The release of a retail EA has been a lot more work then we imagined. When we decided to release our personal robot we underestimated just how much work would be required. Over the past couple of weeks everyone has been flat out like a lizard drinking improving the Kangaroo EA so it runs on two pairs and answering all of our client's emails personally.
We thought you might like to know the thinking behind our decision to
release the Kangaroo EA and some of the work it took to allow it to
'hop' into the retail market. Maybe some of you will find our journey
useful and informative if you too have a private system and are
considering a retail release.
TulipFX is proud of our baby, the forex robot ea called Kangaroo. It is one of the first EA systems we developed a while ago now and we have had it chipping away at the markets making good solid returns.
considered releasing Kangaroo EA to the retail market sooner but a
combination of not wanting to enter such a generally shady marketplace
and the fear of losing control of our intellectual property had us
dismissing the thought.
Over time, however, we gave the idea
more thought, especially since almost every EA we laid our hard earned
money on gave either poor demo results, or blew demo accounts on
backtests. What we noticed wasn’t so much the fact that alot of people
were wasting $97 on a poorly coded and risky forex robot EA systems, but
also the marketing hype that went along with it promising the earth and
then some. That didn’t sit well with us. Encouraging people to think
that for the price of a new release computer game they could retire
early with a beachside villa and Ferarri in the garage was an illogical
claim and bordering on fraudulent practices (in our eyes).
what many of these forex robot EA systems provided was a loss of
capital. EA marketeers (lets face it, the majority have never traded a
pip in their lives) were selling people down the river. Did we want to
enter that market?
After testing more forex robot EA systems
and getting quite upset at the difference between what sellers were
promising us and the actual results, we decided that we would like to
‘do things right’ and sell our systems to the general retail market.
After all – this market is big enough for a new kid on the block.
Selling our EA systems which trade on the major pairs wouldn’t cause our
personal trading profits to suffer and we could earn a secondary stream
of income to fund more live accounts…so why not!
See how Kangaroo EA performed when tested by brainyforex here.
Seeking out new armor
of the major reasons not to do it was that our systems would not be
able to be kept to those who had recompensed us for our work. While most
forex robot EA systems should get their grand claims independently
tested the ability to have our hard work freely distributed worried us.
It would see every Tom, Dick and Harry running our systems and leave us
with no compensation for releasing our personal traders to the market.
even more importantly, we’ve all come across so-called “educated” forex
expert advisors that were actually educated badly….these would be
shared, cause losses since -part of- the logic might have been altered
from the original version, and this could cause damage to our reputation
we were trying to establish as being a company that delivers consistent
& profitable no-nonsense EAs.
If we could be sure of
finding a way to protect our intellectual capital and the interest of
our future (paying) customers, we decided we should release the EA
Luckily one of us had a personal friend who had
worked in software security and was able to assure us that our logic and
our client’s exclusivity could be maintained.
And so we
decided to release Kangaroo EA. It was our first long term profitable
automated system, so that had to be our first release. Researching what
was needed to be able to successfully launch an EA took us weeks, if not
months. After much brain storming and culling of ideas we had a general
idea of what we wanted to do and how to do it.
Strategy is for consultants
and I wanted to be everything most forex robot EA sellers are not. We
wanted our sales site to be transparent, honest, open, detailed, useful
and friendly. We wanted our layout to be clean, simple and effective.
Having a good EA with nothing to hide helped as we could present every
detail possible allowing potential clients to make up their own mind on
facts, rather then emotive dialogue packed with false dreams.
we were not presenting an EA belonging in the "$97 quality market", and
since we wanted to position ourselves as different from the general
lemon EA market, we decided to enter at a higher price point. We also
agreed on the subscription model for purchases. It allowed us to have a
reasonable upfront fee similar to what people expected to pay in the
retail EA market but also allowed us to gain the revenue which we
thought the Kangaroo EA was worth — if it kept performing, and so
creating a mutual interest in success: we have to be on our toes all the
time to keep our customers happy.
Setting up the webpage, the
payment provider and testing the recoding used for protection took a
LOT longer then we envisaged. At the start we thought we could put the
EA together, smack up a website and it wouldn’t be too hard to get
going. How wrong we were! It took ages!
Selling ice to Eskimo’s
we had the product, but how were we going to let people know about it?
The internet is a big place for a little flower. Our business plan had a
big NO next to affiliate spam marketing. I hate that and I am sure
others do to. It seems effective in driving the sales during the launch
and the large EA marketers do it well but that wasn’t for us. Deciding
to go a different route, word of mouth was going to be our promotion
Sure affiliates are used by TulipFX, but not many. All
are vetted to make sure they offer a review and/or a live test of many
different robots and that this review is honest. If we are going to give
away a big chunk of our revenue to an affiliate we expect them to do
more then just spam their email lists. TulipFX worked hard on our
systems, so we expect affiliates to put in a little effort to be
informative to their readers.
Our overall business plan seems
to be going along well. We are not selling thousands of systems, but are
happy with how things are going. Website hits are constant as are
sales. Clients seem happy with our customer support. This is important
to us. Dutch and I attempt to answer every email personally as soon as
we can. People have respected us and bought our work so the same respect
should be returned.
This has taken up a LOT of time. We
underestimated how many questions, comments, issues and requests would
come in. Don’t get us wrong, we welcome them! It would be far worse if
there were none – it just takes a lot of time to give everyone the level
of service they deserve. If I can make a simple request – please read
our FAQ’s first as that will help take a load off us if your question
has already been answered there. If it hasn’t and you think its a
general question (rather then one specific to you) then post a comment
on that page. Dutch or I can then answer it for many to see. This can
let us have more time to do what we really like doing – creating new
forex trading systems.
"Testing 1,2 ...Testing 1,2 ..."
observed this week, testing is important before releasing a system. We
tested our original system for months prior to release, fixed up all the
little things which needed fixing before finally releasing it in
December. Our updates were mainly to solve some authentication issues
because that was the only part which could not be thoroughly tested
prior to release.
This week we released Version 5.0 and being
brutally honest that release didn’t go crash hot. We put ourselves under
pressure by declaring we would release this week. As it turned out we
had not done enough testing and had to released a number of updates in
the first 48 hours to solve issues which could have been picked up with a
longer testing period. Version 5.1 is now stable and operating
correctly with no hiccups but it took us a couple of updates to get
there making us look rather amateur. It wasn’t a good marketing image,
then again we are not marketing people.
TulipFX is pleased
with how quickly we solved the issues but we are unhappy and annoyed
with ourselves at rushing out a release. The lesson has been learnt and
there will be more and longer testing in the future. This might delay
releases a bit but it will be for an important outcome.
and I have discovered selling our Kangaroo EA can be quite stressful at
times, since we really care about our clientele and about Kangaroo…we
want it to succeed…! Heh, what can we say: we’re traders, just like
you…and we know what it feels like to win..! We are both empathic guys,
so your trades have become our trades. We fret about them just like you
do, even if our broker does not have the same trades issued. This
empathy for the retail trader was what drove us to release an EA which
we personally trust and what drives us to provide you with good service
and profitable systems in the future. And watch this space: You ain’t
seen nothing yet. :)
So thank you for having faith in what we are doing, we really appreciate it and wish you lots of profits from our systems.
If you would like to talk to Ozzie or Dutch, they can be contacted through their website www.tulipfx.com.
PS : Kangaroo EA is no longer available but for those interested in managed fund options talk to Ozzie or Dutch.