10 Jan 1 Year of Tradunity – Beginnings, Evolution, the Future
Hello everyone, our 1 year anniversary just passed a few days ago, and I wrote a full transparent report on it, about how this year was felt from within our team. Enjoy the long but structured read!
The 7th of January marked 1 year from our launch.
We launched as a team of 2 people, just Dmitriy – for the trading part and myself for the technical . That day, the crypto market cap was at its peak and fueled by this hype, our service got a lot of members very fast.
Dmitriy’s vision was from the beginning to create an educational project which would help beginner traders get to a professional level in trading. As it was popular at that time we started from a crypto signal service. On top of that we offered the possibility to ask question about those signals and we slowly started to build our first courses and the rest of the content.
I remember that first month was extremely demanding – we were overwhelmed by the amount of people joining, and because we wanted to interact with them and leave no questions unanswered, we both worked 14-18 h/day filling support requests and working on all the features and content which needed to be evolved.
We realized in less than one month that this model was not good for our audience.
People were losing a lot of money on any lost signal: most members thought a signal is a 100% true prediction and most of them did not use any kind of money management strategy. Most members had no discipline, trading plan, experience or knowledge. They did not know that a signal is a result of a trading strategy only and they did not comprehend that different traders have different strategies, that different time-frames give different perspective.
In short, they did not know how to trade and the questions we got showed us what the real situation was with our novice traders – it was a mess, and we suddenly needed to find solutions to point them in the right direction.
This task was and still is particularly hard because the crypto bull market and all the inexperienced traders who they followed on social medias gave them two illusions: that buy and hold is a winning strategy and that to trade, out of all the elements mentioned, you just need to know where to buy and sell. We were just giving them one element: the trading strategy.
What about the rest? People needed to know how to trade, how to adjust targets and manage trades, how to see different perspectives, how to use money management. They needed to know how to trade, so we decided to change the model into a full educational platform.
As a quick overview of the first 1-2 months, I can point out some great things we as a result of our initial plan as well as mistakes we made as a result of a mix of enthusiasm, inexperience in business and exhaustion.
Cool things we did in the beginning :
- Launched the service quickly after starting developing it (development time – 2 months)
- Answered all the questions and put on the right track the traders who read those answers. 300+ support tickets were answered in the first month alone.
- Started to post lessons every 2 weeks
- Started collaborating with Oleg Alexandrov and Chris Burton
- From the technical side – we fixed many bugs and improved the functionality and UX of our site.
- We started thinking at the steps needed to accelerate the transformation into a full learning platform.
Mistakes we made in the beginning :
- We took crypto payments in several coins. The solution we used did not allow us to change them into FIAT right away. We did it manually every 10 days or so. In hindsight, we lost about 4 months worth of budget because we did not prioritize changing the crypto into its monetary value.
What we should have done: prioritize conversion into fiat, as our charges were in fiat, not crypto.
- Taking crypto payments also made us miss around 600 potential members. These people gave up signing up to our service because crypto payments were too technically complicated and they were not able to complete their purchases. With 600 extra members we would have afforded more investments, earlier in the project.
What we should have done: we should have used fiat payments from the begining.
- We underestimated the level of proficiency of our traders. We were expecting basic trading knowledge by default. However, we soon understood many people did not perceive trading as a risky business in which you need to be more careful. The „Lambo now” and „to the moon” mentalities born in the crypto aggressive bull market were dominating and many members left disappointed after 1 month because they expected different results.
What we should have done: offer more explanations on how to take trades, and what trading is about. Make the risk warnings more obvious and with more impact.
- We used small prices to be accessible to everyone.That model would sustain our business only while the community would count more than 500 members. We achieved those numbers briefly, but we were not able to keep the members long enough, due to the reasons explained above and because the bear market started and did not stop.
What we should have done: communicate better in order to keep the members for longer.
It was around March when we realized that concentrating on the crypto market will not offer the most efficient for people who want to be able to trade for real and make real profit continuously.
The crypto space was (and still is) full of overnight sensational traders who have shown us charts of BTC going back to 20000$ 365 times in 2018. People were continuously led to believe the new uptrend is just around the corner and act accordingly. I am not saying that the crypto market can’t do an uptrend again, but we’re trading here. We’re interested in how this market can give us opportunities to make profit now.
„I’m down 90%” | „i made 300% in December and now I have 40% of what I had before” | „I have a portfolio of around 60 coins and altogether down 70% since 2017”
These were messages we continuously sent to our inbox and we still see them today. The crypto market is still playing with the minds of people. We discussed with much passion what is to be done, and in the end decide to direct the project right away towards the maximum quality: the proper way of making things. Although unpopular with the large wave of new traders, we added traditional markets on our portfolio of features.
This was met, as expected with skepticism, negativism and in many cases, irony. However, we turned things around.
In May, when I was twisting my brain trying to find a way to make our project sustainable again, Dmitriy came up to me and told me in a „oh by the way” type of conversation that he has been building a robot for a few years and we should have a look together. I looked at the simulations, which were spectacular and we decided soon after that to put it to work so we can gather real data.,
We started selling it in July, and the first month was very good, the robot quickly showed some profits which got everyone who bought it excited.
