2 Ways to Monetise Your Forex Knowledge
The forex market is one market which allows the experienced and successful trader the opportunity to profit from the market in several ways. Apart from the good old way of grinding it out in the markets, there are other ways that the trader can monetise his skills. In this piece, we give out two methods of turning your forex knowledge into money, and if you have followed all our previous articles you should be in a position to set yourself up to start benefiting from this information in short order.
Leasing Your Best Trading Ideas To Others Could Be Another Source Of Income
For you to be able to properly create the necessary effect that will get clients to throw money at you, there are a few things that you need to put in place.
The Prerequisites
You must be a successful trader, with tangible proof. The only proof of your performance is a verifiable record of your forex trades. If you are using the MT4 trading platform, you can do this by plugging your live account to www.myfxbook.com. The instructions on how to connect your live forex account to MyFxbook are clearly stated on their website. Once you are plugged in, select the function to make your account statement public. This is the only way to convince people who will eventually pay for your product that you are as good as your product says you are. In a market where there are a lot of con-artists, you need to set yourself apart.
The Two Ways of Monetizing Forex Knowledge
Once you have set up your trading history on myfxbook, it is now time to set-up the two income generating streams that will pull in money for you. These two income generating streams are as follows:
a) Setting up a signal/trade alert service.
b) Setting up a forex robot sales funnel.
1) Setting Up a FX Robot Sales Funnel
You may actually find this funny and laugh it off as not being workable with all the forex robot scams out there. But when you consider that a software engineer I know made $50,000 in ONE SINGLE DAY from selling a forex robot as part of a seminar package, then you will know that this is serious business. If you have a good trading strategy,you can turn it into a forex robot and sell it. This is where your trade results will come in. You also need to demonstrate that the good trading results displayed on myfxbook are attributable to the forex robot. You will need a good programmer to convert the strategy into code or an algorithm. Next get a good copywriter to deliver a fantastic sales pitch that will drum up sales. Be honest. Sell the benefits of your system and offer proof.
Once you make the sale, you also need to deliver the EA in a form that will not give hackers access to it. A very good way to do this is by using a Master-Slave EA, where you retain the master EA with the source code, and then feed the slave EA which is the one that subscribers or buyers of your EA will have. That way, you can be sure that your EA is not in the hands of a “buyer”, who may actually be a hacker looking to decompile your product. There is more about this here.
2) Setting Up a Trade Alert Service
Gone are the days when trade alerts were sent by SMS and emails,where delays and poor network service made nonsense of the timing and accuracy of the signals. Most people now have smart phones and this has made the business of sending out trade alerts easier. Not only are there push notifications which are received in an instant to all subscribers, but almost every serious forex broker now offers mobile trading platforms. A subscriber can get a trade alert via a push notification, and login to the trading platform on their smart phone to implement the trade alert immediately. No delays,no ambiguity, no time lags.
Another way to look at it is, 50 subscribers paying $100 for signals is $5,000 a month in your pocket. There are even ways to copy trade alerts for automatic implementation on trading platforms using auto trading services. The possibilities are endless.
