Whether you’ve been reaping some benefits from this busy industry for many years or you are just starting day trading, you have surely considered, at one point, whether or not you should invest on a good forex software program.
There are many benefits for your foreign exchange business, and the main advantages for you are centralization and automation.
What does this mean?
The purpose of this tool is to automate some of the rather tedious tasks essential in doing business with currencies and it will centralize all your transactions, all the currencies you are monitoring, all the spot deals, future deals and the forward deals you are engaged with in one place using one system.
While you will save a lot of time and probably place more profitable trades, I recognize that those tools are pretty expensive.
That’s why I decided to tell you the critical questions you need to ask yourself before you decide to buy any of those time and money savers.
All softwares are not created equal and they don’t have the same purpose either.
The first questions you should ask yourself are:
Do you know what this software actually does and how it will benefit you? Is it a forex entry signal program? Will you be able to monitor your progress?
Once you know this, you need to know if the program will be able to show charts of various currencies in multiple markets.
Your goal is to make your life easier and saving time. After all, you need money to have more free time, not to analyze charts all day long.
You also need to know how often is the application updated?
This is important because the forex is an ever changing market and it’s better for you to have access to help and support from real humans that can provide essential updates that will allow it to cope up with the changing times.
Then, you will need to know how much is the minimum balance and how much does it cost.
Many forex softwares work on a subscription basis. That means that you will pay every single month to get access to the service.
For beginners, it’s better to start with a one time payment software like Forex killer for example.