I am absolutely flabbergasted....

[Truville]

Some really great ideas here, especially the credit card. The biggest problem I see with it though, is the collection of my fee.

Take today for instance. Last night I was calling for a short on cable. Well, when that sudden spike at 21:00 hit, I quickly emailed everyone to get in and make a quick 30 pips. Everyone’s happy right? 30 pips in 30 minutes can’t be beat, right? Nope!

Five emails: “That trade came earlier than usual, so I wasn’t at the computer and I couldn’t trade it”. Are they going to pay a percent of a trade they didn’t take advantage of, even though it was their fault for missing it? It actually was earlier than usual, so should I charge those that did catch it and not those that didn’t? How do I find out who is who?

Now what would happen if I did a dollar a pip deal? “I shouldn’t be charged for that” “I got in late, so I should only the charged half” “I’m going to dispute that charge on my card” “I haven’t been following all of your signals, so I shouldn’t be charged for all of them” Etc, etc.

So that’s the big difficulty as I see them. It’s just too easy for a client to get service, then wrangle out of paying. Of course each client would like to pay 50 cents a trade, just like I’d like to pay 50 cents a gallon for gasoline. The consumer always wants a great deal. The consumer always wants to get something more, to haggle, to bargain, to get a partial refund (just this one time, of course).

“Tell you want, Texaco gas station. I’ll fill up my car, for free, for two weeks. If I like the mileage I’m getting, I’ll come back and pay you, say, $1.25 a gallon.”

TWO WEEKS LATER:

“What do you mean, ‘charge me’?” I’ve hardly even driven the car! It’s been in the garage all weekend! And after I drive it to work, it just sits in the parking lot for 10 hours. I shouldn’t have to pay for that!”

It’s just a big mess, potentially. So when I was first getting all that business legal stuff together, I spoke to my lawyer friend how he charges, being in a similar situation.

And his advice was “They are paying you for your time. When someone pays me X amount of dollars to write up a will or something, it doesn’t matter to me if they use that document verbatim, change it beyond all recognition, or don’t use it at all. They paid me for my time and expertise.”

I can’t believe I’m saying this, but I agree with that lawyer!

[Tzachi]

Truville,

You are right.

I also think that it should be a monthly fee for the service. I just think it should produce above 80% winners and cost above 1000$. I will aim it be used by full time traders that pay a lot and get a lot, and not every 100$ mini/ demo part timer person.

G/L with your business.

Tzachi.

[Mburdge]

Tzachi,

For over 2 years on this and other forums, people are always asking for feedback on whether a signal service is any good/ honest etc.

I felt that I had come across (from here or T2W - I can't remenber which) a site that could solve this problem for all those looking for a signal service.

I apologise to anyone who thinks I was advertising it, and I shall say no more on the subject!

Lets just go back to 'Buyer beware' and the snake oil sellers will prosper!

[Tzachi]

I understand, and I think that you should start a new thread called: Recommended services

No one will complain about promoting sites and every one will take it as it is - promotion/ self recommndations, on your own risk.

[MickMason]

Originally Posted by Truville

Five emails: “That trade came earlier than usual, so I wasn’t at the computer and I couldn’t trade it”. Are they going to pay a percent of a trade they didn’t take advantage of, even though it was their fault for missing it? It actually was earlier than usual, so should I charge those that did catch it and not those that didn’t? How do I find out who is who?

I guess you have a point, but there is a solution. I'm no IT wizz but it must be possible to have a website or live chat channel or something where clients log in and out, calls made during that period are logged against their account, billing is based accordingly, invoices sent out, reminders, account suspension for non-payment etc etc, all automated and simple.

Ok, the easy way is a flat monthly subscription regardless of results, I was just looking at something a bit more enticing and fair for everyone concerned. Results are what matters in this game, the better the results the more people earn, surely fees should be performance related. If they're not, what's to stop a clueless wannabe setting up shop, producing past-performance results, charging clients $xxx with a clause in the agreement stating 'Past performance is no guarantee of future results. Forex trading is a risky business blah blah blah....', and refusing refunds because he's avoided all liability! Consumers are protected in most every other area, why should this be any different?

Just my

Mick

[trendcatcher]

The best way to solve the problem is they must open a demo account and trade their signels ,so people can log in and see their progress.fxcm has that with many companys like striker-fx.
They must trade every signel all the time.

[MickMason]

Originally Posted by Tzachi

I understand, and I think that you should start a new thread called: Recommended services

No one will complain about promoting sites and every one will take it as it is - promotion/ self recommndations, on your own risk.

Quit whining Tzachi, you're like a broken record, have you had a bad day or something?

If you're trying to make moderator then simply email Moneytec and ask if they'll have you. If you have complaint about a post then report it.....but fer crissakes stop whinging like a baby!

Mick

[Tekunda]

Truville, I am very sorry, since you seem to have taken it far more personal then I intended. The issue was not with you or your company per se. (btw, you must mistake me for someone else, I have never tried to sign up as a client, so you could not possibly decline me, nor have I been on your back for weeks now, I think this is my first forum post in a long long time, where I even mention your name)
When I read about your rather stiff prices ($550 seems to be at the upper end for signal providers) and further learned that 100 clients had signed up and all it obviously took was your website and what was stated there (and 100 people jump on dreaming to make big bucks), it dawned on me how easy people are lured into signing up with signal providers. Basically what I did was taking you just as an example for my line of reasoning, that was all. I had no intention to single you out in order to bash you. You are just standing as an example for all the hundreds of signal providers out there, with whom I would have the same issues. I just happened to come across your name and what struck me was how many people are ready to sign up without doing any proper research.
I think I can say that, because I also use a signal provider to supplement my income. I researched that person (anybody can guess who it is) and followed his trades for almost a year on a demo, thus was truly able to verify if he is genuine or not and recently signed up and started to trade live money. I was able to verify for a very long time that the pips he makes are reflected on my account as well (as most know this is one of the biggest issues with signal providers, most claim a completely different pip result at the end of the month compared to their clients) and this signal provider charges a very, very modest fee of $100 a MONTH! (and I cannot help but need to add that his website also looks quite professional)
In my humble opinion the fee is so modest that this also tells me a lot about that person's character. So my path to a signal provider was a long and stoney one, I was not ready to throw away my money only because I saw a website and 3 months of statements. So let me close by saying that after having done some serious research, I was so amazed (probably I am just too naive since I should have known better) when I learned about the number of customers and the fee Truville is charging, realizing then that Truville stands for hundreds of these guys. So nothing personal Truville, it is not about you, relax, it is about your customer's attitude and the attitude of people in general, who seem to be so easy mislead by promises of big money.