Start your own Forex signal service

If you are a successful trader that is constantly yielding profits, I would advise you to start your signal service and become a signal provider, in that way you can earn an additional income. Setting up a signal service is easier than you think. To set up the signal providing account you would require a few clicks. Also, as a signal provider, you will trade, you will do the same activity that you would normally do but now you will get payed also for delivering the service not only just for generating profits.

The easiest way to start the service is through the MetaTrader platform (both versions have the availability). First, you need to open an account on mql5.com, it is an official MetaTrader platform site. Then you will need to register yourself as a seller. This can be completed in a few days because you will need to send the scanned copy of your documents. When the process is completed you will be eligible to receive the money from the site. Apart from being a signal provider, you can also sell (and rent) your custom indicators and expert advisors or you can earn as a programmer.

I would recommend you to open a new account that would you use only for providing trading signals. For this account use a standard account with an established broker that has a large customer base. If your broker is not in this category I would warmly advise you to change it for providing the service because the subscribers tend you buy the signal from the provider that is using the same broker as they use.

Also, fund the account with resources from $200 to $1000.

And do not select too high leverage (up to 1:100).

Remember that retail traders in many countries are limited to use the leverage up to 1:30 on forex pairs.

After mql5.com has approved your seller registration, you can enter the Signal section and select “Create your own signal option“. In the registration form, you will need to enable monitoring and real-time data gathering function. Make up an interesting name and add a brief description of the signal (explain what trading style you will use, what will you trade). Then enter signal providing account data and how much you will charge your service. Submit the form and you will be ready for providing signals.

Now your next task will be to attract the subscribers. Do not worry if you do not get any subscribers in the first 10 to 20 weeks because signal users tend to buy more established signals. Remember you are doing the activity that you would normally do and you are generating the profits for yourself if you continue to do so regularly believe me soon you will start getting the subscribers.

In order to get more subscribers to try to follow a few guidelines. Apart from trading profitably, try to trade every day (if your strategy allows) or on a frequent basis and definitely avoid to trade on a part-time basis. Stick to forex majors and forex minors, avoid trading forex exotics. Beware that your drawdown never rose above 35%, but try to keep is below 20%. If you can avoid hedging. Also if you tend to open multiple orders with the same trading instrument try to close them in the same order as they were opened. Also, avoid holding the trades over the weekend. Do not be too expensive, when you are starting the service I advise you to charge the monthly subscription $30 (the minimum that mql5.com allows) and as you get more subscribers and generate more profits you can raise the price. Moreover, you can always promote your service through social networks like Twitter and Facebook or blog (if you have one).

As you are running your signal, mql5.com is providing you with the complete trading history and important data about your trading performance. Lots of statistics will definitely cache your attention. Every moment you will know how many subscribers you have and hove much did they invest in your trading account. Subscribers can also write reviews and rate your signal.

So, becoming a signal provider is not a complicated process if you using one of the MetaTrader platforms. If you have a constant record of profitable trading it is an easy way that gets you an additional income.