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  • Big Changes Planned For ForexSignals.com - Have your say

    On the 1st of May we'll celebrate the 4th anniversary of this great site! It's quite an achievement and I'd like to extend a big THANK YOU to all you guys for being part of it and coming along for the ride.

    Over the past few months I've been reflecting and doing some research into how the site and industry have evolved over this period, and we've come to the conclusion that it's time for a shake up.

    The original idea when I first thought of the concept for this site was was to provide a free trading room where our members could exchange trading ideas and discuss the market, we'd then make revenue by offering the ability to subscribe to our traders in return for a monthly fee. This was during the golden age of EA's like Million Dollar Pips and Forex Growth Bot when forums like DonnaForex.com had thousands of members buzzing daily about automated systems in an attempt to find the holly grail. But since then the industry has changed significantly.

    Let me give you an example:

    The first signal I launched back when our domain was LiveForexTrading.info (cost me $2 and had zero traffic) was known as Erio's Earner. I posted a 3 month track record on DonnaForex.com and ForexPeaceArmy.com and within a month I had 400ish subscribers, 500 daily emails and dreams of quitting my current job within the month.

    If I tried to use the same model today I'd be lucky to get a single subscriber.

    This isn't specific to our site, it's across the industry. EA's are dead, ZuluTrade's funds under management have dropped by 95% and MyFxBook's Autotrade has been an undeniable flop after what seems like suffocating amounts of advertising over the past 2 years.

    People now either want guidance on how to trade for themselves, or they want a set-and-forget solution where they can stick their money behind a trader and leave it.

    If you're not growing, you're dying, so it's time we adapted and embraced this change by offering a solution.

    So what's the plan?

    A new trading room


    We're going back to basics with a focus on the trading room as the heart of our site. The existing room will be expanded to provide a more interactive experience for you guys with live streaming and commentary from professional traders. We'll be displaying live charts, trading news events live and offering a level of interaction that should make our site the go-to destination to discuss trade ideas.

    As always, it'll be free of charge and open to the public.

    We're also hoping to invite you guys to participate if you desire by posting organised trade ideas and even potentially running guest moderation spots.

    Signals will be replaced with MAM's
    Signal subscriptions will no longer be offered to new clients. Instead there'll be individual MAM's offered for each strategy at one of our preferred brokers (Mt Cook) with the ability for investors to allocate capital on a performance only fee basis. Mt Cook have an automated MAM solution that allows us to support potentially thousands of clients seamlessly compared to the more well known brokers who run antiquated 3rd party software that requires manual monitoring and administration for each client.

    I know this second point may upset many of you who enjoy the freedom that the trade copier provides. Rest assured you'll still be able to keep your existing subscriptions for as long as you want them, however I'm confident that offering managed accounts is where the industry is heading. To give you an example, the number of clients joining the managed accounts have grown substantially over the past 2 years, whereas the number of signal subscribers have plateau'd over the same period.


    The video below explains in a little more detail what I have in mind. Thank you once again for your support and I welcome any and all feedback you can provide.

    Would you like free lifetime access to our forex trading room?

    Open an account at Blueberry Markets and save the $97/monthly fee.

    Click here to find out more.

  • #2
    Hi Nick,

    Thanks for an update.
    I understand that simpletrader.net will stay? This is the place where new traders can became a part of forexsignals trader team.
    Does it all means that VIP program will by shut down for a new traders?
    Will you still looking for a new traders? If so, the plan is first to run a signals with them to prove their credibility and after a while add them to MAM?

    In general I see a lot of pros behind MAM (no VPS, copier, zero latency etc...) while cons - 30% fee, and lack of possibility of running multiple signals on 1 account.

    and to be honest, there is something is missing for me in this solution.
    When I see your VIP Agressive, it is impressive what kind of return you have.
    Personally I am running Steady/smart and goldstar on 1 account. I got a nice return over last months.

    My question is - How can I mirror that using MAM?
    I am not sure if you have an answer right now. But if you have such solution, It would be perfect for me to join you (with higher depo ofc, becouse right now I am still a way below goldstar depo limit...)

    Cheers,
    Ace

    Comment


    • #3
      Have both MAM & Copy Signal service. BUT Let " NEW " Subscribers Choose !.

      Have both MAM & Copy Signal service for each of the traders who have a proven track record . BUT Let " NEW " Subscribers Choose what they want whether it be MAM or Copy Service !.

