Announcement

Collapse
No announcement yet.

SimpleTrader Feedback, Suggestions, Improvements

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • SimpleTrader Feedback, Suggestions, Improvements

    Hello ForexSignals Community,

    What type of suggestions do you have to make simpletrader.net a better place for both traders offering signals and investors following the signals?

    What do you like about the trade copier and what don't you like about the trade copier?

    Is MetaTrader 5 worth integrating?

    Is cTrader worth integrating?

    Thank you for your feedback.

    Purposed changes to SimpleTrader so far!
    1. Number of Subscribers to each strategy
    2. Ranking algorithm (Average Max Drawdown -- to --- Average Monthly Profit)
    3. Warning Labels (Monthly Drawdowns, Martingale, Grid, Holding losses)
    4. Show all systems ( disable the ability to delete the previously offered signal)
    5. Assets under Management ( funds following system)
    Last edited by HedgeBitcoin; 08-08-2018, 05:23 AM.
    Put the edge in your hands.
    Crypto MarketMaker Robot
    Github - Contact for Verified Trading History

  • #2
    Originally posted by HedgeBitcoin View Post
    Hello ForexSignals Community,

    What type of suggestions do you have to make simpletrader.net a better place for both traders offering signals and investors following the signals?

    What do you like about the trade copier and what don't you like about the trade copier?

    Is MetaTrader 5 worth integrating?
    Is cTrader worth integrating?

    Thank you for your feedback.

    1. Public statistic for Number of Subscribers to each strategy on MarketPlace
    2. revised ranking algorithm that more heavily factors Average Max Drawdown -- to --- Average Monthly Profit
    3. Warning Labels attached to Trade Copying signals that surpass 30% drawdown in a given month
    4. Incentives from SimpleTrader for strategy providers and customers with long history on the platform

    There are others I have thought about and have heard from other long-term participants here, but they are more involved and complex (ie reported slippage of subscribers, way of decreasing common scamming tactics.... fabricating false broker data....)
    “Learn from your mistakes and do not give up!”

    Outside the Box - Myfxbook
    Outside the Box - SimpleTrader Trade Copying

    Comment


    • #3
      Would be nice if the signal providers previous systems are also shown just like in mql5

      Comment


      • #4
        Originally posted by MrMcmahon View Post
        Would be nice if the signal providers previous systems are also shown just like in mql5
        Yes.
        And I forgot to mention "Funds following". This stat is very informative for decision making for both trade copying providers and subscribers.
        The Funds column is the total dollar amount of all subscribers funds following the strategy.

        Screen Shot 2018-08-08 at 4.12.56 AM.png
        “Learn from your mistakes and do not give up!”

        Outside the Box - Myfxbook
        Outside the Box - SimpleTrader Trade Copying

        Comment


        • #5
          Great suggestions so far. OutsideTheBoxHK What do you have in mind for the incentives? How would this work? Like a discount on the cost of the slave accounts (followers). Instead of paying $15 per follower you want a discount of X% if you have 1.) A long trade history over 1 year? 2.) Have X amount of followers 3.) New equity highs for last 6 months . Those are just some examples to share.
          Put the edge in your hands.
          Crypto MarketMaker Robot
          Github - Contact for Verified Trading History

          Comment


          • #6
            I would like to link my account here if paypal option to pay 15 dollars is removed, I would like that forexsignals charge 15 dollars from the fees it self and send the remaining money via skrill or paypal. few countries dont allow us to retain balance in paypal and this is why it becomes really messy to pay 15 dollars separately.

            Comment


            • #7
              Originally posted by HedgeBitcoin View Post
              Great suggestions so far. OutsideTheBoxHK What do you have in mind for the incentives? How would this work? Like a discount on the cost of the slave accounts (followers). Instead of paying $15 per follower you want a discount of X% if you have 1.) A long trade history over 1 year? 2.) Have X amount of followers 3.) New equity highs for last 6 months . Those are just some examples to share.

              Well there are various options for a broker / forex company to incentivise behaviors that will add to their bottom line.
              But normally, in order for them to take this step, they want market research "proof" that says it really will add profits to their business in the long term.

              Without having done this market research in the SimpleTrader target market, I would try some of these:
              1. Age of strategy more heavily factored into Ranking
              2. Subscribers of more than one year or more than one signal receive 25% discount on all signals / services
              3. SimpleTrader giving Free Month of Signal Service to strategy providers who Rank 1, 2 or 3 in that month for returns
                or some monetary bonus
              4. SimpleTrader advertising the top 20 signals on other Top Forex Websites (business partnership, profit share)
              5. Some type of Symbol/Visible Icon applied to Signals on the Market Place who are considered more "safe" in terms of drawdown, age of strategy
              “Learn from your mistakes and do not give up!”

