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If a Currency Software Trading System Cost too Much, Should I Buy it Anyway?
This past week I received an email from one of my free weekly currency markets report subscribers asking me this question. I kind of shook my head and asked myself, "are you kidding me?" How can something cost too much that is going to make you far more money than original purchase price.
Then I thought about it for a while, and can to the conclusion that they might have meant they did not have the money for the currency software trading system now and what should they do? I considered many ways of answering this email before deciding on what I finally said. You be the judge of whether you think I answered correctly or not.
First, as I always do, I stated that a Forex trading system is not a means to an ends in itself. If you have not taken the time to learn currency trading from the fundamental theories to the sophisticated methods, there is little a piece of software can do for you.
Next, I step back to my college days when I was studying for my Masters Degree in accounting and attempted to explain the concept of positive financial leverage. This simple principle states, if you are able to make a higher rate of return on the funds you borrow, then by all means you should borrow as much as possible. In other words, if your interest expense if 4% and your ROI is 5%, then you will have positive cash flow as well as increasing your profits, there fore it is in your best interest to borrow as much as possible as long as those variables remain positive.
Then I went back to there question and attempted to relate the above to what they specifically asked. If you are truly convinced that entering and investing in the currency markets is in your best interest, then you owe it to yourself to acquire the best tools possible to help you become a profitable investor. If you do anything else, you are simply cheating yourself and reducing your odds of ever becoming successful. In other words, the cost of a currency software trading system is irrelevant when taken into consideration the profits it is able to produce.
What is relevant is the funds you will be investing while not having access to best decision making tools possible and the likely consequences of that action. They later wrote back and thank me for the email and stated they understood a little bit better now which made me happy. I hope they are going to make it, you just never know whom is going to become the next millionaire or the next wash out and I wished them the best of luck.
About the Author We have researched, tested & reviewed 100s of Forex Courses, Software Systems and Brokerage Firms which we only list our TOP 10 to help you LEARN FOREX TRADING. For 100s of FREE FOREX TUTORIALS please visit LEARN CURRENCY TRADING. Good Luck! I look forward to seeing you on the trading floor making money! |
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