After being informed by the FSA that signal providers fall under their jurisdiction as investment advisors, & therefore require the lengthy (avg 7months) & expensive licencing process, I am reconsidering the worth of becoming a signal provider & instead am considering a tag-along system where ppl can see my charts along with my system indicators, thus allowing ppl to see the positions to I trade from each day.
Admittedly this is only good for a min avg 100pips per day, so will not appeal to everyone
after 24years in the game & seeing more & more complete sharks in the pool I thought giving traders an edge wouldn't be a bad idea.
NB: I am a low risk trader I'm not interested in the news or trading it, as long as the markets moves I make money
I've placed this here as advised for feedback & general ideas please!
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Thread: Signal provider or tag along?
11-14-2011, 07:30 PM #1
Signal provider or tag along?
11-15-2011, 09:30 PM #2
FSA requires signals providers to be licensed? I wonder how many unlicensed ones there are in the UK.
If you can really average +100 pips per day, that would be very interesting.
I can see several options to consider:
1. Would a "watch my trades" service work legally. You don't give "signals", just let people watch in a chatroom. You place trades and explain why you are placing them. After closing a trade, you discuss what went right or wrong, so it would be educational. It's up to customers if they want to trade or not. What would the FSA say about this?
2. If you had a signals site hosted outside the UK and all signals were sent to clients from outside the UK, would the FSA still have jurisdiction?
3. If a single individual outside the UK hired you to provide trading advice would that require FSA approval? How about if that person then resold those signals?
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