Feedback please: Would you join a $1000 pm signal service?

[Martinghoul]

Quote from Xspurt:
I'll even guarantee your PSU, your electricity supply, your antivirus, your brokers deposit and if you take a dump I'll of course I'll put the market on hold just for you

The SWAT alert comes as standard too. Now is there anything else you'd like?

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?

 

[cstfx]

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.

 

[Xspurt]

Quote from Handle123:

I had a service like ten years ago, I offered two months of brokerage statements and daily statements, once three points were made in ES, service was over for the day. Made profits 90% of the days and people still lost money, and on losing days, max loss was $200. People had no clue as to the method I was using, but I guessed many tried and altered ways of entry which changed the calls and THEIR outcome. After six months, I got plain tired of doing it. I was charging $500 a month, no free trial and I capped subscribers at 30. Some days I wanted to go do something else, but had to call trades, pain in the arse.

If you are going to teach, good traders will be able to breakdown what you are doing and not subscribe any after a month. If it is as good as you say, just manage money and post brokerage statements, lot less crap to deal, any time you deal with people, it is a huge pain. You never know when big subscribers come in and can distort your signals too.

Almost all good traders after awhile either wants to have a service or teach until they find how much "fun" it is not. Just post your brokerage statements, and most folks be pounding on your door.

Trading really gets so boring after awhile.

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.

 

[Neenisti]

Quote from Xspurt:

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.

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.

 

[Pekelo]

Quote from Xspurt:

So if I decide to go for this I hear ya that $300 is max. And I'd stick with the guarantee that you make 500 pips pm following my trades or it's an instant refund.

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...

 

[NoDoji]

Quote from Xspurt:

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.

If you provided me with your trades for one week (after the fact), I could tell you exactly what you were doing and why.

 

[Xspurt]

Quote from NoDoji:

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

 

[Xspurt]

Quote from Pekelo:

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...

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.

 

[bighog]

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.

 

[stock777]

Quote from Maverick74:

Guys, it's a scam. Here is how the free trial works. You get 100 guys. Tell half to get long XYZ, the other half to get short XYZ. Fifty of the subscribers will pass after their trades don't work, the other 50 will sign up. It's the oldest game in town. Sports bookies in Vegas have been playing this game for decades. Free trials are worthless for this very reason. Sports bookies always give you the first weekend of bets for free. He's almost guaranteed to get half to pay for next weekend's games.

You sound like a bitter man, who has been taken more than once.

Any relation?