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EP166: How to Become a Successful Signal Provider
In this episode of Truth About FX, Walter talks about becoming a successful forex signal provider. What are the things you should keep in mind and do you have the right outlook to pursue it? According to him, the’re an easy trick to help you attract subscribers and give you the edge. There’s also this very easy to use tool that can help you set-u risk parameters… And who is this signals-guy Walter is talking about and how you can learn a thing or two in finding your niche.
Download (Duration: 13:59 / 33.6 MB)
In This Episode:
00:31 – worth the trouble?02:21 – 45 degree angle 04:23 – a realized drawdown06:49 – capped or double it07:22 – smart guys do09:20 – dump you10:57 – signal provider platforms 12:40 – leverage rules
Tweetables:Have the right outlook [Click To Tweet].Why do you like Martingale? [Click To Tweet].Set the Expectations [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. How do you become a successful forex signal provider and is it worth it? Is it worth all that trouble?
Walter: There’s a couple of things that you have to think about. It’s a great question, Hugh. With the signals, there’s you, the signals provider. There are the subscribers and then there’s actually the platform, the technology. All of them have to have the right outlook otherwise, you’re going to be in trouble.
For example, let’s say you do it and you take really quick trades on a M15 charts. What might happen is that they’re not going to be executed quickly enough through the platforms. So there’s going to be a bit of a lag by the time the subscribers get it triggered in their account and you’re going to have a lot of unhappy subscribers.
That’s one thing. The shorter time frame stuff often won’t work. So, as a signal provider, you’ll probably want to be trading above the H1 charts, most likely. That’s number one. Some of them are better than others. Some of the signal providers have better technology than others. That is one thing to keep in mind.
Another thing to keep in mind is that if you look at some of these and I’ll link some up in the show notes. If you look at some of these signal provider websites, they’ll often rank which ones are the best traders or which ones are the highest rank traders. You can sort them usually by drawdown or returns or whatever you want. The interesting thing is, that the most popular trading strategies are essentially Martingale Strategies which I suppose shouldn’t really be all that as surprising.
But what that means is — think about it this way — your subscribers, the people that you’re trying to attract, they want a system that just keeps taking winner after winner,
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By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter talks about becoming a successful forex signal provider. What are the things you should keep in mind and do you have the right outlook to pursue it? According to him, the’re an easy trick to help you attract subscribers and give you the edge. There’s also this very easy to use tool that can help you set-u risk parameters… And who is this signals-guy Walter is talking about and how you can learn a thing or two in finding your niche.
Download (Duration: 13:59 / 33.6 MB)
In This Episode:
00:31 – worth the trouble?02:21 – 45 degree angle 04:23 – a realized drawdown06:49 – capped or double it07:22 – smart guys do09:20 – dump you10:57 – signal provider platforms 12:40 – leverage rules
Tweetables:Have the right outlook [Click To Tweet].Why do you like Martingale? [Click To Tweet].Set the Expectations [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. How do you become a successful forex signal provider and is it worth it? Is it worth all that trouble?
Walter: There’s a couple of things that you have to think about. It’s a great question, Hugh. With the signals, there’s you, the signals provider. There are the subscribers and then there’s actually the platform, the technology. All of them have to have the right outlook otherwise, you’re going to be in trouble.
For example, let’s say you do it and you take really quick trades on a M15 charts. What might happen is that they’re not going to be executed quickly enough through the platforms. So there’s going to be a bit of a lag by the time the subscribers get it triggered in their account and you’re going to have a lot of unhappy subscribers.
That’s one thing. The shorter time frame stuff often won’t work. So, as a signal provider, you’ll probably want to be trading above the H1 charts, most likely. That’s number one. Some of them are better than others. Some of the signal providers have better technology than others. That is one thing to keep in mind.
Another thing to keep in mind is that if you look at some of these and I’ll link some up in the show notes. If you look at some of these signal provider websites, they’ll often rank which ones are the best traders or which ones are the highest rank traders. You can sort them usually by drawdown or returns or whatever you want. The interesting thing is, that the most popular trading strategies are essentially Martingale Strategies which I suppose shouldn’t really be all that as surprising.
But what that means is — think about it this way — your subscribers, the people that you’re trying to attract, they want a system that just keeps taking winner after winner,