Should I Buy A Forex Trading System?

I've already did but should you buy a forex trading system?

I have to admit that I was guilty of buying a trading system when I first started trading over a year ago.  I bought the Alba system that's offered by the Pippin Ain't Easy site, which I believe is affiliated with Baby Pips.  I never used it.  But I cannot say I didn't learn anything from it.  I learned that you can last longer in this business if you follow a system with rules.  They can include both systematic or discretionary rules.  I said you can last longer; I didn't say you could be successful.  I wouldn't know anything about success because I haven't been trading Forex long enough to qualify for this title.   I'm going to tell you what I think is the #1 way to last as long as possible until you can gain the experience needed that may or may not guarantee success….

Do not trade on impulse.   That's it.  I have traded on impulse in the past and it is a great way to give your money away in a heartbeat.  You'll find that one impulse trade can quickly lead to another and another; literally a snowball effect.  I no longer trade on impulse because I have restraint.  I know that if I ever do impulse trade again, it could be an end to the Forex project.

Let me give you two reasons why you might want to buy a forex trading system? 

1. If additional education comes with this system that guides you in constructing your own trading system, then it may be worth it.  Some mentors will give you explicit trading system rules but will assist you in molding it to your personality.
2. You can learn something from this system that you never thought about.  Someone who sells forex trading systems recently sent me their's for free.  They were attempting to post a comment on the site that really just advertised their system which I would never approve.  I kindly asked them for it for free so that I can take a look at it.  I told them that if I found it at all educational, I would state that in one of my posts.  Surprisingly I did find something interesting in it that I never thought about.  This may not be useful to me now but it is yet another piece of information that I might be able to construct into something useful in the future.  I'm not sure that this piece of information though was worth what they were selling the system for.  

Why shouldn't you buy a forex trading system? 

1. There are so many free trading systems out there.  These systems are supported and tried by many other traders who share their success or failure with it on forums.
2. You can create your own.  It isn't easy finding a system with an edge.  I still don't think I have a system with an edge to make it but I'm always searching.  In addition, if you created it, you'll trust it more than any other system and you'll learn to live with the results win or lose. 
3. This system isn't customized to your personality or needs.  If this system traded strictly during the European session and you're asleep during this time, how will you ever find the time to trade it?
4. Just because this trading system works for them doesn't mean it will work for you.

So I can't tell you that you should or shouldn't buy a trading system.  If you do buy a trading system and it helps you further your education as a trader then it was worth it.  I would tell you to be careful with what you pay for because everyone and their mother is selling a system with testimonials of huge profits.

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