Every Forex trader, with a good Forex system would like to start his own Forex Signal Service. If you are an experienced Forex Trader and you have a Forex trading system that is continuously helping you to get profit, then there is no harm starting a Forex signal service of your own! In fact, it will help you to earn some extra money beside your trading income. Just imagine that thousands of customers are following your Forex signals for a monthly fee of $100! Isn’t that something you would love?
But remember! You must have a profitable trading system to reach that dream! If your system fails to provide continuous profit to your subscribers, they are highly unlikely to continue with you and they will also discourage others. Eventually, your service will fail and you will have to terminate it! So, the first thing first! Create a killer system that can produce profit under any circumstances in the market.
Now, the question is:
Will only the experienced traders be able to start Forex Signal Service? Is it absolutely necessary to have a profitable trading system to start a signal service? Or, is there any way for new traders to start a signal service?
Here is the answer:
No, it’s not mandatory for you to become an experienced trader or have a profitable Forex trading system to start a Forex signal service of your own! Even if you are a newcomer in this arena, you can also start signal service. But, for doing so, you must have a great signal source. If face many new traders start to learn about how to set up a Forex signal service when they finds a good source of signals. You can look for a profitable signal source and buy signals from them. Then, you may re-sell the signals to your clients. There are plenty of providers in market who are offering this service.
How to start you own Forex Signal Service?
It’s not a very complicated task to set up a Forex signal service, but it’s not an easy task either. You have to take a good preparation because it will definitely take a lot of time and require a lot of effort if you are serious about this business. Don’t worry! This article will provide you precise guideline to start a Forex Signal service of your own. All you need to do is to follow this step-by-step process and your service will be ready in no time!
Step 1: Determine how you will send signals to your Clients
This is the first thing you should clear out. How would you send the signals to the clients or how the clients can get your trading signals? Well, there are a number of ways to do so! There are basically two types of Signal service you may go for. One is automatic signal service, another is manual signal service.
- You can use an automatic trade copier. The traders will have to link their account with your trading account using the copier. So that, when you trade, the trade copier will automatically copy in to the trader’s accounts.
- You can send the signals to the traders. And the traders will manually place a trade according to your instructions. You can send the signal via email, SMS or simply put the signal into your website!
Step: 2 Buy a Domain Name and Hosting Plan for your Website
This is very important! You must have a website of your signal service. The website is like a virtual office of your signal service. It will create trust among your traders as they know where to find you. No matter if you are using a trade copier of sending signals via email or SMS; you should have a website.
For this reason, you have to buy a domain name and hosting plan for your site. You domain name should be Forex or Trading related, but simple and easy to pronounce. Also try to make it catchy and easy to remember. Another thing is- try to use .com extension for your domain. I know it is very tough as almost all Forex related domains are already sold. I can teach you one trick! Take a very simple Forex Related Term. For Example: Forex Profit. Now, ForexProfit.com domain was probably sold years before! All you can do is add another vowel with a word and make is sound like a latin or Spanish word, like Forex Profita. Sounds fun! Right?
For your kind information Forexprofita.com domain is also sold! You can visit this site. Most interesting fact is: this is also a forex signal Service website! LOL!
You can apply this method in plenty of other words and terms and you will come up with some wonderful domain names! Trust me!
The next job is to purchase a hosting plan for the domain. Go for a standard hosting plan with good bandwidth and fair hosting disk space. So that, the visitors will find it easy to access your website whenever they want.
Step: 3 Design a user friendly website for your visitors and potential customers
Creating a website is one thing and designing a website that will make you feel comfortable is another thing. Try to make your site simple and attractive at the same time. Don’t use any complex mechanism; try to make it as user-friendly as possible. I will highly recommend you to use a wordpress platform for your website.
Just login into the control panel (cPanel) of your hosting account’s members’ area and install WordPress. Once you are done with that, you can upload the images and contents. But, if you do not have your trading system or signal sending system ready, you can put a “Coming soon…” sign on your website for now.