              Outside the Box - Myfxbook
              Outside the Box - SimpleTrader Trade Copying

              Comment


              • #8
                like an idea, specially when it comes how many subs follows and how much $ behind them.

                Comment


                • #9
                  Originally posted by HedgeBitcoin View Post
                  Great suggestions so far. OutsideTheBoxHK What do you have in mind for the incentives? How would this work? Like a discount on the cost of the slave accounts (followers). Instead of paying $15 per follower you want a discount of X% if you have 1.) A long trade history over 1 year? 2.) Have X amount of followers 3.) New equity highs for last 6 months . Those are just some examples to share.
                  fx4,

                  are you working for simpletrader ??

                  quite a few of the above mentioned suggestions i also suggested but was shot down on every one of them.

                  i got the feeling/impression that the signal end was no longer a pursued business. i find this really sad since the copier etc works very well.

                  it sure be nice for some improvements to be implemented, maybe you can enlighten us all what you are working on.

                  Smart traders never hold positions over the weekend.

                  Below my new home, all accounts fully verified.

                  https://www.myfxbook.com/members/forexfidelitas

                  Comment


                  • #10
                    Yeah would be interesting to see the subscriber numbers on each signal. However, if you think about it, if Simpletrader is only making $15 per subscriber per month, you would need a large amount of subscribers to just cover the cost of one support person monthly salary. From what I have read, it seems unlikely there is more than 200 subscribers per month accross all the signals combined, which is only $3000 a month. Once you take that into consideration, you can see why the main focus of this site has become the trading room.

                    Comment


                    • #11
                      Originally posted by RenkoGuy

                      They should have made deals with different brokers and take a part of the commission per trade
                      You can't force people to use your IB or your recommended broker when they decide to copy signals from Simple Trader. So that is not a realistic option.

                      Comment


                      • #12
                        Monthly subscription based signals are a dying industry, and it's no surprise.

                        Everyone should have the same opportunities, but with the monthly subscription model there is allways a loser. Small accounts can hardly profit from it because of the subscription fees, while big accounts can enjoy a cheap signal, and the trader earns much less than he would with a perfomance fee model.

                        I hope that Nick and ThinkHuge Ltd. will change simpletrader to a performance/commission based social trading platform in the near future, or it'll be slowly abandoned.

                        Comment


                        • #13
                          Originally posted by Tradersmurf View Post
                          Yeah would be interesting to see the subscriber numbers on each signal. However, if you think about it, if Simpletrader is only making $15 per subscriber per month, you would need a large amount of subscribers to just cover the cost of one support person monthly salary. From what I have read, it seems unlikely there is more than 200 subscribers per month accross all the signals combined, which is only $3000 a month. Once you take that into consideration, you can see why the main focus of this site has become the trading room.
                          About 100 active subscribers 10 days ago. I am sure it's a lot less after these few weeks considering the amount of losses on some of the longest running systems on SimpleTrader.
                          $1500 in revenue minus the server costs and a support team. There are some traders using the Private Trade Copier too ( about 40 subs), maybe fxviper still use this software.

                          As you mentioned, the Trading room has been the main focus because its not performance based and if your content is good the subscriber will stick around through their journey of becoming a trader.
                          Put the edge in your hands.
                          Crypto MarketMaker Robot
                          Github - Contact for Verified Trading History

                          Comment


                          • #14
                            Originally posted by TalosFX View Post
                            Monthly subscription based signals are a dying industry, and it's no surprise.

                            Everyone should have the same opportunities, but with the monthly subscription model there is allways a loser. Small accounts can hardly profit from it because of the subscription fees, while big accounts can enjoy a cheap signal, and the trader earns much less than he would with a perfomance fee model.

                            I hope that Nick and ThinkHuge Ltd. will change simpletrader to a performance/commission based social trading platform in the near future, or it'll be slowly abandoned.
                            cmirror.com is a commission based social trading platform and the Spotware team will be adding the performance fee structure for account management.

                            I also feel your concern. One of the features as a signal provider were the ability to place a maximum amount of capital that the follower could use but this doesn't address the second issue of paying a monthly fee with a small investment account.
                            Put the edge in your hands.
                            Crypto MarketMaker Robot
                            Github - Contact for Verified Trading History

                            Comment


                            • #15
                              Originally posted by RenkoGuy

                              They should have made deals with different brokers and take a part of the commission per trade
                              This is a legitimate business model which isn't a big deal since it is sharing the Broker's commission profits that the broker will charge the client in the first place. There are no markups on spreads or commission so the followers don't have to pay anything to follow the signal providers however sharing the revenue with the signal providers doesn't leave much for the business. Any other ideas?
                              Put the edge in your hands.
                              Crypto MarketMaker Robot
                              Github - Contact for Verified Trading History

                              Comment

                              Working...
                              X