The Future Of ForexSignals.com



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.

Comments

  1. Free Forex signals with a kind/active community:

    https://telegram.me/joinchat/CubNIEBklvPBGjXBS8aOww
  2. Hello Nick, will jeff be teaching in the live trading room?
  3. Awesome Video!!! Thanks!!!
    http://www.onestopbrokers.com
  4. Can you make a video of how and when the USA can get started
  5. try to avoid it looking like TradingView, too much info, too many ideas, too many people saying they're traders when they are not, sorting through the noise is very hard.
  6. Dear Nick, I also have Managed accounts both for FX Viper and FX Fusion with you but it is also important for me that I run the signals with my funds in my local broker, it is very good that we have that flexibility, please also consider this for your foreign customers and also these signals is the start point of your career with forex markets, it is like an iphone or ipod if you like them to consider that way there will be always some people who would like these signals for example me I personally want to keep them in the future. - Arto Sevan Oksayan
  7. Get some rest. You look beat.
  8. that is great idea Nick, people like this free stuff. Maybe you could offer more things for Swing Traders could be a nice thing too.
  9. Nick as a signal provider I have already had a few panic stricken clients get in touch. You seem to say that existing members will not be affected and I have passed this on to them. If this is genuinely true you may need to stress it again. Otherwise I have no objections here.
  10. this sounds like a good idea! I don't have any ideas for u, but I can tell you (and you probably already know this) that my biggest concern in the forex buisiness is all the scamming. the more transparent, the better ☺
  11. Nick I run 8 accounts with your signals and have been with you for 2 years, I have learned about how to connect and manage the system you currently have, please do not try and force me onto a managed account system, I have been loyal to you and am a great admirer of what you have done so far, please leave the door open for those of us who want to manage the signals and risk profiles ourselves. Your copier and set up is streets ahead of anything I have tried before. I think you are in danger of trashing your current customer base if you ditch the signals business in its current form. By all means offer the MAMM account option and all the other things you mentioned in the video but try and realise what you have already and build on it not wreck it.
  12. good video mate. makes sense. looking forward to the changes.
  13. Great idea.
  14. Hi Nick. I think the signals should remain open, even if it is just for the more experienced (or for people using a MAM for a minimum of 3 months for example) I think the signals gives people more control over their investment (multiplyer selection). The numbers mayb have been flat due to the signals closing for various traders and only being offered MAM (FXViper for example)
  15. Can you work with the USA now?
  16. Nick. Forex broker conversion rate from demo to real account is less than 5% and is based on a 'churn' business model.
  17. As a massive supporter of ForexSignals.com for some time with almost 10 subscriptions running over a couple of different entities, I must say it’s disappointing to hear that others don’t share our same passion and your growth rates have plateaued. As a fellow business owner, I appreciate your adapt or perish attitude and understand the confusion when trying to explain how the whole setup works, let alone trying to guide someone to setup themselves. Aside from my own personal disappointment at the potential loss of signals, may I offer some advice on moving forward.

    Having thought about this on a number of occasions, the biggest challenge with the MAMM or PAMM product/option is the inability to have multiple traders hooked up and to customise the risk setting. I understand you are attempting this with FX Fusion, however there is no custom risk options or what I’d call personalisation. If you could offer the personalisation of the trade copier within a MAMM/PAMM product, I’m sure you could win new people and the existing customer base over time. I understand one of your competitors is doing this or looking to do this at Mt Cook already, so it would seem to be possible.

    Which leads to the next suggestion, what to do about the existing customer base. If you could achieve the personalised MAMM/PAMM product, I would suggest giving your loyal customers who have both lost a lot and hopefully gained a lot over the past several years the same time frame to move over, that being a time frame of 1-2 years for the existing customers to move over. We may require that for the current drawdowns to be cleared ;-)


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Duration: 10m 19s

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