Is the Forex niche the way to go?

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11 years ago

Originally Posted by OnlineAddict

Forex is a great niche, but you need to know how to pick the working system from the non-working ones. And the retention rate is unbelievable, if the system keeps profiting, the customers won't cancel, ever. Stay away from systems promising too much, promising the holy grail(there is none in forex), they have crazy refund ratios, 20-40%. Honest systems convert like crazy, as the times when people bought robots, just because they are new, are over. Now people know that most don't work.

With a bot, it's pretty easy to test it by first running its backtest on the historical data in the MetaTrader4 platform and then running it on a free demo account with a brokerage for a couple of months. Not sure the manual trading systems are in much demand because the Forex customers are mainly lazy and like all the work done for them (even by a bot). Also, if a manual system is in a form of ebook, they will refund 100% and just keep it afterwards, as there's no way to take it back from them (while a bot's license key easily gets deactivated on the vendor's server). If it's some on-site video course or a series of webinars, hardly anyone will bother to spend time on it and will likewise refund it to later spend their money on the next thing.

What good commercial Forex bots do you know? I've been promoting the biggies (FAPTurbo, Megadroid etc), now there's much fuss and buzz about their new thing by the name Forex Striker, scheduled for release next week. Any other good ones?

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11 years ago

Originally Posted by filthypunk

With a bot, it's pretty easy to test it by first running its backtest on the historical data in the MetaTrader4 platform and then running it on a free demo account with a brokerage for a couple of months. Not sure the manual trading systems are in much demand because the Forex customers are mainly lazy and like all the work done for them (even by a bot). Also, if a manual system is in a form of ebook, they will refund 100% and just keep it afterwards, as there's no way to take it back from them (while a bot's license key easily gets deactivated on the vendor's server). If it's some on-site video course or a series of webinars, hardly anyone will bother to spend time on it and will likewise refund it to later spend their money on the next thing.

What good commercial Forex bots do you know? I've been promoting the biggies (FAPTurbo, Megadroid etc), now there's much fuss and buzz about their new thing by the name Forex Striker, scheduled for release next week. Any other good ones?

Backtesting is totally useless, its just used to sell crappy EAs, which work only in theory, but not under real market conditions. And 99% forex robots just use patterns which only work on demo accounts, but not real accounts. Tight stop losses and going after few pip in each trade, that can work on a demo, but on a real market with spread changing all the time and brokers hitting stop losses which are too near to the actual price, it simply can't work. Promote something that works and you will have happy rebilling customers.

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11 years ago

Originally Posted by OnlineAddict

Backtesting is totally useless, its just used to sell crappy EAs, which work only in theory, but not under real market conditions. And 99% forex robots just use patterns which only work on demo accounts, but not real accounts. Tight stop losses and going after few pip in each trade, that can work on a demo, but on a real market with spread changing all the time and brokers hitting stop losses which are too near to the actual price, it simply can't work. Promote something that works and you will have happy rebilling customers.

I have no problem setting up a small real-money test account with a brokerage once the bot proves good on both backtests and demo tests. Many affs actually do this very thing and later use in their promotions after they accumulate enough profits on that account.

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Randall Magwood

11 years ago

Nope. FapTurbo (forex software) won't make you rich... no matter what the practice simulation does for you.

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filthypunk 11 years ago

Originally Posted by Randall Magwood

Nope. FapTurbo (forex software) won't make you rich... no matter what the practice simulation does for you.

I don't mean trading with it, I mean selling it.
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RogueOne

11 years ago

Originally Posted by filthypunk

the way to go as opposed to the mainstream IM which appears to be an oversaturated niche at the moment to me.

In Forex you are competing against giants in the affiliate industry. Deep, deep sites full of more info. then the average person could ever assemble on their own, especially if they have no knowledge of the subject.

If you really want to give it a try, I suggest setting up one of the "white label" sites offered by the bigger companies.

Don't ever think that the Forex "product" market isn't saturated. It is, by heavy hitters.

Good luck.

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Dan Curtis

11 years ago

Originally Posted by filthypunk

I've been following it for a while and there seems to be cash there.

