Excellent... Now, much as I appreciate the sarcasm (and I do, believe me, I do), don't you think that using the word "guarantee" in this statement: - "the minimum guarantee would be that members net 500 pips pm following my trades" is a bit - how do I say it - misleading? At any rate, what you're telling me is that you want me to sell you the option (that you don't know what you're doing, that your signals stop working, etc) and pay you for the privilege of being short this option? Actually, that's not entirely correct. Given you're gonna waive the fee, you want me to give you this option for free. I don't like your terms, so let me offer you a different deal. You will pay me $1000/month to use your signals. If they work the way you describe, I will give you back the fee with a modest performance bonus (say, 20% of my PNL). If they don't, I get to keep the fee. How 'bout 'em apples?
Been done before. Google Jacko's signal service (popular on another board) to see how it is done and the results. He's been doing if far longer. BTW, email won't work, you'd need SMS to have any success at it.
At last, some helpful advice. Many thanks Handle. I am happy trading my own funds and don't want clients funds as it creates liquidity problems. I have had friends, old clients and brokers offering me investments for years but I am not interested. I used to manage quite sizable funds for several institutions but I much prefer to manage my own funds. I have trained a small number of traders and the best make over 7 figs pa. To be honest, I can't be bothered doing that again and it was very demanding as I did live mentoring and post market reviews. They want me to set something bigger up but it has no appeal. The pain in the arse thing you mention is of most concern. However the reality is I put in at least 14 hrs every day and get bored to death when the market is closed, yet I like to think I am free as a bird and can roam round the world as and when I want. Even when I travel the first thing I check is the markets. I do a bit of travel and I'd have to look at the impact of that on a chatroom. I am taking on some more staff and suddenly thought, why don't I just put a head set on and talk to a virtual room as well as this room? But with staff I am the boss and can do as I please, but with a membership you get crap as you point out. More to consider. Thanks again. Oh and by the way, good traders wouldn't have a clue what I am doing. I have worked with some of the best and my methods are, well, different shall we say.
Interesting. I have a friend releasing a similar service on the internet later this year (no chat room but SMS & email alerts) for Swing Trading only though . . . for free. His guarantee is to pay you if you aren't profitable from trading the alerts that are sent.
There is only downside in promising too much. Even if you could signal 500 pips, why don't you just guarantee 50-80, that itself would pay for the fee, so as a minimum, the subscriber gets his money back. Everything else is extra and joy... If you promise too much and can't deliver, even if it is substantial, like 400 pips, people will still bitch, and you may have to refund. So just go low with the promises and the result will speak for itself...
If you provided me with your trades for one week (after the fact), I could tell you exactly what you were doing and why.
Oh you don't even need my trades. All you have to do is map out tomorrows PA before the market opens. If at the end of each day you're usually correct you've got the bones of my method. From those bones then you can flesh out the details. Don't let me hold you back
Yeah I'd need to flesh it out as it's just a suggestion I am making to myself at the moment. 500 pips is only 25 pips a day, and if I can't beat that then I better retire. What I would do is guarantee that I do 600 pips pm and members should be able to pick up 500 of those as most trades are given a get ready alert before the trigger is pulled. If I didn't do 600 pips then I'd refund everyone. Some people won't have a clue but they'd have a free trial to see if it suits their aspirations.
Getting laid for the first time is a FREE TRIAL. After the freebie we spend our lives and fortunes chasing the next jump. maverick74 was right on...........there never are refunds because NO ONE ever takes all of the trades.............. thats the hook that screws anyone that wants a refund.