Step 4: Determine which system to follow for providing Forex signals
As we discussed earlier, if you are an experienced trader with a super trading system, you can provide signals based on that system or strategy. But, if you are not sure about that, then you need to look for good fore signal sources.
And if you are a new trader and you still don’t have a proper system that you can trust on, you need to find a good Forex signal source.
A solution for you can be an automated Forex trading robot it will be a great source of trading signals. Test as many robots as you have or find online, but make sure you only choose those with a reputable trading history and proof that they work. Avoid scalping robots as that is not the best software to use to generate trading signals for your customers.
Another great solution will be to use get Signals from a reputed Forex Signal provider and resell their signals to your own clients. But finding a good signal service can be difficult. Even if you find one, they may not give you the permission to resell signals to your customers.
I can recommend you one solution for this- ForexProfita.com, a Sure Profit Forex Signal Provider ! You may have already heard this name. They are a well reputed signal service and one of the services with a high percentage of winning rate. Another advantage is they put all their signals into their site, so that you may not wait for signals, you can just pick if from their site and place a trade. But, to resell their signals, you have to pay a certain amount of fees monthly. You need to contact their support department for that.
Step: 5 Write sales copy for your website
So now that everything is set, you have time to do other things for your signal service. Start by creating content, sales copy, and text that you will use on your website to offer signal services to visitors. Try to start with a short description about yourself and your trading style; you don’t have to reveal your trading secret, but people need to know what methods you use to trade currencies. Is it compatible with NFA? Is it a martingale or hedge system that you use? What maximum stop loss and what take profit do you use while placing a trade? What is the minimum account size that a customer should start with your signals? How much risk you take per trade and how many open trades can there be at the same time? Basically, these are the most frequently asked questions about trading signals and you should answer those on your website.
If you don’t have that knowledge or writing skill, you can hire someone to write sales copy for you. But, I would like to recommend that you do it by yourself. That is because only you know the details of what exactly you are going to offer to your subscribers. If you hire someone, he will take the money and write some generalized sales copy that won’t help you much to attract the potential customers. Of course it could be a great way to see how sales letters are written and then tune it up to match your service description, but you learn by doing, so be sure to participate in every detail when you’re setting up this service.
Don’t forget to build a system that will automatically keep a track record of your signal performances. Alternatively, you can manually add some pictures and put data into a table regarding your trading performances.
Step 6: Do some SEO Activities to get your website visible in serach engine
You probably heard of SEO, right? SEO stands for Search Engine Optimization. There are a lot of SEO techniques to get a website ranked in search Engine like Google, yahoo, Bing etc. But you must focus on the best SEO practices and try to avoid any ‘black hat’ methods. This doesn’t help a site to stay ahead for a long time.
Start creating useful content and keep adding that to your website on regular bases. If the contents are truly valuable to your visitors, search engine will pick up your website within a very short time. I would recommend you to keep a blog section in the website. Consider writing articles, guides and free reports about trading signals and post those in the blogs. That will attract more visitors to the site. Try to create at least 2 posts each week and you will see your website gain authority within a few months. If your site is in a good position in Alexa ranking, people will trust your services more.
The best SEO practices are to keep adding new quality content on your website, set unique Meta tags for each page, and use the most popular keywords for your service and link pages together with the right anchor text by using your main keywords.
Another thing you must remember is that- SEO is not something that is done once and then be forgotten. SEO does not happen overnight either and it will take months to see the results, and even then it will only happen if you follow best practices. If you want to outsource this task, please be careful, because a lot of SEO firms will actually harm your rankings. If you want to do this yourself (it not that hard after all) make sure you learn from the best sources? Google itself have great webmaster guidelines and they share this information for free because they want you to build a quality website which can appear in their results.
Step: 7 Make a Pricing Plan and Set up a payment method for Signal Subscription
Although you are not selling a physical product, but you need to present your service like a physical product on a shelf on sale. You can do some professional graphical design to make the service pricing page of your website more attractive and eye catchy. That would also help in advertising your trading strategy in the form of a signal service.
