I've been pondering the idea of starting a chat room/signal service but I'd need some persuading to tie myself down to an absolute routine and commitment to others. To make it worthwhile I'd want to generate a considerable income from my efforts so I was thinking of perhaps (and it's a big perhaps) setting up a premium service. I'd be trading Fx and the minimum guarantee would be that members net 500 pips pm following my trades, and that's allowing for a little lag between me hitting the mouse and them following. There would be advance warning that the trade is setting up and an explanation as to why I am taking the trade and what to expect. Of course 500 pips would be ultra conservative so I'd get to keep my easily earned $1000 per head. The guarantee would be a full refund if the 500 pip target is not reached instead of what others do by giving next month free for a poor service. I'd be gutted if we didn't exceed 1000 pips pm. Members would have the option of joining in chat, asking questions, learning some set ups or just getting email signals. I'd like some feedback as I know most people think $250 is a huge sum to pay let alone $1000, but $2 a pip would cover membership costs with me and put them into a strong winning position from the get go. Honestly I'm not interested in teaching someone who wants to make a lot of money but doesn't want to pay for overheads or invest in themselves. So rattle my cage please. I'd also welcome any feedback from those who have set up a membership site and how it impacted their trading.
No phucking way. Would you? I'm about as likely to pay $1000 for a signal service as I am to pay $10K to SMB for training.
I'd need to see your audited historical results, first. Assuming those check out, I'd need to understand why such a pip-consuming trading master needs to screw around with penny-ante subscribers.
Advance warning that a trade is setting up is good. But, forget the explanations, chats, questions. This only breaks your concentration. If you know what you are doing, people will subscribe. If you give away your edge, why would they keep paying you? Wouldn't email be a bit too slow? The price seems a bit steep. You're probably going to appeal to newer traders who wouldn't be willing to pay that much. Good luck!
Comments so far... Audited statements are meaningless. I might have lost my edge and be doing this because I am on the verge of bankruptcy. Better to offer a free weeks trial so they see it works today and every day. I'd give a lot of trade ideas for even experienced traders, but I'd never give away my edge. The secret sauce remains secret. Why would I want to do this? For the money and fun. Do I need to? No way, and that's why I'd need convincing. I enjoy helping other traders but can't be assed with Richard Heads. There are a lot of "experienced" traders who can't make 500 pips in the month let alone 1000+. I'm looking to help these guys out but I'm just as comfortable with a beginner who thinks they're worth investing in.
Very good idea Give a 1 week trial to prove you're as good as you say you are. Once ppl see how good you are they will subscribe. But $1000 is WAYYYY overpriced. $200-300 is more realistic and you'll get a ton more subscribers who can pay it. And their money back if you have a losing month or cant reach at least (lets say a min of 200 pips that particular month).