The way to Convert Your Trading Method Into Forex Signal Providers
This article reveals the steps necessary to convert your trading strategies into Foreign exchange signal services, which could assist as an additional source of income.
Forex sign services is a system where Forex signals is directed through the signal provider's trading account, trading platform/server, automated synchronizing systems, web, or emails to a client's trading account or terminal. It is a fast growing method of commercializing trading-strategies.
A constant and profitable forex signal system is every trader's desire. The Forex system could be in the form of an expert advisor, manual trading strategy, news trading or semi automatic trading systems. In addition to the profits the Forex system would generate, more income could be developed from it launched sold as signals. A unique fact is that Forex system producers make more money from their products when they commercialize it.
Why you need to Commercialize Your Forex System?
If your system is good why sell it? This is a question most traders ask.
Forex trading trading has one of the highest quantity of members in the world as noticed in its daily revenue returns, which is higher than all the other financial investments (stocks, shares, e. capital t. c. ) put with each other. This means that there are millions of men and women trading the Forex everyday, and more than 80% of them are trading with the employment of one Foreign exchange system or the other. Think about a Forex system with the capacity to build many of these win ratio or 50 percent monthly returns with 2% drawdown, and is sold in the Forex market with over 1 million possible buyers for $100. That would amount to hundred buck, 000, 000. 00 if everyone bought the product or maybe half or less than half of it, which is about $25, 000, 000. 00 in some months of sales. Now imagine you had been the owner of that Forex system.
Commercializing your Forex trading strategy would give room for experts, which would permit you to improve on your system. A newer release or version would normally fix bugs or add more functionality, which would improve trading performance.
Commercializing your Forex system would pay you for the years or months of hard work, costs, salaries for programmers, and other expenditures incurred. It also provides an chance for an alternative source of income.
Exactly why Do Signal Providers & Traders Prefer Signal Providers?
one Cheaper Cost:
Typically the cost of rendering signal services is quite less costly with respect to the type of signal services solution that is utilized by the signal service provider.
Types of Signal Providers Solutions:
TEXT MESSAGE (Mobile SMS, Web to SMS, Bulk SMS, at the. t. c. )
Host Providers (e. g. METAQUOTE Community Signal Services)
Direct Emails & Websites
Social Platforms (Facebook, Twitter, Google+ Community, e. t. d. )
Instant Messenger (Skype, Mobile Messengers, Yahoo Chat, e. t. c. )
2 . Wider Client Attain:
Most traders prefer Forex trading signal services to other Forex systems due to the simplicity, cheaper cost, and trust on the provider. The technology engaged in signal services makes it much easier to reach many clients irrespective of their location. Getting customers or clients is very easy through forums and interpersonal platforms. Such as METAQUOTE has about 117, 070 people as at 12th September, 2013 and they support sign services from providers to their members.
3. Simple Installation:
Some signal services do not need to be installed on the users trading platform especially signs sent through SMS, Net, Live Rooms, e. to. c. Some signal services needs to be installed in the form of signals or expert advisors, which connects to the provider's server where the signs are sent directly to the client's trading platform.
Trustworthy forex signals providers usually publish their performance results on their website or on reputable benchmark websites like myfxbook. com for all intending subscribers to scrutinize. Also some providers give daily analysis of their trades before it occurs or after it occurs.
It is extremely flexible in terms of upgrades, and expansion. You will find opportunities to introduce more concepts as the subscriber base expands or improves. For example each time a subscriber base boosts, it provides the signal supplier an opportunity to improve the cost or break it down to smaller services with more fees.
WAYS ON HOW TO CONVERT YOUR INVESTING STRATEGY INTO FOREX SIGNAL SERVICES
Conduct Thorough Tests on the Trading Strategy: Ensure you have analyzed your trading strategy in a live account or demo account for a minimum of 6 a few months upwards. The longer the test period the better the confidence. This is very important as most Forex traders look out for profit uniformity on any trading system. Use the best Forex trading testing software at your disposal to conduct random testing based on a parameters. Furthermore test your strategy with different brokers and account types. The essence is to be sure your trading strategy meets the best standard.
Choose a Good & Inexpensive Signal Services Delivery Solution: You do not necessarily need massive computer servers, or software to begin a signal service. There are lots of options, and solutions to choose from when deciding the right technology to start out with. Beginners, and those with little budgets should look out for free or cheaper solutions like emails, free hosting providers, forums, e. t. chemical.
Think about a signal services solution, the next criteria are incredibly important
1 ) Latency
3. Broker details (ability to take care of 4 & 5 digit orders, other currency types, programmed order placements, e. t. c. )
4. Provider/Client Working System & Server Kind
5. Geographic Area
5. Remote capability & mobile phone support
Package & Pricing: Packaging is an essential part of marketing. It involves the product's brand name, logo, and trade marks. Although this is not a physical product but it must be presented like a physical product on a shelf on sale. All you need is a professional visual design of your product, which would be used in advertising your trading strategy in the form of a signal service.
An additional essential part of packaging involves breaking down your signal service or product into smaller services. This helps you manage a good pricing system.