Have you ever encountered an online promotion for a forex system, strategy or software? If so, I bet that the promoter promises great wealth in no time, something like “this incredible system makes $3,000 a day” or “I am making money in my sleep using this automated trading software” and so on. Very tempting for some of us. And as this “Forex Systems” hype is relatively new, even veteran traders ask themselves whether these systems are for real.

The truth is that some of these forex products are indeed total scams. But it is also not logical to think that ALL of them worth nothing. Luckily, we live in the information era, where a scam cannot be hidden for long. So if you encounter a forex system, strategy or software for sale, do not get lazy and search the web for relevant blogs, forex forums and reviews. If the product is a scam, you will probably discover it quite easily. However, let’s say that you find a decent, reliable Forex System - what can you expect from it? Will it really deliver? Well, start by asking the following questions:

Am I disciplined?

Most traders purchase a good trading system or software but do not have the discipline to trade according to the system’s rules. Some traders do not trust the system they have just bought and try to change the rules from day one. Others trust the system first, but after a few bad trades start losing confidence and let fear and greed guide their decisions. I must admit - it was very hard for me to trust a system that was created by someone else. Only when I understood the logic behind the system I began to develop confidence, traded with discipline and finally made profits.

Do my expectations fit my budget?

The size of your trading account will determine your realistic profit expectations. If you have a mini account (a deposit of between 500 to 10,000 US dollars), it means that for trading the EUR/USD, a 1 pip movement in your favor equals 1 US dollar in profit. So if you are a very good trader with a very good trading system, a good trading month with a total of 500 pips gain, equals US$ 500 in profit. I guess you cannot quit your job yet. But if you have a one million dollar account, you can definitely earn US$ 1,000 per pip. So it takes only 3 pips to make US$3,000 a day. I hope you get the point.

Do I have enough knowledge?

Even the best system is operated by a real person. And each trader is a unique individual. Consequently, if you ask a group of traders to trade the same system, under the same conditions, you will probably get totally different results. Yes, some traders do make money in their sleep using profitable forex systems, but the human factor will always be there. So get yourself a good trading system, but do not stop there. Be ready to acquire a sound knowledge in forex trading and keep expending your knowledge over time.