I can't tell if your statment is intentionally or inadvertently ironic.

Seems to be cash there? In Forex?

This, from investopedia.com: "The forex market is the largest, most liquid market in the world with an average traded value that exceeds $1.9 trillion per day and includes all of the currencies in the world." So yes, there's cash there.

But are you going to get any of it? Almost certainly not if you trade it, and unlikely if you are trying to sell the usual worthless products to the next sucker in order to make a buck.

Do yourself and the world a favor. Find a real product (like fragrance free soap or homemade dog biscuits.) And make a real website. And sell some.

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fiverrfreak

11 years ago

Forex is a good niche but its difficult to maintain. If you are able to get an honest system then you will get good conversions.

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Alexa Smith

Banned 11 years ago

Originally Posted by fiverrfreak

If you are able to get an honest system then you will get good conversions.

If you can "get an honest system", then you wouldn't need to be an internet marketer at all (and certainly wouldn't want anyone else getting the system). http://www.warriorforum.com/off-topi...ml#post6565670

The reality, of course, is that the conversions to which you refer have very little to do with how good the system is, but very much to do with how good the sales page copywriter is.

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11 years ago

Originally Posted by Alexa Smith

If you can "get an honest system", then you wouldn't need to be an internet marketer at all (and certainly wouldn't want anyone else getting the system). http://www.warriorforum.com/off-topi...ml#post6565670

The reality, of course, is that the conversions to which you refer have very little to do with how good the system is, but very much to do with how good the sales page copywriter is.

True that, the pitch decides everything, and many punters don't even use the system after the purchase, let alone bothering to refund. I don't think one would necessarily want to keep an honest system to oneself as opposed to selling it. No Forex system works forever and you never know when exactly it will hit the dust all along with your trading account deposit. Even for the time it works, to make tons trading, you have to risk tons while with selling you don't.

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11 years ago

Originally Posted by Alexa Smith

If you can "get an honest system", then you wouldn't need to be an internet marketer at all (and certainly wouldn't want anyone else getting the system). http://www.warriorforum.com/off-topi...ml#post6565670

.

Why not? A good forex system is any system that can make 1%+ profit per month. Forex isn't going to make millions to anyone who doesn't spend millions. And even if you have a system making 10% per month, you still need a lot of money to make a lot of money. And other people using the same system won't change anything in its profitability, 1000 traders won't have any influence on a trillion dollar market. So I don't see the logic behind your post.

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Chris Chicas

11 years ago

I def wouldn't recommend Forex for beginning marketers. The industry is tough to crack and you need a good budget to get the wheels rolling, plus the right know how. I guess you can say this for just about any niche in our industry yet Forex is particularly tough.

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11 years ago

Originally Posted by Christian Cee

I def wouldn't recommend Forex for beginning marketers. The industry is tough to crack and you need a good budget to get the wheels rolling, plus the right know how. I guess you can say this for just about any niche in our industry yet Forex is particularly tough.

Have you tried it yourself?

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JeremiahSay

11 years ago

Take a look at Campbell's forex review site: Forex Robots (Best Forex EAs | Expert Advisors) Reviews, plus FX Signals & Trading Systems

I have been following Campbell's forex review site when he first got started 3 years ago. Over this period I have seen how his site has grown and right now he's currently making a decent 6 figure a year in affiliate income.

If you think you can make a site like this and willing to spend time to grow the site then by all means go ahead and participate in the forex niche.

I don't recommend anyone to go to forex niche, its a real tough nut to crack. However, if you have full of passion in forex and willing to make sacrifices then I'm sure you can do it too.

Good luck,
Jeremiah

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fxstay

11 years ago

earn from forex trading is hard because it needs a least 5 years experience

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filthypunk 11 years ago

Originally Posted by fxstay

earn from forex trading is hard because it needs a least 5 years experience

For that very reason, I'd rather sell than trade.
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Abraham L

11 years ago

Forex is a very competitive niche. people are looking for free information all over the place.

If you presell the product the right way, you could make sales.

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11 years ago

Originally Posted by Abraham16

Forex is a very competitive niche. people are looking for free information all over the place.

