comment on his screen. Bill also has his own room and the others sub to it, and the same with Tom. So they can each originate and show their trades, and can see the others' and discuss them as well.
This is just using multiple copies of the software instead of one copy with multiple originators. So you've got 3 rooms, basically, that they share.
Not too complicated if there are only a few people. This is probably being done already by small groups using simple screen sharing tools, just using multiple copies. Managing them all in one would work better for the users, but this would probably do the job.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I go around on this more than the turn style at Target on Black Friday.
I just have no idea if the time Id have to divide for this or the "split focus" during the trading day would be worth it.
I'm curious, when the poll question asked how many of you subscribe to a paid "room", what was the number?
The content would have to be valuable. I can deliver that. The "service" to subscribers answering questions might be another story.
If the maximum charge is 99.00/month, the "creator" keeps 49.50 per sub. That is $2.36 per day per sub.
$59,400 per year per 100 subs. I would need to maintain a few hundred subs to even think about it.
That said, I do have old friends that have subscription businesses...with dozens of employees and numerous products. One of those guys told me their $149.00 product has 15,000 subs....that is almost 27 million a year. Another friend worked his butt off 12 hrs a day and produced very high quality content. His price point was $199.00 and he provided more free content than you can imagine. At his peak he had 250 subs, his "contract" with the host paid him $120,000/yr at that level. What Mike offers here is significantly better than that...$148,500/yr at 250 subs.
Mike, would we get a 1099 or a K1 at tax time?
The accountant would have to tell me how to structure and what I'd keep after taxes. I'd have to believe that I could maintain high enough quality of content and reliability of service to keep a few hundred subscribers happy. I immediately default to the prop firm model as getting a piece of the commissions, rate spread and rebate on those accounts is significant.
So there is a great deal to consider. But I wonder how many responded that they already do or would consider a paid "room"? If I could get 300 full rate subs I would hire someone to deliver the content and proctor the questions and customer service for me. At that level I could net $100,000. I feel like it is a shit ton of work for $100,000. Am I missing something? My thought would be a "room" needs curated content every day from pre market set up to post market trade review...its a lot
I appreciate your feedback. Yes we send 1099 and you can work with your CPA about all the possible deductions.
There are many trade rooms out there. Here on NexusFi members have discussed rooms with 500 people paying. There are some rooms that charge more than $99, but I want their to be a ceiling with our service that does everything we can to protect the average trader.
Naturally, only you can decide if you want to be a creator, but I'm pretty sure you would have a following.
Please continue to share feedback. If you think $99 cap is too restrictive, let me know, as I am collecting all feedback. Can't promise I'll change my direction but I welcome the feedback.
Yes that is me and Mrs. wldman and displayed for just those authenticity reasons.
I recognize a theme from these three responses...I should have picked up the clue phone. I do not "know the broad audience".
In …
Dan, I think it's a great idea. You are asking for us to allow the creator to set a "pay what you think is fair" option. I like the idea and will take note of it!
Creators
- Use our calendar to define the days and hours the room is on
- Let's creators work only 1 day a week for instance, which is fine so long as it's clearly stated upfront
- Raise the monthly room price from $99 to $199?
Creators can run multiple rooms
- Secondary rooms can be for instance 1:1 support, or for students to get questions answered
- Always want to use NexusFi to hold discussions for the everything except right now in markets
- Creators can disable the public posting of the session recording
Regular traders
- Review today's video immediately
YouTube viewers (not MC subscribers)
- With a 1-month delay, every recording for every room will be published to YouTube
These are just some of what I worked on today.
I want to hear feedback on the pricing. Raising to $199 is more than originally planned. Of course each creator sets their price but it's important to me the prices are fair.
Legendary / Stochastic Calculus is not your friend
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@Big Mike hey Mike, I like the way you are thinking! The idea of a separate room for private instruction/services is a great idea and I think that will be very useful for creators. The cap to $199 is welcome but I also have to go back to @wldman's idea that the nexusfi community should be offered quality creators for a fair price....I think anything higher than that and we have to question the value and if there is truly something to be gained from it?....which also brings up the question, 'what if a creator wanted to offer private instruction/services at a per hour rate or one time fee?' Is that thought worth considering?...and is it feasible? Anyway brotha you're on to something here I like what I see!
- $99/mo ceiling, as originally envisioned
- Allow creators to have more than one channel
So if we continue to pick on @wldman, we can say that he defines his schedule (setting expectations) for each of his rooms, and he makes it clear room 'a' is for the purpose of 'xyz', while room 'b' with a different schedule has the purpose of 'abc'.
I am thinking of a specific example of following his trades in 'room a' but having a more educational approach for 'room b'.
This lets us keep the affordable ceiling, which is important to me -- I want to err on the side of having a net positive effect for the trading community at large. This still allows a creator to get compensated for their time.
This is a fantastic point to raise. I do see absolute value in allowing 1:1 education. I cannot promise that will be part of the initial roll-out of Markets Chat, however. But I agree with you, allowing a kind of 'project' price where we define and set expectations on achieving a specific goal, for a set price, during a set period, at a set pace -- with everything clearly defined up front.
You'll see it is extremely important to me that we set proper expectations at the top. This is to protect traders, but also creators to avoid unhappy customers.
