If you are fairly new to the forex markets, you may be on the lookout for a forex investing system, or at least some sort of system that can help you with your investment and trading decisions, your position-keeping and your profit & loss (P&L) tracking.
So what kinds of systems are available out there and how much do they cost?
This is very much a “how long is a piece of string?” question and the answer, like with many such questions is, “it depends”.
Forex trading and investing systems can cost anything on a scale of zero to millions of dollars, depending on who you are and what you are looking for. If you are a Global International bank with hundreds of traders to support, you can expect to pay well into seven figures for a wide-ranging forex system that will give you functionality for front-office (trading), middle-office (risk) and back-office (accounting).
Most of us however do not fall into that category, so we look for something a little lower on the scale. The good news is that many forex brokers now provide you with a basic forex trading and position-keeping system for free when you open your account. If you are just looking for a simple forex investing system to provide you with the most basic technical analysis signals and to give you the ability to track your position and P&L, it is unlikely you will need any more than this.
If however you are a more seasoned trader with greater requirements, particularly around technical analysis, there is a wide range of commercially available packages out there, typically retailing at anywhere from around $50 to $500 or so.
You may not actually need to spend your money on one of these commercial systems though, because a lot of the basic packages from brokers are very good indeed. So our advice would be to try out your broker forex system first, before spending cash on a dedicated system.