Each year, computers allow us to automate our lives more and more. As technology increases, software gets better and forex trading software is no different. When dealing with money, you need to concern yourself with the true cost of automation software.
As an investor, the number one thought in your mind should be, “What is the return on my investment (ROI)?” Is it worth spending $200 on a piece of software that doubles your money, or $49 on one that gets only a fraction of the return? Or, can a $79 program do just as good, or better than the $200 package.
Here are 5 tips to help you decide on purchasing your automation software:
- Does the software company offer a LIVE demo? Many companies only show historical data that could be several months old. Beware as this could show a data snapshot that occurred during a unusually favorable market condition. You need to see results based throughout the day.
- Can the software be used with different account types? Make sure the software you purchase can be used no matter what account you have, whether it is large or small.
- Make sure the results are not back-test results. (See Tip #1)
- Calculate your ROI. How long will it take for you to recoup your software investment? Will you recoup the cost of the software quickly by using the software? You should be able to make back your money quickly with a good software robot.
- Is the software easy to set up and run? You should be able to set up in less than 10 minutes and be able to start using it EFFECTIVELY in less than 15. Running the software effectively should be as hand-free as possible enabling you to make money 24 hours a day, even while you sleep.
In forex, TIMING is money. You need to be able to make quick decisions on a constantly changing market. Fluctuations can range from a few tenths to several dollars in a matter of seconds. Good forex trading and automation software allows you to make even more money than you can do on your own. And, just like the forex market itself, this automation means you can make money in forex 24 hours a day, 7 days a week. Bottom line is to choose your software wisely and keep in mind the return on your investment (ROI).
