The Internet affords us with unprecedented access to tools and software that are designed to make our lives easier and more productive. There are tools available to let us automate and analyze as never before in human history. Often times, though, the learning curve associated with using a new software tool is quite steep.

Forex software is certainly no exception to this. There are a plethora of tools and applications covering every nuance of Forex trading; from simulations (paper trading), charting & trending tools, wireless and handheld applications, to streaming real-time quotes & trading software, which vary in price from $20 all the way up to $14,000 or more.

With the range of products and pricing available it's easy to end up spending money on trading software packages that’s not easy to use, or that doesn’t offer you the full benefits available.

At a minimum, your foreign currency software should allow you to:

• Do spot trades - trade at quoted prices instantly.
• Place market limits and stop orders so you can monitor your trading positions.
• Place forward options, which allow you to trade on a date in the future at a fixed price.
• Allow you to both buy and sell.
• Have a suite of forex charts that monitor the movements of the highs and lows of different currencies.
• Display real-time “live” prices (both ask and bid).

Some software allows for a “test” account, which allows you to trade without making any real orders or risking any money. Test accounts are a good way to learn the ins and outs of Forex trading without shouldering the risk of losing any money. If you’re new to Forex trading this function is a necessity.

Other software packages include remote monitoring via wireless connections, so you can view and trade positions via your PDA or a WiFi-enabled notebook PC.

You may also consider how the forex soft-ware provider supports and upgrades their product. Do they offer toll-free support for the times that you’ll have questions or problems? When upgrades to the Forex software become available, are they free, or does the provider charge an upgrade fee?

Many Forex program creators offer trial versions. Trial versions are a great way to evaluate a software package too. If you can actually use it before you buy, chances are, you’ll avoid spending any money on a product that you’re not happy with.