I won’t get in that many details but again, we were selling a particularly new product to an audience that never considered using such a tool before. When the first draw-down came, there was general panic through our members. Long story short, with proper customer service and enough trust from our members, we managed to ride the first draw-down until recovery and new highs. My computer science came in handy, and we already launched 3 updates which have made the robot a lot more efficient.
The most spectacular consequence of launching the robot was that our members started to see how accessible is to trade on traditional markets. Encouraged by the robot’s profits, many started asking about how can they get into manual trading. We provided them the basic resources to give them a quick start and by this time we launched already the traditional market ideas.
We had successfully guided a part of our audience towards a lot more profit opportunities. The requests of analyzing BTCUSD and ETHUSD constantly had diversified into requests to analyze stocks, Forex, commodities, indices, futures markets. The skepticism, negativism and irony from before have gradually transformed into enthusiasm, excitement and appreciation.
Mistakes we made in this period:
- Concentrated our marketing efforts on the same crypto oriented audience
- Delayed placing the robot on the MQL5 marketplace, we still need to fix this mistake
- Delayed hiring support staff (solved finally). This meant we were spending more time doing support instead of developing the project or creating content
Cool things we did in this time:
- Started our chat groups – the community started to be more active
- Started trading ideas for the traditional markets – we now constantly show profitable ideas to our members and show them opportunities which come through diversification
- Started educational webinars both private to our members but also public ones
- Started the algorithmic trading direction
- Launched EA FIRST PRO, our first robot
- Created a robot support chat group and hired support staff
- Added ICO investment options via a partner pool
- Switched to fiat payments for our services and products
- Created our affiliate program
- 3 more traders joined us: Radu Profeanu, Kathryn Joyce and Dat Tong
- Added courses on Chart Reading by Oleg Alexandrov and Trading Psychology by Radu Profeanu
- We communicated much more than in the beginning and now give periodic reports of our activity
- Managed to keep the same low prices in 2018 despite our costs raising considerably, giving everyone who wants a quality service a chance to get it at the lowest price. We will keep these prices until the end of January 2019.
Our plans for the next year:
2018 was a roller-coaster to our team. We grew into a solid project supported by a solid community and we are enthusiastic and proud of all the things which were done.
We are now ready to start pushing the acceleration pedal for 2019, and change a few things, evolve a few others and add some new features.
What will change in 2019?
First of all, our positioning. During the past year we had several moments when we promoted ourselves in order to give the chance to as many people who are interested to join us at the lowest prices. We thank all of our members immensely for their support which allowed us to reach this step. All active members will keep the same prices which they are paying today regardless of the changes.
Our goal for 2019 is to make 80-90% of our active traders profitable. Normally in the financial markets there are around 10% of the traders who are profitable, 10% who stay at break-even and around 80% who lose money. According to our last survey we currently have 27% people in profit, 37% at the break-even level and 37% who are at loss. Seeing we achieved this numbers before the changes we plan for 2019 make us confident our goal will be met.
For this we need to work with an engaged audience so we will make some changes that will allow us to increase the quality of our work.
Which are the changes which will lead to the goal?
- We will launch the step-by-step program of how to become a profitable trader. Member will be able to pass to the next step only after proving that they have studied enough / are experienced enough to go further. This will stimulate learning the proper things in the correct order and to reach the ultimate goal: to become an independent profitable trader. This will start in February.
- The current package valued at 34.9$/month will be changed to 149$/month for users who sign from February 2019, the option for 6 months will receive a substantial discount.
We have added many features, courses, markets for more ideas and we want to sign up members who are interested to learn trading the proper way. We will soon have an increase in the number of courses as well and as well the new step by step program, the road to becoming a professional trader.
- We will add a Basic package (Lite), containing only trading ideas and market overviews and the basic theory for 59$ a month. This will be designed for advanced traders who only need analysis.
- We will add a Premium package with individual lessons. This package will include 5 1-on-1 lessons in one month and it will be limited in number of spots. The spots will be filled only after the ones who apply to it go through a discussion with Dmitriy.
- 3 robots are in preparation, given that they will provide profitable once the real trading tests will start, we will make them available for purchase. We will keep the same quality of the service as we have done before.
- The EA FIRST PRO robot will split in 2 direction: Lite and PRO. The Lite version will cost 349$ and it will keep features similar to the current 2.03 version. The PRO version will receive additional updates and will be better suited for traders with higher capitals. The price of the PRO version will be somewhere between 900 an 1100$. All people who will buy or have bought the pro version at 349$ before we make the next update will keep all the benefits as before: all the future updates and support are included.
These changes are meant to align our project with our vision. We want to build an even stronger educational project than the one we have now and to become one of the best resources for learning how to trade on the financial markets.
Thank you for your support so far, we’ll do all our best to reach our goals and help you reach yours this year as well as further on!