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.
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.
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