If you presell the product the right way, you could make sales.

And what's the right way to you?

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tommmi

11 years ago

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11 years ago

So where do I learn this? Apart from stuff like "you just hang around all those free sites.."

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Adamw

11 years ago

I've heard that that niche is way too competitive but, maybe that is because it converts well. There seems to be a lot of Click Bank products that have a high gravity. The repeat commissions are an attractive thought though.

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11 years ago

Originally Posted by Adamw

I've heard that that niche is way too competitive but, maybe that is because it converts well. There seems to be a lot of Click Bank products that have a high gravity. The repeat commissions are an attractive thought though.

That's what I figured too. Complex niches are seldom competitive, the affs prefer going for simpler stuff - unless there's a complex niche which converts well and makes the hassle worth it.

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argangapoi

Banned 11 years ago

[DELETED]

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filthypunk 11 years ago

Originally Posted by argangapoi

I personally would never get involved in something like that. I accepted to write this article because I really believe that MLM is a joke.

What article?
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- Alexa Smith Banned 11 years ago
  
  Originally Posted by filthypunk
  
  What article?
  
  It's just a bot, I think. All of "his" posts are just pasted in excerpts from other peoples' posts. I've reported 3 or 4 of them, and the next passing moderator will remove them and it/him.
  
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travlinguy

11 years ago

Forex is a major market not a niche. And there's plenty there though it's very competitive. To be successful in a huge market like this you need to chunk down some. In other words, work one of the actual niches within the market. There are many trading systems, software trading programs, etc. you might want to try. It's not an easy market to break into as the people doing well with it are often very experienced in Forex trading. There are easier fish to land.

BTW, interesting screen name. Instills trust and confidence. Makes me want to get to know you better and do lots of business with you. :rolleyes:

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11 years ago

Originally Posted by travlinguy

Forex is a major market not a niche. And there's plenty there though it's very competitive. To be successful in a huge market like this you need to chunk down some. In other words, work one of the actual niches within the market. There are many trading systems, software trading programs, etc. you might want to try. It's not an easy market to break into as the people doing well with it are often very experienced in Forex trading. There are easier fish to land.

I wonder if it's a potential two-way income. People will hardly be buying with no solid proof, so real-money trading accounts will need to be set up to collect that proof and later show it to those purchasing through you. If a bot is a working one, there can be cash made both from the trading and the sales. It's just important to keep an eye on it for a turning point if its strategy happens to get outdated.

Originally Posted by travlinguy

BTW, interesting screen name. Instills trust and confidence. Makes me want to get to know you better and do lots of business with you. :rolleyes:

Thank you kindly. I was trying hard while picking the right one.

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shane_k

11 years ago

Originally Posted by filthypunk

People will hardly be buying with no solid proof, so real-money trading accounts will need to be set up to collect that proof and later show it to those purchasing through you.

Do the vendors in the Forex market not provide you with this "proof"?

I would assume that they would want to give you as much tools as they can to help you sell their products because they want you to be successful, because when you are successful they make more money.

Also, I would think that they themselves would have done the "real-money trading" to know that their bots work.

I personally would not choose to promote a product from a vendor who expects me to do this "real-money trading" expecting me to sacrifice my hard earned cash to prove his product works. Because that is me taking all the risks and the vendor none.

Maybe I am not understanding you, but why would you want to take the all the risks and the vendor getting all the rewards?

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11 years ago

Originally Posted by shane_k

Do the vendors in the Forex market not provide you with this "proof"?

I would assume that they would want to give you as much tools as they can to help you sell their products because they want you to be successful, because when you are successful they make more money.

Also, I would think that they themselves would have done the "real-money trading" to know that their bots work.

I personally would not choose to promote a product from a vendor who expects me to do this "real-money trading" expecting me to sacrifice my hard earned cash to prove his product works. Because that is me taking all the risks and the vendor none.

Maybe I am not understanding you, but why would you want to take the all the risks and the vendor getting all the rewards?

