Feedback please: Would you join a $1000 pm signal service?
- Thread starter Xspurt
- Start date
More than 90% of small traders lose!! THEY JUST LOSE. Here is an example why they are such a big loser!!! Think real hard if u want to pursue trading
let me give u an idea of a typical loser.
At 1am, charlie is watching a trading infomercial. The infomercial stated how to get rich quick by investing a trading system $5000.
After a week of debating whether to purchase the system, charlie decided to buy the system.
After purchasing the system, charlie begins to papertrade. for 2 months, his sim account is up $30K plus.
Charlie decides to trade live and begin to shop for a brokerage that offer deep low commission rate and best data feed.
Charlie talked to a mid 20 yrs old broker and gave him a deep low commission with a so called best data feed in the industry (generic brand).
Charlie opened an account and funded $5000. He talked to his mid 20 yrs old broker about his HOLY GRAIL system. Because his broker knows that most people lose trading, he encouraged charlie the system is the best and suggested to trade greater volume.
Charlie begin to trade live doing 1 lot. He profit on his first trade.
The next day, Charlie begins to add more lots. Instead of trading 1 lot, he increased 5 lots. The trades profit. He begin to feel like a hero!
A week later, Charlie increased to 10 lots and finally lose.
A month later, Charlie account value fell from a $7000 to $1500. Charlie became frustrated and begin google searching for another 3rd party educational vendors.
He came across another 3rd party educational vendor that will almost guarantee $7000 profit per day if subscribing his $3000 per month service.
Charlie decided to subscribe and funds his account additional $5000.
Charlie begin to trade live and suddenly his generic data feed malfunction. He called his mid 20s years old broker for an explanation why his data feed malfunction. His mid 20 yrs old broker blamed his computer malfunction and suggest he needs to buy a new computer.
Charlie decided to listen to his mid 20 yrs old broker and bought a $2000 computer.
Charlie began to trade live. He loses 4 days in a row a total loss $3500. Charlie demanded a refund and called the 3rd party educational vendor a big liar.
He was so upset and begin to look for another3rd party educational vendor. He found a forum site elitetrader.com.
He begin to read other comments in the elite forum looking for a free trading education.
When Charlie creates a new thread asking for a good coach, the handler EMG advises him to give up trading because more than 90% of traders lose. They just lose!!
Charlie decided not to listen to EMG and began searching for 3rd party educational vendor in the elitetrader forum.
He came across this god speaking sales pitch 3rd party vendor that his system work. This god speaking 3rd party vendor directed him to his site. From there, Charlie decided to subscribed.
2 months later, he lose. Charlie was so fed up and asked his mid 20 years broker if he knows anybody make money.
Charlie regretted not listening to EMG
The people who are willing to pay for a signal service aren't the ones who have 1k to burn every month. Those who could burn $1k/month either already trade for themselves or have it managed for them.
You'd be better off charging $39.95/month and make the difference on volume. Either that or do some kind of a pay-per-signal type of thing.
I'd also be pretty careful about using the word "guarantee" anywhere...
Also, a 1-week trial is worthless..Anybody can get lucky over the course of a week. You need at least a month with no strings attached (no credit card info, etc) with a large number of trades or it's no demonstration of anything.
You'd be better off charging $39.95/month and make the difference on volume. Either that or do some kind of a pay-per-signal type of thing.
I'd also be pretty careful about using the word "guarantee" anywhere...
Also, a 1-week trial is worthless..Anybody can get lucky over the course of a week. You need at least a month with no strings attached (no credit card info, etc) with a large number of trades or it's no demonstration of anything.
I'd like to clarify a point about this guarantee... If I lose money (say, based on monthly PNL) as a result of your most awesome signals, are you going to pay me to fully cover those losses? Or is this guarantee applicable only to the subscription fee? From my perspective, one's long an option, while the other one's short.
'Cause if it's the former and provided you demonstrate/ensure your sufficient creditworthiness on an ongoing basis, I might consider it. Otherwise, it's a joke.
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.
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.