Do you want to earn more on top of your trading profits? If so, you should become a signal/strategy provider where you get paid a handsome fee for sharing tips and strategies with your followers. The bigger your following, the higher earnings you make.
It's undeniably an attractive option for someone with your trading abilities and knowledge. As a Forex signal provider, you can boost your profit potential in two ways:
- You charge a small fee from a bigger number of followers.
- You charge a high fee from a fewer number of followers.
Either way, you'll need to attract followers to join your network and have them subscribed to your signals or strategies. How do you do this exactly?
Top 5 strategies to attract signal followers
1. Promote yourself in the best and most transparent way possible
In an industry where scams and fraudulent schemes exist, you can set yourself apart by exercising transparency where it matters. Don't just say you're the best trader to follow. Put on display your proven track record, the current and historical data of your trades, returns and historical drawdown, among others.
People can tell if you're hiding something. To gain their support, you should show them the real score behind Forex trading, including the ugly ones. After all, risks are as important as rewards in the trading equation.
2. Boost your online presence
Engage in social trading to gain followers. You can offer free Forex signals as a way to hook more traders in. Once you've proven yourself reliable and accurate, your followers won't think twice about subscribing to your paid signals and strategies.
3. Use social media to your advantage
Aside from social trading platforms, you can also increase your visibility via social networks, message boards, blogs, or live activity streams. Make sure to engage with your followers – like, comment, and strike up a conversation with them.
One vital tip to remember is to identify and join the social network where you’ll find a majority of your followers or target audience. This way, you'll be sharing real-time data and strategies with the right people, instead of wasting time and effort on those who aren't interested.
Different social networks can help you promote your services in different ways.
- Twitter and Facebook offer automatic signal services.
- LinkedIn can be linked to your Twitter profile so that your posts will appear simultaneously on both networks.
4. Always provide quality Forex signals and useful information
If you can’t offer valuable insights and tips, how else can you gain the trust and loyalty of your followers? If you're still starting out, sharing reliable data is also a great way to grab attention and interest.
5. Satisfy what signal followers look for in a trustworthy signal provider
Smart signal followers will perform due diligence before they subscribe to a signal/strategy provider, so make sure you meet the criteria listed below.
- Accurate levels of entry, exit, and stop-loss positions.
- Analysis and comments that support the signals you share.
- Historical and current data of your trades, gains, losses, and statistics.
- Transparency and the ability to engage and interact with them.
If possible, let a third-party external service verify your results and performance data to increase credibility.
One other important thing – be patient.
It takes time to gain interest and build trust. Don't be discouraged if your efforts don't bring in positive results right away. The best thing you can do is to continue learning and sharpening your skills in Forex trading.
What is considered a high-quality Forex signal?
When it comes to Forex signals, quality beats quantity every time. Your followers want data they can use to make profitable trades, after all. So what constitutes quality signals?
1. Include five data that is vital to a winning trade
Currency pair - which pair to trade.
Order - the action that you should take within a trade.
Entry price - at which price you should enter a trade.
Stop-loss - at which price you should automatically exit to mitigate potential risks.
Take profit - at which price a broker closes your trade. This also locks in your profit automatically.
It's important that you provide your followers with a clear entry and exit pattern for a signal to be considered high quality.
2. Follow a pattern that repeats accurately and consistently
While the markets are constantly changing, some patterns tend to repeat themselves. This is especially true with price action patterns that provide consistent form and outcome.
3. Offer low-risk, high-reward potential
A quality signal should provide you with rewards that are twice higher than the risk. For example, you profit 200 pips with 100 pips stop.
Once you've earned the reputation of a reliable provider of quality signals, you’ll gain even more benefits in addition to plenty of signal followers
Top Benefits for signal providers of Fullerton Markets
If you’re a strategy provider on CopyPip, Fullerton Markets' copy trading platform, you'll not only receive exclusive perks but also support in your trading journey.
- Multiple fee models for more income options, on top of the 0.7 pips commission.
- Instant rebate payouts that you can withdraw straight away.
- Access to global investors who are willing to pay higher performance fees for winning and profitable strategies.
- Branding tools and materials to help you develop your business.
- Easy onboarding process and low-barrier qualifications.
- Automatic fee calculation for that stress-free money-making process.
Moreover, you have access to dedicated personalised support who speaks your language for a smoother trading experience.
Find out what other benefits strategy providers on CopyPip enjoy.
Are you ready to gain more signal followers?
Consider these five golden rules:
- Promote yourself with transparency
- Boost your online presence through social trading
- Use social media, message boards, live activity streams, or blogs to your advantage
- Always provide quality Forex signals and useful information
- Become the signal provider that existing and potential signal/strategy followers can trust
Once you satisfy these criteria, you'll become a sought-after signal provider. You won't have to work hard to attract signal followers because they'll come to you.