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Big Changes Planned For ForexSignals.com - Have your say

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  • Nick
    started a topic Big Changes Planned For ForexSignals.com - Have your say

    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.


  • genki7
    replied
    Nick,
    Do you think we could have a MAM combining Goldstar x1 , Steady Capture x2 and Smart2 x 1 ?

    Also a Viper x3 MAM at Mount Cook for australian clients who want higher risk and no MAx DD ?

    Thanks
    Last edited by genki7; 07-20-2016, 11:57 PM.

    Leave a comment:


  • Nick
    replied
    Hey guys,

    I appreciate the feedback on the removal of the trade idea table. But....

    The old trading room wasn't doing it's job, so we've shaken things up a bit. The idea of our site is to help people make money by following our traders, both for free inside the trading room and through the use of our signals/MAM's.

    The old trade table only really worked to reconcile your accounts against team traders positions, however the purpose when we built it was to engage new traders and give them signals on potential trade setups.

    You can still easily reconcile your account by clicking on the signal name inside your SimpleTrader control panel and navigating to the Open Trades tab. This updates in real time and will allow you check to make sure all the trades are as they should be.

    The stream of my live account is just a place holder at the moment, we'll be adding live moderators in the coming weeks that will be more interactive and should add significantly more value to you guys and the rest of the trading community.

    Leave a comment:


  • minkw
    replied
    I still can hear the pings when team traders open and close, so im sure it can be implemented into the site, or I think its just being hidden for the time being

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Originally posted by oandagut View Post
    Please restore previous chat room with open trades table.
    Agree, replace useless streaming Nick's account and add back team traders open trades table.

    Leave a comment:


  • oandagut
    replied
    Please restore previous chat room with open trades table.

    Leave a comment:


  • dazz1975
    replied
    Originally posted by minkw View Post
    Hi, where do i find the team traders open positions in the new chatroom? i cannot seem to locate it

    This is the biggest downfall of the new chatroom. I for one want to see all the positions on one page and not look at myfxbook all the time to see which trader took which trade and some of the traders don't update every 5 minutes. If this was included in the new site then I would be happy. But without seeing traders positions I feel it is like hiding the positions because most of the traders in here are in drawdown the majority of the time which may scare potential subscribers but it is a reality of trading and should not be hidden from all.

    Leave a comment:


  • minkw
    replied
    Hi, where do i find the team traders open positions in the new chatroom? i cannot seem to locate it

    Leave a comment:


  • Nick
    replied
    Hey guys,

    You would have seen that we've swapped to the new trading room. The feedback has been mostly positive inside the room, however I'm keen to hear from everyone.

    There are still a number of improvements planned that we're hoping to introduce during the month.

    Namely:

    - At least 2 live presenters discussing the market at scheduled times each day.
    - Prizes for members who contribute the most liked trade ideas each month.
    - Ability to search for comments from users
    - Archived chat and trade ideas page

    I'm quietly excited about what we've built and think this could be great for a range of traders to get ideas, advice and ultimately help them make money.

    Leave a comment:


  • Guest's Avatar
    Guest replied
    I miss team traders trades in trade room

    Leave a comment:


  • robbieisazombie
    replied
    Originally posted by Nick View Post


    Thanks Bobobo, Appreciate you coming aboard.

    Once you've got your account funded and attached to VIP you'll need to subscribe to it by contacting our support desk and requesting a link.

    Hey Nick, any chance you can negotiate using lot sizes smaller than .1 lots for VIP members at Tallinex?

    Leave a comment:


  • Nick
    replied
    Originally posted by bobobo1618 View Post


    Can you clarify this a bit? As a prospective US client, how do I go about taking advantage of this?

    EDIT: I've found that the correct way to take advantage of this is to create an account using your IB link: https://www.forexsignals.com/forum/f...gnals-vip-club

    My remaining question is how to get Gold Star as a US resident: https://www.forexsignals.com/forum/f...1113#post71113

    Thanks Bobobo, Appreciate you coming aboard.

    Once you've got your account funded and attached to VIP you'll need to subscribe to it by contacting our support desk and requesting a link.

    Leave a comment:


  • bobobo1618
    replied
    Originally posted by Nick View Post

    Thanks Robert,

    I definitely want to support our US members as best we can, and you're right in that the ATC situation has too much uncertainty around it.

