Rent a Signal service development and suggestions - page 2
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I am still confused as to what you are proposing? ES
When I tested this service it was the following:
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First of all the developers (programmers) created website.
- Signal seller.
I log in to website as a seller. During the registration (it is free) I was asked for the price. For example I want to sell my signals for 10 dollars in a month. And I received some tool (some kind of software with some part of mq4).
So, I attached this tool to the chart and I traded BrainTrading (few trades per day), asctrend (1 trade per week) and I used some EA as well. All my trades were recorded on website. If I deattach this tool - so no any signals are sending.
So, I am trading as usually, or I am using any EAs or 2 - does not matter.
- Signal buyer.
I registered as signal buyer. It was free. I see many signal sellers. They are different: one want 10 dollars in a month, the other one want 100 dollars in a month and so on. I see their performance on our signal website. For example, I decided to subscribe to one seller for 10 dollars in a month.
And I was sent (by website) some tool which is receiving the signals from my selected signal seller. This tool is not reading the webpage. This tool is receiving the signals via internet (as I understand because I am not a programmer sorry). I do not need any investor's password from the signal seller. All I need is just to attach EA (signal receiver for example) and this EA will trade.
It is very similar with ElectricSavant's idea when he expressed it in elite section few months ago. The only different that:
- it was programmed and it is on beta testing;
- signal seller may use Metatrader and trade as usually with no any changes at all;
- signal buyer/receiver can select the signal provider and he is trading the signals by EA.
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So, it was as I explained above when I tested this service for few weeks.
It may be slightly different now.
Any kind. Just trading using Metatrader. Or use EA. Or all together.
For example,
- I can register to be a signal seller. It is free so why not? I am trading BrainTrading system now. I can attach this signal tool and trade as usually. That's all. All I need to tell is "for how much I am selling my signals/trading". Let's say - for 10 dollars in a month.
- You can do the same using some your system or your EA or all systems and few EAs all together on demo account (just up to you).
- the other person is already trading on real account with very good results and all he needs to do is to attach this tool to the chart.
If I want to use some signals (for example, if I do not want to sell any signals and I want to use some signals by EA) so I will select some signal seller concerning his price, his performance and his system he is using (it may be some thread because the members will ask anyway about "what are you using for this results - tell us few words please").
As I know it may be slightly different now but it was as I explained because I tested this service few months ago for few weeks.
Recap
Please, correct me if something is wrong Newdigital.
1-Signals sellers could make trades on their own computers manually or using EAs. No matter of the method the software will deliver the signal to the buyers.
2-Signal buyers could buy a product based on price and/or past performance of seller. They will receive the signals coming form sellers.
Any other subject is just a technical question. How the software is programmed or signals are delivered using some protocol and so on.
Because sellers are often
less than buyers technical problems/matters/questions are important to that side.
Also, most buyers do not feel interest in that questions. Buyers just want a product that works.
We don't need to complicate other people's life if we can't avoid that
This is a breakthrough. If i am a signal seller WITHOUT an EA and I fundemetally trade for example...I can manually send executable orders to ND's software which will send send a signal to MT4 receivers...
...
also if I am an EA coder and I want to rent out my EA but I do not want to offer it in EX4 or Mq4 format because I am in fear of backwards engineering or theft...I can simply let the ND software send my EA's signal to the receivers...
so this idea unites both signal senders and EA senders in one!
ES
P.S. Also sellers can keep their website and continue their marketing and keep themselves anonymous with ND.
I am interested and will subscribe to the coders as they release their offerings...
ES
"Let say" I want to be "signal seller",What do I need?
-acc statement?
and the payment is paid via?
p/s:I also found a web tht do the same but dont know if it is the web tht you said,hmm in the web,trader are paid 0.50$ per closed lot I guess.and the payment via paypal
"Let say" I want to be "signal seller",What do I need?
-acc statement?
and the payment is paid via?
p/s:I also found a web tht do the same but dont know if it is the web tht you said,hmm in the web,trader are paid 0.50$ per closed lot I guess.and the payment via paypalheartnet,
I just explained about how it was when I tested this tool when forum programmers asked me "can you try it for few weeks?": it was Rent a Signal service website. This website does not exist now. It was testing.
No any payment per closed lot of course.
Trader (signal seller) will use it for free and user (client, or signal buyer) will subscribe monthly for seller's signals. Everything is via Metatraders. The user (signal buyer) will be able to select the signal provider concerning monthly fee (one signal seller will sell it for 1 dollar in a month just to start and maintain the interest and the other one for 100 dollars monthly payment so the members will be able to select) and performance (because the signals are recorded on website even if there are no any signal buyers so the user (buyer) will be abple to select anyone.
There is no any website up to now (i am talking about this particular service only) - it was created just for testing.
Of course, it will be some changes concerning ths software and general idea because I tested it many months ago ....
It is necessary to finish the beta testing and to start this service for everybody.
You need to contact with me by PM explaining your experience.
As to me so as I said I want to continue testing it for 1 or 2 weeks because I am not sure: is it possible to deliver the signals for 0 price? For example, I am trading BrainTrading and it is 2 or 3 trades per day: I am receiving BrainTrading indicator's alert, I open Metatrader's window, attach this rent a signal tool to the chart, make those 2 or 3 trades, wait untill the orders will be closed, deattach this signal tool and continue moderating the forum. And any user can subscribe (for free with zero price) and it will refresh BrainTrading thread a lot ...
will see ... I am just think about how to use this service for public signals just "to refresh" many good threads on the forum ...
This is a problem I've thought about previously, and every time I've seen someone try to pull it off they generally experience problems with latency, particularly with day trading type models.
