How to start a forex signal trading business

Forex signal providers can be either individuals or companies, and they typically use a designated software platform to generate their trading signals and copy them to their follower accounts.

With modern technology available at your fingertips, starting a forex signal trading business is much easier than you might think. Indeed, almost anyone can start a forex signal trading business, as long as you have the desire to succeed, energy to put into developing this business and the understanding of how to create profitable forex trading strategies (see more info on the strategy selection below).

As a forex signal provider, you will be responsible for creating a profitable trading strategy and then letting your followers copy your trades into their accounts. Forex signal providers typically offer a subscription-based service, with prices ranging from a few dollars per month to several hundred dollars per month. Some providers offer a free trial period or a money-back guarantee to allow potential subscribers to test their service before committing to a subscription.

Here are some steps you can follow to start a forex signal trading business:

1. Develop a deep understanding of the forex market: it’s essential to have a strong understanding of how the forex market works and the factors that can affect exchange rates.
2. Identify your target audience: who will your forex trading signals service be aimed at? Will it be aimed at professional traders or retail traders? What risk tolerance do these traders have? Understanding your target audience will help you tailor your services to meet their needs.
3. Develop a trading strategy: decide on the trading strategy you will use to generate signals. This could be a technical analysis-based approach or a fundamental analysis-based approach, or a combination of both.
4. Test your strategy: backtest your trading strategy to see how it would have performed in the past. This will help you understand the potential profitability of your strategy and identify any potential weaknesses.
5. Build a following: use social media and other online platforms to build a following and promote your forex trading signals service.
6. Charge for your service: decide on a pricing model for your service. This could be a monthly subscription fee, a fee per trade or a percentage of the profit.
7. Keep track of your trades: it’s important to keep accurate records of all your trades to ensure that you are providing a valuable service to your clients.

Technology to use

Trade copier service offers a ready-to-use solution for people looking to start their forex trading signal business. Being a decentralized forex trade copier, it provides an inexpensive, fast and reliable way to send trading signals from one account to multiple trading accounts. Thanks to flexible copying settings, multi-broker and multi-currency support, it is easy to connect follower accounts from almost any region of the world. With a free trial period, you can safely try how the Trade copier works. 

What might be more important for forex signal trading businesses is that the Trade copier comes with the designated Money Manager Studio add-on. The Money Manager Studio allows you to work under your own label and have a branded website. It goes without saying that having a white-label forex trading signals website helps you stand out from the crowd and establish the company reputation. Checkout the Understanding your target audience section below for some ideas of who your customers are and keep it in mind when adding information to the website. 

When it comes to the administration of your forex signal trading business, Money Manager Studio, offered by Trade Copier, has good tools for that as well. Imagine that you have one thousand people following your strategy. How will you calculate trading results for each of them and process all their subscription payments? The Studio offers a tool to manage all of that and provides publicly available performance reports if you choose to be open with your strategy performance results (and it is recommended to be fully transparent about it).  

How to find the followers

The more followers you have, the more profit your signal trading business generates. This is why you need to devote time to learning some basic marketing techniques and understand whom you are going to sell your strategy. You can start by promoting your forex signal trading business on your social media accounts or forums you already use and telling about it to people you already know – your friends, acquaintances, friends of friends is the first group of people who might want to become your customers. But don’t worry if they choose not to, just follow the next steps to advertise outside of your close circle. 

Understanding your target audience

Think about who will subscribe to your signal trading service? If you are going after high profit and have a high risk strategy, most likely you need to reach out to a younger audience who are ready to take their chances. If you have a calm trading style and usually work with traditional currency pairs, you may be more interested in finding mature followers with more money in their accounts. 

Remember that young traders might be easier to convince as they are more open to try something new, but they typically have less money available in their trading accounts. Whereas with the mature audience, your first goal is to prove to them that you are trustworthy (and this may take time), but they are able to pay higher commissions and you can have bigger income with fewer followers. 

Once you determine the risk tolerance and trading strategy, think about places where you can reach your target audience. Do they use social media platforms? Which ones? What language tone should you use: is it better to appear modern, easy-going and friendly or would they trust someone more serious and experienced? 

Write down the key traits of your ideal target customer and keep the portrait of this virtual person in mind when creating your marketing strategy. 

Marketing techniques to gain new followers

Once you understand who is your target audience, you need to decide how you will reach these people. Having an advertising budget is not a requirement, but it may help speed up your business growth. 

There are many ways to reach new clients online, some of which include:

1. Search engine optimization (SEO): by optimizing your website and its content for search engines, you can increase the chances of your website ranking higher in search results, making it more visible to potential clients.
2. Social media marketing: by creating a strong presence on social media platforms, you can connect with potential clients and promote your business to a wider audience.
3. Content marketing: by creating and sharing valuable and informative content, you can attract potential clients and establish yourself as an expert in your field.
4. Email marketing: by collecting email addresses and sending newsletters or promotional emails, you can stay in touch with potential clients and remind them of your business.
5. Online advertising: by placing ads on websites or social media platforms, you can reach a targeted audience and direct them to your website.
6. Networking: by participating in online industry groups or forums, you can connect with potential clients and establish yourself as a thought leader in your field.

Conclusion

So, to start a forex trading signal business you need the right technology and good marketing strategies. 

The technology includes: 

• The website builder
• A tool to demonstrate your strategy results 
• Software engine to copy trades 
• A tool to manage trader subscriptions and process payments

Trade Copier offers all of that in one solution and comes with a free trial to test if a forex trading signal business is the right choice for you. 

The marketing strategies to try include advertising your business on social media or search engines, posting on forex trading forums, writing expert opinions yourself and providing valuable advice in comments to the related posts, running paid ads in Google or in social media, etc. 

You can start a forex signal trading business for free and gradually build it from there. Once you choose the reliable tools, the more actively you get involved into marketing, the faster your forex trading signal business will grow.