Now, break down your signal service or product into some smaller services. This will help you organize a good pricing system for your site. Fixing the right price is very crucial to how many clients would subscribe to your signal service. You have to be very cautious with high prices because of the competition in the market. Start with free services for some time as most Forex traders love to try free products before paying for it. T
What is the next stage? Now, you need to announce the price to your clients. How much should it cost? Should clients pay a certain amount per month? Or per quarter or annually? Should it be one time-off payment?
The following costs should be considered to determine the signal subscription fees:
- Administrative costs (includes hosting fees, programing fees, hosting fees and other logistical fees).
- Cost of hiring solutions like VPS, software licensing, Signal purchase fees (if any).
- Any other recurring costs necessary to avoid disruption of services in the future.
- 50 USD/Mo For normal Users
- 100 USD/Mo for Premier Users
Step 8: Do some Marketing and advertising to get some registered clients For Signal Service
How do we get the attention of potential customers while there are hundreds of similar services out there? This actually depends on the marketing strategy you deploy. It is true that good products sell faster irrespective of the marketing strategy. However, a better marketing strategy would help you to beat your competitor, and keep it at the top rank for a very long time. The first step is to identify your audience before deciding the marketing or advertising platform to use.
Let’s see some free & affordable but effective means of marketing your new Forex signal service:
Lots of social media platforms like: Facebook, Google+, Twitter, Youtube, Yahoo groups, community forums, e.t.c. provides advertising opportunity for your service. You can create some groups of company identities in these sites and advertise your products for free to your potential customers. Or you can go for paid advertising. These are one of the fastest medium to advertise, and market your Forex signal service to your targeted customers.
Direct Adverts through the Web:
You may use advertising campaigns like google AdSense, click bank, RegNow, e.t.c. to promote your signal service website and the signal subscription packages. Well, this method attracts a significant amount of running costs. You may also do some banner advertisements in popular forex related blogs and forums. Consider using our website Forexing24.com. We are among one of the highest ranked Forex blog and we offer a much cheaper pricing rate than others.
Step 9: Start sending trading signals to your customers
Now is your time to go! Finally you are ready to start sending signals to your clients. If you have decided to use trade copier, you just link the clients account with your trading account and start placing trades. If you have decided to send signal via email, you may use an email server to send signals ASAP. If you want to send it via SMS, consider using a bulk SMS service. And if you want to put your signals into your website, simply type it on the admin panel and publish it!
Step 10: Follow Up & Publish Your Trade Results
Now, you site is ready, you got some registered clients, you are sending signals to them, getting paid for the signals, so what you think? You are done with the service set up process? Now you can sit down on revolving chair and enjoy you earnings? No way! This is actually the start! If you want to grow further and survive in the competitive forex arena, you maust nor relax until you reach your dream!
You need to follow-up with your clients periodically. You can create a forum section on your website to enable interactive sessions. This will boost your client confidence and also attract new subscribers to your service. Another thing is- ensure that you are publishing your trades daily, don’t miss a day unless you have an emergency! That will create a bad impression of your service. Always try to maintain the transparency on trades and performance records. And last, but not the least- always try to continue the SEO and marketing activities for your site. Otherwise, your competitors will beat you and you may no longer find new clients for your site.
The Bottom Line
You just cant dream of setting up a Forex signal service and start it right away! Developing a proper Forex Signal service will takes a lot of time and effort. Not to mention that it will cost a significant amount of money too. Nevertheless, If you are serious about this you will definitely succeed. But if you looking for a quick income online just by selling any trading signals, with no reputable trading history and with a little work, you wont survive in this race! You need to give it time to build a community of traders who will follow your Forex signals. And if you are successful in providing positive results continuously, your clients will begin to trust you and they will bring new clients for you. Dont forget the SEO and Online marketing activities you need to stay ahead of others! Thanks for your time to read this article, we wish your success in establishing your own Forex Signal Service!