      I am trying to build enough funds also after losing a lot of money in following traders here on this site and elsewhere.

      I also would like the opportunity to have an account similar to Nick "Aggressive VIP" account 'Watch me make a million dollars' is the statement !

      Thats great Nick, and great job in finding decent traders for this site that we can feel some trust.

      I am not ready yet (same as others) but would also like to have the choice of having my own "Aggressive VIP account". But it is all being taken away and all locked up in to MAM'S.

      It seems I and others will not be able to have the same opportunity as you have pointed out in the Youtube for the "Aggressive VIP", we will have to just enjoy watching Nick become a Millionaire.

      Why don't you offer a copy service to clients who are generating a minimum of X amount of dollars to to forex signals.

      Example: Generate $1000p/m in revenue to forex signals through Having funds invested in a MAM (Performance fees) /subscription fees /VIP rebates (Met through one source or Combined ).

      Result of Criteria met: Receive the copier to follow any of the traders. (Still with a small fee ? ).

      Leave all New subs the opportunity to still have access to the copy service after all this is what built this site.(The choice to choose our own risk).

      We all want to have the dream of making a Million dollars from trading forex (as per the Youtube video ) but the way the site is changing seems that dream is getting pushed again further out of reach.

      Some Existing Subs with the Copy service will think the MAM idea is great as they can continue to use the Copy service. With all new subs in a MAM in South Africa or elsewhere they can run the Copier on any broker without concern of it becoming over subscribed. (Resulting in some slippage).If I was an existing sub out of self interest I would be asking for a MAM as well.

      "Well just my thoughts for this discussion welcomed or not".

      Nick you other ideas to have traders and discussion on trading sounds interesting although it does need to be controleed and the abillity for all levels of traders to learn. Other issue is all the different time zones. It may be great to record it on Youtube so we can all learn from the session even if we can't tune in.

      It would be great if we all had access to the same Copier, then we can discuss what risk levels using etc.. the fun of how it seemed in the forum with some of the earlier traders.
      Last edited by genki7; 04-13-2016, 08:00 AM.

      Comment


      • #4
        What I like now is that all signal providers can join and everybody can subscribe to their signal. If a signal is indeed good it goes out to be a mam. I like this model. The hurdle is a lot less to join a signal as a opposed to a mam. A mam is still only good for those with a proven signal track record. And a signal is imo the best way to gain followers and fans.
        A second problem why I think the hurdle to try a signal is less high is because you can test it in min lots on your current account. Otherwise if only mam is available you need to divide all your funds for mams you don't even have the confidence in it yet.

        In the end I think the model of signal subscription until proven then mam only for new people is a great model that welcomes any trader to try and get to the mam level.

        Last but not least. People seems to have a problem with mt cook cause they don't know the people behind the broker. You guys do so you have mutual trust this won't be mismanaged. However I think if you could be a white label broker of mt cook perhaps. This might be a solution cause people trust forexsignals and the people behind forexsignals.

        Comment


        • #5
          Hi Nick, thanks for the video update. A few thoughts I have:
          Firstly I have no interest in trade ideas etc in the chatroom as that's not why I am here, though I appreciate others like to discuss trade ideas. If that is popular as you say then it draws clients to the site who may go onto join MAMs but otherwise I don't see how that generates income for the site if it's free. Obstacles to MAMs currently for me are: withdrawals for income stream doesn't seem to be that easy or quick, no ability to shuffle risk around to suit individual or add/remove traders , mobility of funds inc. credit card between existing accounts (in & out) I have with IC Markets & Axi where funds transfer between accounts is real time 24/7- really important for me as I manage my funds & withdrawals between several accounts & this give fingertip control, lower leverage than 500 or 400:1 is definite disadvantage for amt. of funds reqd, ability to use broker in own country of residence & in local currency means local transfers for withdrawals & minimal currency conversion unless from MAM in foreign currency -no fee-next day received in bank, 24 live chat with IC & Axi - not sure about Mt Cook, no platform to view live trading unless investor login is allowed, much greater cost than than VIP for large investment, no ability to custom mix signals on single account although personally I don't do this, broker location & regulation in country of residence big plus.
          What I like about MAMs: no need to run or monitor vps or manage an account although this doesn't bother me doing this at all & I need it for other signals from simple trader anyway, good setup for long term investment, great for small investors with no gain no fee structure, if fee structure is better for signals.com that is good. to sum it up I like MAMs for some options & signals for others so both are important to me. Thanks for opportunity to post comments.