At this point, punters might view any proof coming from the vendor as bogus, as most Forex bots have been promoted with such vendors' "proof" and turned trash, the working ones are rare. Yet for a punter who got burned couple of times there's no way to know which is which. So if an aff comes up with their own trading statement saying "hey, I've tried this out and here's what it trades like, have an investor password to my trading account", peeps go for it a lot more than for the vendor's proof alone. Vendors don't require this of the affs, it's up to the affs to come up with a way to surpass their competitors.

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Alexa Smith Banned 11 years ago

Originally Posted by shane_k

Do the vendors in the Forex market not provide you with this "proof"?

Yes, but it can all be "backfitted".

They play around with "EA's" with hindsight, on the results, and if you do that it's easy to find one that's made 6 months' profits. And they can prove that, for what it's worth - which isn't a lot: they typically have no more chances of making profits over the next 6 months than a random one you pluck out of the air. "Correlation is not causation".

Sorry, I'm not actually in this niche at all, as a marketer myself (and wouldn't touch it with a barge-pole) but I always jump into conversations about it because my father's done it for a living all my life (trading forex professionally, I mean, not selling forex products/services!), and I do about 15-20 little trades per month myself, so it's almost "in my blood".
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kencalhn

11 years ago

as a recognized world-published expert on the topic, I can safely say that the vast majority of content out there for retail traders (including software/bots/courses) is utter rubbish.

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11 years ago

Originally Posted by kencalhn

as a recognized world-published expert on the topic, I can safely say that the vast majority of content out there for retail traders (including software/bots/courses) is utter rubbish.

As a non-expert, I can say the same. The idea is to pick those few working ones and promote them.

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wfvoodoo

11 years ago

I trade forex and do quite well from it but my method is very intuitive and based more on fundamental news, macro factors so very hard to teach someone, I just learnt it from year of working in and following finance and markets. Most of the successful tuition models are based on technical analysis (charting) which is not my area or expertise.

I think it is a popular area and you can make money from it. There was a famous example in Japan of a guy who created a system (well mainly tweaked existing ones) and target marketted it successfully to Japanese housewives with plenty of time on their hands. He was massively successful to the point where theses housewives all grouped together and following the same system could move the market quite significantly.

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TrafficBot

11 years ago

As a person in the forex niche, I can wholeheartedly say yes there is money in this niche. There is even more money now because of the volatile currency markets, trouble in europe, the us currency crisis, etc. Now would be a good time to jump on board the forex bandwagon.

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Dan Curtis

11 years ago

Originally Posted by TrafficBot

As a person in the forex niche, I can wholeheartedly say yes there is money in this niche. There is even more money now because of the volatile currency markets, trouble in europe, the us currency crisis, etc. Now would be a good time to jump on board the forex bandwagon.

Thank you for this unvarnished effort make yourself some money by promoting nonsense to the unwary.

"Now would be a good time to jump on board the forex bandwagon," that is of course if you are intent on losing your last cent or don't mind taking advantage of others.

Why do I say this? Because, if you know anything about "the forex niche" as you claim, you know that it is that last place for new people to get involved. Anyone asking anything about forex on an internet discussion board has no business anywhere near it.

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11 years ago

Originally Posted by Dan Curtis

Thank you for this unvarnished effort make yourself some money by promoting nonsense to the unwary.

"Now would be a good time to jump on board the forex bandwagon," that is of course if you are intent on losing your last cent or don't mind taking advantage of others.

Why do I say this? Because, if you know anything about "the forex niche" as you claim, you know that it is that last place for new people to get involved. Anyone asking anything about forex on an internet discussion board has no business anywhere near it.

What alternatives do you suggest?

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11 years ago

Originally Posted by Dan Curtis

Why do I say this? Because, if you know anything about "the forex niche" as you claim, you know that it is that last place for new people to get involved. Anyone asking anything about forex on an internet discussion board has no business anywhere near it.

One of my customer has $10k profit on a $10k account, he doubled his money in 2 months. And I don't really care if you believe it or not, as I'm not looking for either customers or affiliates here, just stating a fact, not promoting anything.

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11 years ago

Originally Posted by Ken_Caudill

It's only a matter of time before the CFTC or some other regulatory body starts putting people in jail for the outrageous claims made by non-licensed people in the forex niche.