    In response to this we've decided to tighten our relationship with Tallinex and offer US clients VIP access to all traders (including Viper) from only $5,000.

    As you'd be aware, they're unregulated and this'll likely be a concern for many of you. However I've been working with them for over 18 months now throughout which we've had a small number of clients who have been trading with them and the experience has been nothing but positive. One client even has over $100k invested.

    The only reason they're unregulated is because they recognise the huge opportunity to support US clients, and any regulation would mean they're unable to do this.

    My hope is that our US brethren will trust it enough to try with $5k, and once you realise that it's similar to any other broker you'll see this as a genuine wealth creation opportunity.

    Can you clarify this a bit? As a prospective US client, how do I go about taking advantage of this?

    EDIT: I've found that the correct way to take advantage of this is to create an account using your IB link: https://www.forexsignals.com/forum/f...gnals-vip-club

    My remaining question is how to get Gold Star as a US resident: https://www.forexsignals.com/forum/f...1113#post71113
    Last edited by bobobo1618; 06-01-2016, 08:32 PM.

    Leave a comment:


  • SmartTrader
    replied
    Hey Nick, small issue. I am able to like my own post, such is not supposed to be the case

    Sent from my PE-TL10 using Tapatalk

    Leave a comment:


  • Drcdp
    replied
    Hey Nick

    I have had a rather crazy idea lately, kind of thinking out of the box about how one can breath some new life into the signal side of your business. So I will list the idea below:

    Effectively what I was thinking is to create a secondary market for the signals, where subscriptions to traders can be bought and sold the same as on a sharemarket.

    1. So, how it would work is, you would have a section of the site (similar to the simpletrader forum) , where new traders can write a bio about their strategy etc, and list their myfxbook to verify their history of trading.
    2. Secondly, traders would then list on your "Initial Public Offering" board. The listing would include the traders details, and then the initial price of the signal, with the corresponding monthly amount. Initially, only a limited amount of signals can be issued, for this example, lets use ten signals are part of the IPO.
    3. Then, potential investors and signal followers, can do their own due diligence on the traders listed on the IPO board. If an investor is interested in the buying the trader's signal, at the proposed IPO price, then they can register their interest, and once the IPO is fully subscribed, i.e. all 10 signals have been pre-purchased, the IPO is confirmed and the signals are sold to the initial investors.
    4. The investors who now hold the signal, are under no obligation to use the signal, thus do not have to pay the monthly amount if they choose not to use it, specifically if their sole purpose is to speculate on signals that might gain in value over time.
    5. Forexsignals.com then creates an exchange, where these signals can be bought and sold on the secondary market. Obviously, these signals would increase in price if the trader is successful, and decrease if the trader can not deliver.
    6. As part of the agreement, for the trader to list on Forexsignals.com, via the IPO, they need to agree not to list on any other signal site, and also that they can only initially sell, as per this example, 10 signal subscriptions as part of the initial IPO. They are then entitled to at the end of an agreed period, lets use 12 months for this scenario, to offer a further 30 signals to the market, at a new IPO price, which would reflect the current demand for the trader's signal, and the trader has the option to attach a new monthly amount to the new signals being offered. So, as you can imagine, in the initial IPO of 10 signals, to gain interest, a trader might attach a very low monthly amount to the initial offering. This monthly amount does not change. If the trader is of course successful over the 12 month period, he now can offer the next 30 signals at a higher cost, plus a higher monthly amount. What this does, is allows the initial investors to hold a more valuable signal as the monthly cost is less than the secondary IPO, thus rewarding the risk taken by the initial investors.
    7. Again, another IPO could be repeated in the next 12 months, depending on the traders results, and if there is a demand.
    8. This allows signal investors, to not only potentially profit from the gains from using the signal, but if they are a smart investor, they could make money buying and selling signals on the secondary market. At the same time, it gives new talented traders, the ability to possibly start a career in the signal market.
    9. Forexsignals.com could then take a commission from each signal traded like a normal exchange, and still make money as per the normal monthly signal cost when the signal is in use.
    10. It also allows more traders to be listed, which keeps thing fresh, but at the same time, the due diligence is now completely on the signal investor to do his or her homework, as they will be the one gaining if the trader delivers, as they can sell their signal on the exchange if the trader does perform.

    A rather out of the box idea, but might just work!

    :-)

    Leave a comment:

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