          Edit: One reason I don't like using foreign brokers: few years ago I had massive dispute with Aus tax office which took 6 months to resolve in my favour even after supplying complete bank records & trading stats, over return of initial trading deposit to bank account after receiving no profit on account - by law banks report incoming foreign income to accounts to tax office. I never had this problem using local brokers. At one point they threatened to sell my assets to tune of over $100,000 to pay them money I never owed but refund it later if wrong decision! I nearly lost my home over this.
          Last edited by littlemax; 04-13-2016, 08:16 AM.

          Comment


          • #6
            Nick,

            - can you please keep the myfxbook news calender in the frontpage with chat and such?
            myfxbook sucks though, so preferred is if you can ask Will to get their name out of it

            - also (just a suggestion/observation) regarding mtcook. It would be nice to have their realtime spreads
            shown publically, either on forexsignals, or on their own website or on myfxbook.com/forex-broker-spreads

            - would be nice to have a mt4 download link BEFORE people need to fill in forms which are checked and making people wait for a few hours.

            - keep searching for similar "smart" and "more of this time" MAM-supportive brokers, but obviously start with the best one first being mtcook
            www.hansbowles.com holy grails DO exist

            Comment


            • #7
              Also I wonder why new visitors to site are not going on to signals or MAM as you say? I would think if signal providers show successful trading history without too much drama that would attract followers -is the success rate not up there then? There's been some issues with some traders which would discourage signups & long period of DD with Viper would put off some newcomers, esp. for those who don't understand forex ups & downs. I don't agree that signals come under the heading of EA's though if they are real live trading or mixture of both. Possibly the more recent wider appeal to a population of non Forex savvy peoples explains why so many questions about setup procedures - inevitable with appeal to wider community. For those people MAM is a good option. I can understand why MT Cook accounting appeals to you Nick after what you say about other management & headaches. By pushing MAM only for new clients they will need to decide 'yes I like your traders but only if I don't have to worry about setup & I just want a straight investment with minimal involvement'. If that's true then the new model should work well. And yes plenty to be proud of so far Nick!
              Last edited by littlemax; 04-13-2016, 09:29 AM.

              Comment


              • #8
                I do love the idea a new chat room and going towards MAM seems like a really good idea.

                But there is certain things i would like first of i know MAM is really strict when it comes to parameters setup, well here is my tips
                Why not setup a dynamically MAM where the customer choose what trader should be within the persons sub account im not sure if its possible but it should be possible to have 1 subaccount to multiple MAMs technically it should be possible.
                But i do not know the legal aspect if its even possible too-do so.
                It could be 1 time setup only that you get to choose traders ONE time only and thats when the account is being setup then you cant change unless you create a new Sub account.

                The second one is a Myfxbook stat page for all MAM the reason is because i love the charts see that its actually moving, sure statement would work but its not as fancy as a myfxbook. This could also be a one time setup also.

                Another thing it would be nice too have a sound interaction on the chat room maybe not in the MAIN room but in another room maybe voice or something not entire sure, but a room where you could use mic to speak to each other would be great.

                Thanks for making great improvements

                Best regards Jimmie

                Comment


                • #9
                  The reason why signals service has gone down hill here is mainly because there hasnt been any new traders with good consistent gains and superior skill above the rest of the dodgy signal services.

                  Comment


                  • #10
                    Originally posted by ace View Post
                    Hi Nick,

                    Thanks for an update.
                    I understand that simpletrader.net will stay? This is the place where new traders can became a part of forexsignals trader team.
                    Does it all means that VIP program will by shut down for a new traders?
                    Will you still looking for a new traders? If so, the plan is first to run a signals with them to prove their credibility and after a while add them to MAM?

                    In general I see a lot of pros behind MAM (no VPS, copier, zero latency etc...) while cons - 30% fee, and lack of possibility of running multiple signals on 1 account.

                    and to be honest, there is something is missing for me in this solution.
                    When I see your VIP Agressive, it is impressive what kind of return you have.
                    Personally I am running Steady/smart and goldstar on 1 account. I got a nice return over last months.

                    My question is - How can I mirror that using MAM?
                    I am not sure if you have an answer right now. But if you have such solution, It would be perfect for me to join you (with higher depo ofc, becouse right now I am still a way below goldstar depo limit...)

                    Cheers,
                    Ace
                    Thanks for the comments Ace.

