A friend of mine wants to start a signal service, I told him not to do so, because nobody will join and if they do and he loses a trade signal, they will bash on him forever… He would like to offer 1-2 signals per week, high quality, 50-75 pips per week…he is actually very consistent with these amount of pips. How much would you guys pay for something like that, with 50-75 pips per week constantly?
What is your experience with Signal Services so far? How much do they cost, what do they REALLY offer and the most important question: Do they really deliver what they promise?
Starting a signal service is not a bad idea if he has the knowledge and he is consistent on profits.
I think many people would be willing to join him if he can prove that his system is working. When I was looking for such service for me it was a must to have myfxbook where I can check if the statements are valid.
Also for me, it was very important to be automated because I did not want to hang on the Metatrader to input the orders. I prefer it without my assistance.
What is your friends’ idea of the profit and fee?
I pay $55 monthly for an automated signal with 10-12% monthly profit. So far they deliver everything they promise.
Most signal services or subscription groups (run by people who you can actually email or call) give one month free so you can make next month’s subscription fee. If you can offer that for us to try it and he’s profitable then it’ll only be a matter of time as more people subscribe. Let me know
Dude i had the same experience
I’m also trading with 4xpremium. I had a fight with their account manager and they decided not to give me anny signals. Not to mention i had problems with the withdraw process. I had to wait 14 days to get back 30k$
Basically you already described what to expect really from them, so why do you asking ? I bet that it’s their business, not trading in Forex cause they would do it themselfs, and why pay $55 monthly for 10-12% monthly revenue ? Really ? I do not get it.
Sorry for the late answer.
Yes, I am still using them, but they closed the original system saying it was too dangerous in the long run and pushed everyone to their other account that has lower profits and lower subscription fee.
The signal is still stable I have almost no drawdown and all months are profitable.
Guys can I give you a quick tip on tip on how to spot if somebody is not honest immediately?
First ask him his % gain every month, if he says something like 100% or anything to induce you into buying his service then run away, i myself always warn clients to realistic profits and that there will be losing periods or slow periods where there won’t be profit, it’s part of the business and the ones on top are the ones ready to sustain stagnating periods and to not get frustrated by that.
And honestly guys, it’s stupid simple, ask for a myfxbook, if a signal provider doesn’t have a myfxbook in 2019 then you shouldn’t do business with him, especially if they are sharing screenshots of profits from mt4 accounts, it takes 2 min to connect it to a myfxbook.
There are traders not trading live with an mt4 terminal, like myself, i use other platforms better for money management to have my live accounts, but to be crystal clear i created an mt4 account just to keep a track record to share with anybody interested, again if somebody in 2019 offering a signal service doesn’t have a myfxbook, then you are the one to blame if you get scammed.