It seams to me that rather than TSD acting as a central hub, and trying to sort out the tangled mess of what signals are firing, and which subscribers should get them, you could potentially harness the distributed computing power of all of the parties involved just by thinking about the architecture in a slightly different way.
For example, provide the signal provider with an application that intermitantly determines who is subscribing to their signals, who's joined the service, who's cancelled etc. This info would only need to be updated once a day at the very most. The signal provider then knows EXACTLY how many subscribers they actually have (There's a potential for a fraudulent service not to pass on all revenues to the signal supplier, e.g. 1000 punters sign up, but the provider is only paid for 500)
Then when the signal provider opens, closes or modifies a trade, this information can be broadcast to specific subscribers, as well as TSD who retains a centralised record of the transaction. Implimentation should be easy enough to achieve with multi user instant messaging type technologies.
Each signal provider becomes responsible for broadcasting to his own subscribers, and the application could also send notification by bulk SMS, email, Instant Messanger etc
Anyone fancy building this ?
following
As to me so as I said I want to continue testing it for 1 or 2 weeks because I am not sure: is it possible to deliver the signals for 0 price? For example, I am trading BrainTrading and it is 2 or 3 trades per day: I am receiving BrainTrading indicator's alert, I open Metatrader's window, attach this rent a signal tool to the chart, make those 2 or 3 trades, wait untill the orders will be closed, deattach this signal tool and continue moderating the forum. And any user can subscribe (for free with zero price) and it will refresh BrainTrading thread a lot ... will see ... I am just think about how to use this service for public signals just "to refresh" many good threads on the forum ...
NewDigital,
Your idea is very good from the point of view of forex-tsd,since it has the potential to revive some threads and add some differential value to our forum(IF it is NOT EASY to copy)...Unfortunately, unless it is good to the other parties involved it won`t work.
Now let`s think about the other parties involved:signal sellers and signal buyers.
1-Signal sellers:They want either money or to refresh their threads..second case no problem,first case..How much?And why not selling 2 services..individual signals and "correlated signals"(where more than x% of signals sellers agree) ?..then the key question you will have to answer to the potential sellers is (seller asks) Why should I sell my signals at forex-tsd instead than selling them at C2?What do you offer that is better for seller?Please understand I am just pointing to some market obviousness,not trying to destroy your model...so,you could check the fee structure of C2(main competitor whose market you are thinking about attacking) and try to find some loopholes..aka:they take x% ,we only take y%,etc,etc
C2 is what I believe to be the category killer,there might be others with similar characteristics,so,you will have to check them too.
2-Signal buyers:You have to be able to answer the question..Why should I buy signals from you and not from C2? C2 has like 4 k systems..some of them very good and some of them very consistent..What do you offer that they don`t?This is the key question you have to answer to potential signal buyers.
3-Additional considerations:
3-1:ES is right,no matter how good or bad a signal seller is,all signal sellers will have performance streaks..the trick is to find consistency,and a proven way is to go for correlated signals,so if 80 of your 100 signal sellers are long the dollar,then it is possibly going DOWN,but not much edge to trade on..yes,yes..no mistake here ,this is how it is...80 signal sellers long..dollar down possibly,but not much of an edge
If ,instead,20 of your TOP 25 sellers are long the dollar and 20 of your 25 WORST sellers are short the dollar,then it is VERY PROBABLY going UP...man,this information will be something to pay for,so,you have to define what you want to "sell" .
3-2:Some people trade m1..others trade W1..so,you have to either group the signals by tf and by characteristics or allow only one kind of signal,intraday,swing,weekly,whatever...this is very important..it is not the same if a signal buyer who is not a pro trader goes home after work and finds this signal.."Sell USDJPY @110.00 Limit..SL 110.75..Target 108.65,valid for 48 hours"...than just finding that at 15:32 somebody has sent them an email with.."Sell USDJPY @ MKT NOW"..while they were in a meeting..first kind of service is tradable for that guy...second is not...SO,You have to define what segment are you going to target..PRO traders?..previous point(top 20 best and worst ) will have enormous marketability...Forum members?day traders with 10 hours screen presence? amateur traders that would like to have a D1 based service?....Different needs ,different services.
3-3:IF your intention is just to revive some threads and "prove " that forex-tsd has some threads that can make money for members..ok,no problem,just ask thread "owners" what they think and negotiate with them(most of them will say ok,for free,no problem)...If you intention,in addition to previous point,is to compete with C2...then,IMHO,you should define your business model,choose the segments you want to target and sell them(signal sellers AND signal buyers) your competitive advantage.
MY FEELINGS:1-Make it free to participate as seller..and you pay a standard fee only to the 5% TOP performers..AND the 5% WORST performers...Then you sell the whole package to signal buyers...TOP and WORST.
2-Fees:Ask forum members,BOTH potential signal sellers and potential signal buyers..ask them about their expectatives,prices willing to be paid,etc,etc...then ACT and check if it goes well ,according to expectatives or not..if not,then correct....After all,our Forum reaches tens of thousands of members,so,you have the potential to be a distribution channel for trading signals.
3-Mechanics:Standalone?(then create an absolutely differential product/service..and think about how to preventing others copying you)...as a C2 partner?(why not? Think about it...and negotiate the forex-tsd Forum exclusive ),with EAs ?,only manual,both,etc?..Start a poll ask you potential customers..sellers and buyers..check your competitors...AND GIVE EVERYBODY something different.
BUT..The first question to answer is ..What do you want?..Relaunch threads and achieve higher number of visitors or/and ADD a new business category?
Regards,
Simba