                    Yes, we'll keep SimpleTrader and the market place running. This change is only applicable to ForexSignals.com.

                    You raise a good point about having multiple traders running on one account and the limitations that the MAM has on this.... however it does reduce the possibility of people blowing their accounts by running too many signals or turning risk up too high (this happens a lot).

                    Let me think about this a little more and see if we can find some kind of solution.

                    We're always looking for new traders, however we're now incredibly picky about who we work with. They need to have a 12 month uninterrupted track record with no major bumps along with experience trading other peoples money (in addition to several other criteria). If we introduce a new system it'll most likely be one we've developed in house.
                    Would you like free lifetime access to our forex trading room?

                    Open an account at Blueberry Markets and save the $97/monthly fee.

                    Click here to find out more.

                    Comment


                    • #11
                      Originally posted by genki7 View Post
                      Have both MAM & Copy Signal service for each of the traders who have a proven track record . BUT Let " NEW " Subscribers Choose what they want whether it be MAM or Copy Service !.

                      I am trying to build enough funds also after losing a lot of money in following traders here on this site and elsewhere.

                      I also would like the opportunity to have an account similar to Nick "Aggressive VIP" account 'Watch me make a million dollars' is the statement !

                      Thats great Nick, and great job in finding decent traders for this site that we can feel some trust.

                      I am not ready yet (same as others) but would also like to have the choice of having my own "Aggressive VIP account". But it is all being taken away and all locked up in to MAM'S.

                      It seems I and others will not be able to have the same opportunity as you have pointed out in the Youtube for the "Aggressive VIP", we will have to just enjoy watching Nick become a Millionaire.

                      Why don't you offer a copy service to clients who are generating a minimum of X amount of dollars to to forex signals.

                      Example: Generate $1000p/m in revenue to forex signals through Having funds invested in a MAM (Performance fees) /subscription fees /VIP rebates (Met through one source or Combined ).

                      Result of Criteria met: Receive the copier to follow any of the traders. (Still with a small fee ? ).

                      Leave all New subs the opportunity to still have access to the copy service after all this is what built this site.(The choice to choose our own risk).

                      We all want to have the dream of making a Million dollars from trading forex (as per the Youtube video ) but the way the site is changing seems that dream is getting pushed again further out of reach.

                      Some Existing Subs with the Copy service will think the MAM idea is great as they can continue to use the Copy service. With all new subs in a MAM in South Africa or elsewhere they can run the Copier on any broker without concern of it becoming over subscribed. (Resulting in some slippage).If I was an existing sub out of self interest I would be asking for a MAM as well.

                      "Well just my thoughts for this discussion welcomed or not".

                      Nick you other ideas to have traders and discussion on trading sounds interesting although it does need to be controleed and the abillity for all levels of traders to learn. Other issue is all the different time zones. It may be great to record it on Youtube so we can all learn from the session even if we can't tune in.

                      It would be great if we all had access to the same Copier, then we can discuss what risk levels using etc.. the fun of how it seemed in the forum with some of the earlier traders.
                      You make a good point.... I'm puffing my chest up in my attempts to make $1mil, but handcuffing you guys by not allowing access to creatively structure your accounts.

                      We're not shutting down the VIP program for existing clients and I'm happy to leave the door open for a handful of new participants to trade under this model, but it wouldn't be open public knowledge. I don't want to confuse the message for new clients. Right now we've got 3 different options that new clients can follow (MAM, Copier & VIP) all with very different characteristics. I have a feeling this is leading to confusion and indecision.
                      Would you like free lifetime access to our forex trading room?

                      Open an account at Blueberry Markets and save the $97/monthly fee.

                      Click here to find out more.

                      Comment


                      • #12
                        Originally posted by Zuttasoxx View Post
                        What I like now is that all signal providers can join and everybody can subscribe to their signal. If a signal is indeed good it goes out to be a mam. I like this model. The hurdle is a lot less to join a signal as a opposed to a mam. A mam is still only good for those with a proven signal track record. And a signal is imo the best way to gain followers and fans.
                        A second problem why I think the hurdle to try a signal is less high is because you can test it in min lots on your current account. Otherwise if only mam is available you need to divide all your funds for mams you don't even have the confidence in it yet.

                        In the end I think the model of signal subscription until proven then mam only for new people is a great model that welcomes any trader to try and get to the mam level.

