How Much Should I Spend On Forex Trading Software?

Forex trading software is fast becoming a must have addition in the world of trading Forex.  The advantages it gives a trader are significant, allowing the trader to trade more frequently, accurately and consistently across a large number of trades at the same time.  Knowing which robot to buy can be tricky though, there’s a lot of options out in the market at all different prices.  We’re going to look at how much you should be looking to spend on Forex trading software.

Don’t Forget - It’s An Investment

Everybody has some sort of budget when they start out trading.  It can be tempting to buy cheap software in a bid to have more money to trade with but you need to realise that the software you buy is an investment.  Forex is a highly competitive marketplace, and if your turning up with outdated software you will get slaughtered, it’s a bit like turning up to a gun fight with a knife - you ain’t going to last long!  Buying more expensive Forex trading software is generally more likely to make successful trades, meaning that the extra money you spent, you’ll reclaim faster, and then continue to make more money in the future.

Cheap Software (under $99)

If you really are strapped for cash then to be honest, i’d stay away from Forex trading software until you can afford a better system.  Cheap software will only see you lose your money faster.  Instead what i’d do is sign up with a broker and learn to trade Forex using their software on a demo account whilst you save up for a better robot.  Demo accounts are a great way to learn the ropes in Forex, and all though you won’t be out making real money quite yet, you’ll thank me when you start trading on a live account with software which is up to the task.

Good Software ($100 - $200)

I’d say that this is the entry level for decent Forex trading software.  As a rule of thumb, the more you spend the better the quality, however there are some great deals to be had around the $150 mark.  At that price point, the software company has likely spent enough time and money researching and building a thorough system which will give you good returns on your investment.  just make sure you see proof of their earning potential.

Great software ($500 - $1000)

If your a really serious trader, then there are some Forex trading systems out there which are designed solely for professional traders.  In all honesty, these trading systems require more work as they have more parameters which can be tweaked as you can imagine from software aimed at power-users.  This does make them harder to set up and run, although obviously their earning potential is also significantly higher.
If your thinking about buying Forex trading software, i’d put it off until you can afford software over $100.  Likewise, unless your a professional trader and require more flexibility, it’s not really worth shelling out up to $1,000 until you really know what your doing in the market.  The $100 - $200 price range is the most competitive and gives you the most bang for your buck.  The trouble is there are so many different types of software in this category its hard to know which one to pick.  Learn how making the right decision can be the difference between making more money more often and being hung out to dry when choosing Forex Trading Software.