Let’s take $ 3000 initial cost of the FXMadeEasy program. Plus the $ 100+ per month data feed that 4xME would require. For one year: 3000 + 1200 = $ 4200 to 4300.
This would just be for set up and a demo account. No capital to trade with.
A Better Plan:
$ 2500 for a trading tutor (a real person who would teach you how to trade, not just about trading). Shop around, get references.. (not sure how far this amount would go.. even a couple of months would be good)
$ 300 + or – for books/videos. If you live in the USA then make use of the library system and read most trading books for free. Our local library has secured books for me from intra-library loan… that came from university libraries all over the USA. Then buy the books you either cant get or want to keep in your own reference library. The tutor would advise you. This amount would furnish a 5 or 6 book basic library of books you would want to own during that first year.
Open a free demo account and trade it — paper trade — for 6 months while you learn with the tutor and study. Keep using the demo after that for practice.
Balance of $ 1500 to open a real $ mini account.
A year later, you (should/will) know how to trade, know a lot about the FX market, have possibly settled into a trading style, hopefully will have learned about confidence and discipline and taking risk. Besides that, a good tutor will steer you clear of all of the bogus hoopla that you find out there.
Plus you will have a funded real money account to trade with.
If you have more $$ than the 4300, I would put it toward the tutoring and capitalizing your account.
I never bought 4XME.. but their presentation got me started with Forex.
a)You don’t need to spend big bucks to do that.
b)If you have the self-discipline to follow trending markets, there’s lots of free methods to help you.
c)If you don’t have the self discipline to do what’s needed to profit on trade trending, no software (free or not) will help you…
I don’t know what your background in trading is, but if you are just starting out, you’d probably be better off just getting a demo account, trading that for a few months while reading the trend based discussions here, and then moving to a mini-account once you have been consistently profitable with low drawdowns for a few months; then when you are comfortable with that start increasing your lot sizes.