Could I do this? (charging per pip)

[Hotch]

I know systems are a bit of a delicate issue but I am trying to do it honestly.

I was thinking if this seemed like a fair way of charging;

Planning on sending all the signals automatically through Metatrader. (So everyone would get all signals).

At the end of the month, charge a pre agreed amount for the running total of pips the system produced.

If the system was in the negative, it rolls over to the next month. (So if it's down x pips in month one, and up y pips in month 2, you pay nothing in month one, and (y-x)*price in month two.

Seem like a good idea? I guess the main problem is that if it has a loosing month, people might not want to hang around for the next month.

Thoughts? any better ideas?

 

[UKtradergirl]

I know systems are a bit of a delicate issue but I am trying to do it honestly.

I was thinking if this seemed like a fair way of charging;

Planning on sending all the signals automatically through Metatrader. (So everyone would get all signals).

At the end of the month, charge a pre agreed amount for the running total of pips the system produced.

If the system was in the negative, it rolls over to the next month. (So if it's down x pips in month one, and up y pips in month 2, you pay nothing in month one, and (y-x)*price in month two.

Seem like a good idea? I guess the main problem is that if it has a loosing month, people might not want to hang around for the next month.

Thoughts? any better ideas?

The only problem i can foresee is that people might not be around when every signal is given- unless you are stating what times you trade? Therefore they would miss out on the trade yet still have to pay.

But anyway, systems charge a fee- i suppose if they are not around that is not for you to worry about. (although i'd be gutted if i happened to miss out on a trade that won like 200 pips or something and then still have to pay commission).

In my opinion the above system sounds fair- a lot fairer than most out there. How much would you charge per pip? Also, how many pips would you expect on average to get per signal? People will want to take that into account for purpose of commissions/spreads.

 

[trendie]

on the whole, a good idea. but wont work. sorry.

the claims that people would not want to pay if they missed a trade, is just pandering to the lazy.
short of wiping their noses for them, they need to get a grip, and realise they have as much a responsibility to be available to take the trade, and not just cry off because they werent there. thats not your problem.
(the flip side to this, is that they took trades selectively, and ended up taking the losers more than the winners. strictly speaking, they made a loss, and are entitled not to pay. but its their fault, not yours. they are obligated to take ALL the trades, or NONE of them.)

the above is no different to posting, for free, your entire rules for making money. the born losers will still blow their accounts.

this industry seems to attract the scammers. but it cuts both ways. there are the scammers who sell systems. and there are the scammers who will avoid paying good money for a decent system, and cause havoc for well-intentioned traders.

better still, just trade for yourself, and make a mint.
just being cynical, but its more hassle than its worth.

(if you're bored between trades, and want to utilise your time, do something on ebay. or write freelance articles. ONLINE WRITING JOBS - Freelance Writing Jobs )

 

[Hotch]

Thanks for the feedback guys.

I was just planning on not giving any refunds for missing trades, their fault. So everyone buying at the same time would get the same fee. I was under the impression that metatrader could work so that as long as their pc was on, my EA or whatever could trade for all of them at the same time, so they would just need the pc on, no actual trading.

As for building an account and trading for myself, would be/am doing that, but it's greed and speed (old wreck of a house I want to while it's still up for sale...come on property slump!) , and sure I'll say it: it's a lot easier to risk other people's money then my own.

I might look into it some more (coming soon to T2W's shop )

 

[options]

I had been thinking of doing something similar for a few years. But only taking a percentage from people on winning trades and not losers. Lose on a trade you pay nothing. Win on a trade you pay x% of total profits realised.

So it would be a win/win situation for the punter.

But as Trendie says It wouldn't work. How many people would say 'I only made 50 quid on that trade 'cause I got in late and was re quoted at one pound a point. (When if fact I got in spot on at 20 pound a point).

Basic fact is that much as I would like to help people out, most people are lying cheating *******s. That goes for system sellers and the public as well. How do you distinguish from the very few honest people out there?

Answer: Sadly you can't. So the only resolve is to charge on a weekly/monthly basis. Something I would not like to do as I would really like people to only pay for the winning trades.

Result? Idea shelved.

 

[new_trader]

Thanks for the feedback guys.

I was just planning on not giving any refunds for missing trades, their fault. So everyone buying at the same time would get the same fee. I was under the impression that metatrader could work so that as long as their pc was on, my EA or whatever could trade for all of them at the same time, so they would just need the pc on, no actual trading.

As for building an account and trading for myself, would be/am doing that, but it's greed and speed (old wreck of a house I want to while it's still up for sale...come on property slump!) , and sure I'll say it: it's a lot easier to risk other people's money then my own.

I might look into it some more (coming soon to T2W's shop )

Yes, exactly what I thought. If the system makes money, it's your genius. If the system loses money, it's the users fault. I was going to suggest that you ask people to send you their money so you can trade it for them using your fortune making system. You can charge a fee or take a cut of the profits. That way you are fully responsible for profits AND losses. No excuses.

 

[zupcon]

I was under the impression that metatrader could work so that as long as their pc was on, my EA or whatever could trade for all of them at the same time, so they would just need the pc on, no actual trading.

One of the forex forums are currently beta testing such a system. It allows a signal provider to broadcast signals to subscribers, and the subscribers version of metatrader then enter's those trades.

Losing signals are just part of the game, I dont see why subscribers shouldnt be charged for them

 

[Hotch]

Main reason I didn't want to take money to trade was that I thought punters would prefer this.

As to finding honest people...surely members of T2W?

 

[options]

I know systems are a bit of a delicate issue but I am trying to do it honestly.

I was thinking if this seemed like a fair way of charging;

Planning on sending all the signals automatically through Metatrader. (So everyone would get all signals).

At the end of the month, charge a pre agreed amount for the running total of pips the system produced.

If the system was in the negative, it rolls over to the next month. (So if it's down x pips in month one, and up y pips in month 2, you pay nothing in month one, and (y-x)*price in month two.

Seem like a good idea? I guess the main problem is that if it has a loosing month, people might not want to hang around for the next month.

Thoughts? any better ideas?

The other MAJOR problem I just thought of is that unless you are registered appropriately. You can't do this type of thing in England. In the States you would have no problem apparently.

 

[Hotch]

The other MAJOR problem I just thought of is that unless you are registered appropriately. You can't do this type of thing in England. In the States you would have no problem apparently.

Was worried about the legal side of it.

Have to give it some more thought.