Forex Brokers are promoted by and large by forex affiliates and Introducing Brokers. As retail forex trading continues to grow in the mainstream, more and more people with varied backgrounds are getting their feet wet in promoting forex. From the group, financial analysts tend to bring an advantage to the table, which is their knowledge.
In this article, we shall take a look how financial/forex analysts can take advantage of their expertise in order to quickly build up a good following of traders and thereby increase their chances of building up a successful forex affiliate or forex IB business.
Building your Reputation and Followers
You might be an expert in providing the most accurate forex signals. However, if you do not have a good following, the purpose is lost. As a forex/financial analysts, building up a reputation and a base of followers is one of the main cornerstones to success. The Internet provides a lot of tools to help you take advantage of this.
Starting off as a contributing author to one of the many popular forex sites can offer a quick way to get the spotlight on yourself. Target forex sites that are built on user generated content as it is much easier to get accepted as a contributing writer. Focusing on varied topics, from the basics to advanced trading strategies and/or commentary on the week’s or day’s economic events can help you to quickly gain leverage.
Managing your Website
As someone with experience in providing market analysis, you can get away with the fact that you either do not have the time or the knowledge to develop a good website. There is good news however. Using blogging or CMS frameworks that are offered free of cost, can quickly help you to get started with your own website. Of course, considering you have a domain name (try Namecheap) and webhosting (Recommended: Zyma.com @ £4.95/year for the first year).
The way you set up and manage your website is essential as it basically defines your future strategy. Write your blog with the analysis with a clear distinction between casual visitors and serious traders. Using a member based website can help you to tease your visitors with the analysis and requiring them to sign up or subscribe in order to get access to your advanced analysis can help you in the long run.
Interact with your members
Quite often, emails are designed such that they offer only a one way communication. Instead, try to send your updates in a personalized fashion, something other traders can relate to which will help improve interaction amongst your members thus helping you increase your credibility. Be approachable in your emails and put out open questions that compel your members to write back to you.
There are many free websites out there such as ustream.tv that offer free live streaming. All you need is a good internet connection and you are set. Trading live on the screen in front of your members is a great way to show in real time on how good you actually are. Of course, anyone with a basic knowledge of the financial markets can write up reviews or their own analysis. But trading live and putting your strategies to test can be a big differentiating factor from the rest.
Take advantage of Twitter and Facebook
Most often we see tweets being made where the trade signals are directly tweeted or updated on facebook. Fact is that by doing so, you aren’t adding any value to your followers or fans. Instead of putting your efforts into updating your analysis, focus on building a conversation on social media channels. Ask questions, post your opinion and interact with others out there. This can be a great strategy to leveraging social media as an effective stream for getting more visitors to your site and eventually increase your visibility online.
Try Managed Forex Accounts
If you have problems getting traders to sign up to a broker you recommended, offer the choice to your visitors to try out a forex managed accounts. Under this scheme, you are trading on behalf of your investors. Assuming that you have a good following of members already, by providing managed forex accounts, you can focus all your efforts on providing real results rather than pushing for the traders themselves to sign up with a recommended broker and trade directly.
Become a Contributing Analyst
The growth in the number of forex brokers has grown tremendously. This provides a great opportunity as brokers often are on the lookout for analysts to provide commentary for their traders. By participating as a contributing author on a weekly, monthly or quarterly basis, you can leverage this opportunity to not only build your reputation but also look at potential traders who want to follow your analysis or traders.
Likewise, becoming a contributing writer to forex magazines (that are in abundance now a days) can also help to add value to your portfolio.
Forex analysts definitely have an edge over others, when it comes to effectively using their expertise and knowledge in order to quickly build up a good following of traders and thereby increasing your profits promoting forex brokers. The goal for analysts, or for that matter any forex webmasters is to eventually get their visitors to sign up and trade. Analysts that have their own website can pull customers to their website via offering value added analysis and trade signals and subtly promote or push one forex broker that you truly believe provides the most optimal trading conditions.
SeekingAlpha: One of the popular sites that offers user generated content, it is easy to sign up with SeekingAlpha and start your own blog providing commentary and analysis.
Traddr: An upcoming community site for traders, Traddr has a good user base that can be used for your advantage.
Benzinga: Providing financial insights and information, Benzinga attracts a lot of traffic from the financial community made up of brokers, analysts and traders as well.
Fx Trader Magazine: Winner of The Best Forex Magazine, twice in a row the Fx Trader Magazine is published quarterly and accepts contributing writers on a regular basis.