                        Last but not least. People seems to have a problem with mt cook cause they don't know the people behind the broker. You guys do so you have mutual trust this won't be mismanaged. However I think if you could be a white label broker of mt cook perhaps. This might be a solution cause people trust forexsignals and the people behind forexsignals.
                        Thanks Zuttasoxx, I especially appreciate the vote of confidence about becoming a broker

                        The model where we get traders on board with signals and then convert them into a MAM worked in the past, but in my opinion this is now outdated.

                        Proof is in the pudding really.... We've got the best ranking and highest amount of traffic for a specific "signal" site on the entire web along with 30,000 people on our database and traders with track records dating back years. But the majority of people that visit don't care enough to stick around.

                        Also another point that I haven't mentioned. Trade copier signals put a lot of pressure on the individual traders because subscribers are incredibly fickle (if a trader has a few losing trades we see clients cancelling almost immediately), whereas MAM clients are willing to stick it out in the knowledge that it won't cost anything until the drawdown has recovered.
                        Would you like free lifetime access to our forex trading room?

                        Open an account at Blueberry Markets and save the $97/monthly fee.

                        Click here to find out more.

                        Comment


                        • #13
                          Originally posted by littlemax View Post
                          Also I wonder why new visitors to site are not going on to signals or MAM as you say? I would think if signal providers show successful trading history without too much drama that would attract followers -is the success rate not up there then? There's been some issues with some traders which would discourage signups & long period of DD with Viper would put off some newcomers, esp. for those who don't understand forex ups & downs. I don't agree that signals come under the heading of EA's though if they are real live trading or mixture of both. Possibly the more recent wider appeal to a population of non Forex savvy peoples explains why so many questions about setup procedures - inevitable with appeal to wider community. For those people MAM is a good option. I can understand why MT Cook accounting appeals to you Nick after what you say about other management & headaches. By pushing MAM only for new clients they will need to decide 'yes I like your traders but only if I don't have to worry about setup & I just want a straight investment with minimal involvement'. If that's true then the new model should work well. And yes plenty to be proud of so far Nick!
                          Thanks Littlemax,

                          I've seen the reduction in interest for trade copying signals across the entire industry, it's not just us.

                          MQL5 is another market place that tells the tale.

                          Here's a link of the most popular signals on their network: https://www.mql5.com/en/signals

                          There's only a couple with more than 50 clients, and these guys are charging peanuts!

                          This is a signal network that has integrated directly onto the platforms of tens of millions of traders around the world, and the second best performing signal is is making a measly $800 (after the 30% fee that MQL5 charge).

                          $800!

                          I actually only just noticed this example.... $800! What a waste of time.

                          We couldn't even run the servers and security that keep this site live for that kind of money.
                          Would you like free lifetime access to our forex trading room?

                          Open an account at Blueberry Markets and save the $97/monthly fee.

                          Click here to find out more.

                          Comment


                          • #14
                            Originally posted by Nick View Post
                            Thanks Littlemax,

                            I've seen the reduction in interest for trade copying signals across the entire industry, it's not just us.

                            MQL5 is another market place that tells the tale.

                            Here's a link of the most popular signals on their network: https://www.mql5.com/en/signals

                            There's only a couple with more than 50 clients, and these guys are charging peanuts!

                            This is a signal network that has integrated directly onto the platforms of tens of millions of traders around the world, and the second best performing signal is is making a measly $800 (after the 30% fee that MQL5 charge).

                            $800!

                            I actually only just noticed this example.... $800! What a waste of time.

                            We couldn't even run the servers and security that keep this site live for that kind of money.
                            Its cos they mostly from Russia and India where $800 is heaps. But the problem is when they care more about the $800 than the actual account.

                            I think what your doing makes sense

                            Hey so how will you find new MAMs? You approach people? Like SPM (bad example I know but most recent) and then they start MAMs?

                            Comment


                            • #15
                              Originally posted by Big River Man View Post
                              Its cos they mostly from Russia and India where $800 is heaps. But the problem is when they care more about the $800 than the actual account.

                              I think what your doing makes sense

                              Hey so how will you find new MAMs? You approach people? Like SPM (bad example I know but most recent) and then they start MAMs?
                              Traders are normally referred to us actually. We've got a bit of a profile now, so I guess they come across us in their travels.

                              SimpleTrader will remain in place and unchanged.
                              Would you like free lifetime access to our forex trading room?

                              Open an account at Blueberry Markets and save the $97/monthly fee.

                              Click here to find out more.

                              Comment

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