I'm surprised they haven't already.

The regulatory bodies regulate financial institutions (brokerages, banks etc). They don't regulate software sales.

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11 years ago

Originally Posted by Ken_Caudill

I see. No one is solicited to open an account directly or indirectly through the sale of software.

Good luck on that.

If the CFTC don't get ya, the FTC will.

They would first have to shut down nearly all IM products which we don't see happening either.

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filthypunk 11 years ago

Originally Posted by Ken_Caudill

Really?

I didn't know that.

Now you do.
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lachlandv

11 years ago

plenty of cash in it...but forex niche sites been beaten to death

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filthypunk 11 years ago

Originally Posted by lachlandv

plenty of cash in it...but forex niche sites been beaten to death

In what sense beaten to death?
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11 years ago

Originally Posted by Ken_Caudill

It's only a matter of time before the CFTC or some other regulatory body starts putting people in jail for the outrageous claims made by non-licensed people in the forex niche.

I'm surprised they haven't already.

You mean like claims "how to make $20k online within 30 days" used by worthless e-books?

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OnlineAddict 11 years ago

Originally Posted by Ken_Caudill

Yeah. Only different.

<sigh>

We would actually need to close down every business then, because they all exaggerate. Even in McDonalds you don't get to eat the hamburger you see on the pictures. I'm still all for it, if they ban all fake advertisement like this, I wouldn't mind.
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prasanth5

11 years ago

I think Forex niche although exciting can be more expensive when compared to the other niches. This may be due to the fact that it needs quite a lot of investment and it works on cash deals.

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11 years ago

Originally Posted by prasanth5

I think Forex niche although exciting can be more expensive when compared to the other niches. This may be due to the fact that it needs quite a lot of investment and it works on cash deals.

Most affs run Forex bots on free demo accounts with brokerages which cost nothing. Only some do it on real-money accounts, which indeed involves extra cost, yet being more rewarding in terms of sales, as such proof is regarded much higher by the prospective customers.

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11 years ago

Originally Posted by filthypunk

Most affs run Forex bots on free demo accounts with brokerages which cost nothing. Only some do it on real-money accounts, which indeed involves extra cost, yet being more rewarding in terms of sales, as such proof is regarded much higher by the prospective customers.

If you make a review site for example, pick 5 good systems from other websites(check rankings, profitability, etc, on real accounts), open 5 broker accounts with $500 in each, you only spend $2500 all together and showing those real stats can get you conversions you wouldn't believe. And that amount of money is not much...if I counted all the advertising that didn't bring me anything, like PPC, banners, text links, it would have been over $100k on which I didn't make any profit.

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11 years ago

Originally Posted by OnlineAddict

If you make a review site for example, pick 5 good systems from other websites(check rankings, profitability, etc, on real accounts), open 5 broker accounts with $500 in each, you only spend $2500 all together and showing those real stats can get you conversions you wouldn't believe. And that amount of money is not much...if I counted all the advertising that didn't bring me anything, like PPC, banners, text links, it would have been over $100k on which I didn't make any profit.

Thanks. That's exactly what I've been thinking of. I'll do this with the top Forex bots for a start (FAPTurbo, Megadroid, PipJet, the upcoming Forex Striker) and toss in a couple more after checking the performances and ratings on other review websites.

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11 years ago

Originally Posted by filthypunk

Thanks. That's exactly what I've been thinking of. I'll do this with the top Forex bots for a start (FAPTurbo, Megadroid, PipJet, the upcoming Forex Striker) and toss in a couple more after checking the performances and ratings on other review websites.

Fapturbo is done, it worked in the past, not anymore. Try places like donnaforex.com, mellyforex.com, forex-fxtrader.com, they do real tests with all kinds of robots.

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Omega12345

11 years ago

Hi I am new to this board,

my question is lets say we forget about the traditional FXBots, what about selling signal systems that are more discretionary?

Also I have always been wondering if selling these services requires a licence from what i can tell as long as you dont make any claims and have the required disclaimers you are ok

Thanks
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