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Forex trading service

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  • 16-11-2012 2:50pm
    #1
    forex2806
    Registered Users Posts: 21 ✭


    Hi all,
    I am looking for traders/investors opinions and suggestions on the following.
    I have been involved in trading the markets for a number of years. I now trade only the forex market.
    I have built a strategy that is consistent and is profitable . I do trade this on my own account which is very small and due to the collapse of my business I do not have available funds.
    I am currently using an independent company to record my trade journal. The system has currently 16 weeks of trades and I will publish it at week 20.

    What I am looking to do is set up a trade duplication service where trades are sent from my account to the client(s) account (MT4 platform). My fee would be a small start-up fee and a monthly performance free. ( a percent of the profit generated each month) Therefore if I do not make profit I do not get paid.
    I have spoken with a company who can provide the billing and trade duplication and it is straight forward to get it running.

    The way the system works is,
    You open and fund your MT4 account with your chosen broker.
    You choose the trade size and risk. It could be a percent of your account for each trade or a set lot. This way you are in control of your own money management.
    When I place a trade on my account it is automatically placed on yours.

    Questions I have,
    Is this a service people would have interest in?
    On choosing a person to send trades to your account, what trade record would like to see?
    What draw-down and what profit you would like to make on a monthly/yearly base?
    Please give me your opinion on the above,
    Thanks in advance...
    Tagged:


Comments

  • Options
    #2
    arrowloopboy
    Registered Users Posts: 1,154 ✭✭✭arrowloopboy


    Hi Forex,

    Could you elaborate on your system,
    what pairs you trade
    what t/fs you trade
    your r/r ratio
    etc/etc.

    16 weeks is a very small sample size,as it probably hasn't traded in enough different market situations,some systems work great for a while and then just stop working,forex factory is full of thousands of these,with the exception of j16 and philip neils systems and a few others.

    If your really interested in this you should start a journal on here of all you trades and show them live,within 30 seconds of your trade ,after about a year people will be able to see if you know what your doing,
    Without doing something like this,i'd imagine the intrest in your scheme would be minimal.

    This is not meant as a grilling,but your asking people to trust you with their money,which is not easily obtained these days,

    Regards,

    Arrow


  • Options
    #3
    liammur
    Closed Accounts Posts: 3,461 ✭✭✭liammur


    forex2806 wrote: »
    Hi all,
    I am looking for traders/investors opinions and suggestions on the following.
    I have been involved in trading the markets for a number of years. I now trade only the forex market.
    I have built a strategy that is consistent and is profitable . I do trade this on my own account which is very small and due to the collapse of my business I do not have available funds.
    I am currently using an independent company to record my trade journal. The system has currently 16 weeks of trades and I will publish it at week 20.

    What I am looking to do is set up a trade duplication service where trades are sent from my account to the client(s) account (MT4 platform). My fee would be a small start-up fee and a monthly performance free. ( a percent of the profit generated each month) Therefore if I do not make profit I do not get paid.
    I have spoken with a company who can provide the billing and trade duplication and it is straight forward to get it running.

    The way the system works is,
    You open and fund your MT4 account with your chosen broker.
    You choose the trade size and risk. It could be a percent of your account for each trade or a set lot. This way you are in control of your own money management.
    When I place a trade on my account it is automatically placed on yours.

    Questions I have,
    Is this a service people would have interest in?
    On choosing a person to send trades to your account, what trade record would like to see?
    What draw-down and what profit you would like to make on a monthly/yearly base?
    Please give me your opinion on the above,
    Thanks in advance...

    There is an interest for this. I'm a member of forex121 for instance. If there's a successful trade, the person pays £121 commission. The key of course is, most trades have to be good.


  • Options
    #4
    [Jackass]
    Closed Accounts Posts: 9,193 ✭✭✭[Jackass]


    Absolutely you could make a very profitable company out of this, but you would need extensive (years) of data and performance analysis available in order for people to commit to it in my opinion.

    I'd suggest a blog over a year and post your trades and returns. Once you have that and feel free to backdate verifiable data you have already kept, but be sure to note that this is backdated and also be sure to update your blog in real time as well as an independent source, here for example.

    Best of luck with it. If you're confident of consistent reasonable returns then go for it.


  • Options
    #5
    forex2806
    Registered Users Posts: 21 ✭forex2806


    Hi Arrow,
    Thank you for your feedback.
    Yes I agree 16 weeks is not long enough. I have looked at many of those systems before and also watched the likes of zulutrade, where the top ranked traders only last of couple of months before blowing their account.

    If I am to go ahead with this service I would prefer to deal with people who trade or have traded the forex market as I feel the client would need to have a strong understanding of this market also.

    So your reply is not taken as a grilling but an educated response.
    With regards to posting the trades here. I don’t think that would work as trades are monitored 24/5 and adjusted as needs be. It would be just too much.

    I have a third party monitoring my trades and will post these at week 20. (or I just might leave it until the six months mark).

    To answer some of your questions.
    I trade all the majors.
    I base my trading on 4 hour charts.
    I have a risk return ratio of 2/1 or higher. Saying that I do sometimes cut my losses early and take profit early depending on market conditions.

    What trade record would you consider to be good? What % drawdown and what % profit would you like to see on a yearly and monthly base?
    I am a tarders rather than an investor and look to profit each month.
    Thanks..............


  • Options
    #6
    forex2806
    Registered Users Posts: 21 ✭forex2806


    Hi Liam,
    I have not looked at this service yet. Is it profitable for you?
    Thanks for the reply


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  • Options
    #7
    forex2806
    Registered Users Posts: 21 ✭forex2806


    Thanks for your input Jack.


  • Options
    #8
    liammur
    Closed Accounts Posts: 3,461 ✭✭✭liammur


    forex2806 wrote: »
    Hi Liam,
    I have not looked at this service yet. Is it profitable for you?
    Thanks for the reply

    Overall, it's probably not as I don't take on some trades etc. I'm more of an investor than a trader, but they do give good educational advice etc which is always helpful. This is something you could also consider for yourself.


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