Linked To The World Via Collective 2
In the next 48 hours [or something close to it] we’ll have everything done with Collective 2 [C2] and be ready to use their service. I will post the link when it is ready; in the meantime you can find all the information you need at their website http://www.collective2.com .
In short, they will provide 2 important things for us; 1) the ability to manage funds [at a very low cost structure] for those that absolutely need it, and 2) provide a verifiable track record for the world to see [over 71,000 active member accounts].
There are different options you can use to get my algorithm signals here, but really C2 is for managed accounts only and a source for a public third-party verifiable track record; if you just would like my signals [emails or SMS text on cell phone], use the Twitter service for free I will talk about in my next post. If you’re trading your own account, why pay C2 for a service that I’m supplying to the public in real time at no cost?
The signals generated will come from a demo account at C2; the reason it is not live is because I am not willing to open an account and trade with higher spreads. At present, Assets FX does not support the C2 service. Below is a list [with links] of brokerage houses that support the C2 service. For those of you that wish to have the algorithm signals automatically traded with your account, you have to have an account at one of the following brokers [broker name, country regulated, web address, Forex Peace Army Star Rating (0-5 stars, NF = Not Found on FPA system for broker review, NR = Found on system review but no reviews)]:
VISION [India] http://visionforex.co.in [NF]
THINK FOREX [AUS] http://www.thinkforex.com 3 1/2
STRIKER [US] http://www.striker.com [NF]
BELFOR FX [EU] http://www.belforfx.com [NR]
FXCM [US] http://www.fxcm.com 2 1/2
GAIN [US] http://www.gaincapital.com [NF]
TRADE MONSTER [US] http://www.trademonster.com [NF]
OEC [US] http://www.openecry.com [NF]
dt [US] http://danielstrading.com [NR]
DORMAN [US] http://www.dormantrading.com [NR]
OPTIMUS [US] http://optimusfutures.com [NF]
PEPPERSTONE [AUS] http://www.pepperstone.com 2 1/2
AVA TRADE [EU] http://www.avatrade.com 2 1/2
ALPARI UK [UK] http://www.alpari.com 3
There are a few things to note here; 1) all U.S. brokers will do 2 things, A) send you a 1099 at the end of every year, 2) limit your leverage per NFA rules to 50/1, 2) I’m not recommending any of them, only listing what is available at C2, and 3) I take the star ratings from FPA with a “grain of salt”.
As for Assets FX, FPA has a 2 ½ star rating for them with the note that some suspicious “great” reviews are spam. According to the company this was the effort of a PR firm they hired. That firm has been fired and I have talked to the company about this and they readily admit the firm made a mistake and the situation resolved. They only ask that I try them and give them a chance to show what a great FX brokerage house they are. Openness I like; you’ll get your chance to impress.
On the cost front, there are two costs to bear for the customer [you]; 1) half a pip for each round-turn trade [no matter the brokerage house and their spreads] from C2, and 2) a fee I set up for the service, which by the way, is about the lowest C2 will let me charge.
I’ll be offering the first quarter [90 days] for a free trial; after that it will be $60 per quarter. C2 takes care of payments from you, and they take 1/3 of that $60 for themselves. So, the first year it costs about half a pip plus $0.75 per trading day [using 240 reasonable trading days in a year]. Every year after that it costs half a pip plus $1.00 per trading day.
As you can see, I’m not doing this to get rich or treat you like “muppet money”. Of course, the larger your trades the cheaper this becomes. In the scheme of things it’s all irrelevant anyway; if you’re worried about a $1.50 or a $1.75 and your trading tens if not hundreds of thousands [maybe even millions] of base currency per day, then your focus is misplaced.
Besides, in addition to this, I have to pay about $200 per year for the service. Since my staff [Chief of Staff Milton Waddums, -vegas Jr., and Cousin It] eats more than this in Shrimp and Crab Legs at our hangout favorite seafood restaurant every week at staff meetings [where I pick up the tab of course], I think I can swing it.
Once the trading begins, the public can view the charts [account equity] and also all the important trading statistics the system keeps track of for customers. I’ll link this info on the blog site when we get going here in the next few days.
The next post will be about our free Twitter signals for those of you who want to know what I’m doing and why on the fly. Be back then.
Have a great day everyone.