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How To: Beginning a signals service?

Discussion in 'General Forex Talk' started by John Salzano, Jun 7, 2010.

  1. John Salzano

    John Salzano Recruit

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    Hi FPA:

    I have been reading Felix's posts, and one passage referred to his signals service he had in the past.

    I was curious...how does one go about setting up a signals service? Im interested in the technical aspects of the service, as in signing up and sending the signals.

    Im sure someone out there on the web knows this answer, but I am positive Felix knows. Unfortunately, I cannot contact him to ask directly. So I ask the community instead.

    This answer may be lengthy, so if a phone conversation is better, please contact me (pm) or respond to this thread and we can make plans from there.

    Thank you FPA. Good fortune and health to you all...

    JS
     
  2. Pharaoh

    Pharaoh Colonel

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    There are several ways to do this.

    1. You send signals by email. This is probably the simplest method. Since many mobile phone providers offer an email to text message interface, you can give clients to option of getting signals via their cell phones too.

    The drawback - someone could resend and either share or sell your signals very easily.

    2. Open a trade room. These usually allow text chat, and some allow moderators (and those approved by moderators) to speak. This is more complicated, but makes reselling your trade calls more difficult.

    3. A trade-duplicator EA. You control the master EA. Clients have "slave EAs" that place trades based on what you do in the "master" account. If you do this, make VERY sure to let clients control trade size when they set it up. You won't have any way to tell how large their accounts are or what the minimum size trade is that their broker allows.

    I'm sure there are probably a few others.

    No matter what method you use to distribute your signals, I strongly recommend having at least several months of live trading that you can show your potential clients.
     

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