The year 2020 has been one of the most memorable ones in human history with the outbreak of Covid-19. The pandemic has caused global chaos in every aspect of human society, especially the economy. A global economic downturn is inevitable, leading to millions of layoffs; but, don’t be too pessimistic! This is not all doom and gloom. This critical situation has pushed online businesses to thrive as a "savior" for the economy such as e-commerce, online learning and online financial trading, etc. This is the right time than ever that you, as a Signal Provider, can grow your customer list and build your personal brand in the financial trading world. There will be a lot of work awaiting but "building trust" is absolutely the key to your success. Here are some basic rules to become a reliable Signal Provider.
Why is it an "unprecedented" opportunity to draw in new customers?
The economic impacts of the Covid-19 pandemic are so great that it is scarier than the peak of the global financial crisis in 2008. Most economic sectors have been shrinking while the financial trading markets have run away unscathed. In fact, the rising unemployment rate around the world due the economic lockdowns has surprisingly made a remarkable increase in trading volumes and without a doubt, an increase in financial traders. You must be surprised with this contradiction but it is easy to explain.
Let’s make it clear now!
When a big number of people lose their jobs, they are going to find ways to earn money. Forex trading is an online market that most people pre Covid-19 usually reserve part of their savings for Forex investment but now it turns into their full-time job. As a result, the number of traders and the trading volumes have risen by up to 50%.
As a successful signal provider, do you see what you can offer to these inexperienced and unskilled traders?
The answer is to become a legit signal provider.
Essential rules for being a reliable signal provider
Be clear and consistent with your trading signals
When a number of newbies and intermediate traders accept to pay a certain fee to copy your trading signals, it means that they believe in your well-developed skills, your insightful and mindful trading strategies as the Forex market gathers ever-changing economic conditions. For this reason, you must make your potential customers feel "safe and confident" enough to follow your trading signals by providing as much specific information about your trading decisions as possible (entry time, stop loss, take profit, charts,). In a nutshell, you must be transparent to your potential followers about this information:
- Your reference portfolio including your verified trading records (both gains and losses)
- Your trading styles inform customers about your methods of opening a trade: fundamental analysis, technical analysis, mixed analysis, short-term trading signals, long-term trading signals, etc.
- Drawing different signal charts about your market analysis with concise description can help explain clearly your trading decisions. Chart is the most visually appealing trading tool to illustrate your strategy.
- Make the factor of "time" clearly visible because "time" in any exchange market can affect the profitability of a trade. Please always show your actual time-zone and your real-time signals.
Educate your followers about your trading strategies
Apart from attaining profit in finance trading, what are other objectives of new traders while following your trading strategies and plans?
The truth is that most newbies and intermediate traders choose to use trading signals to speculate money in the market to save time, energy and most importantly, to learn new trading methods and strategies. This is the reason why if you build your own blog about financial markets, fundamental and technical analysis, trading plan and strategy, trading emotions control, etc. you will absolutely attract many new subscribers. Besides, it can be much more effective that you reserve some time to write on Quora, Yahoo answers, etc. to build awareness and credibility for your signal providing service.
Never promise of 100% gains in trading
The biggest mistake in promoting your signal providing service is to commit to win 100% trades. As an experienced trader, you know that it is impossible. Instead of giving false hope to your potential followers, you should prepare them for arising risks and losing emotions.
Choose a proper and professional platform that best fits your needs
This step is crucial to start your signal providing business. Some of the most popular names are: eToro, ZuluTrade, Tradeo, etc. These professional platforms allow you to catch concise market analysis, real time quotes to stay on top of the exchange market as well as to customize your market alerts to match with your trading plans and strategies. Furthermore, your financial service will require a supportive platform that can handle your daily time-consuming tasks such as payment collection, customer communication, in order to focus on market analysis.
Invest in a professional website
People will normally look you up before going further with your services. And therefore, taking a wise step ahead to have your own website in the financial world will put you in the driver’s seat to actively take ownership of your advisory business. There is no better way to connect you with your potential customers online than having a professional website.
To sum up
Nobody can predict the future but what you can do right now is to take advantage of the current blooming Forex trading situation to develop your own financial advisory business. Please remember every experienced trader can become a signal provider, however, a legit signal provider is another story!