Will there be any differences when you use a Forex Robot?

Perhaps you’ve noticed that one sales ploy often used by forex robot developers is to show a trading statement that illustrates the success of their particular forex robot. This is just part of the typical marketing techniques associated with forex robots and forex robot developers know that most buyers won’t buy the product without some of evidence of its performance.

But how much time should you spend investigating the legitimacy of the statements found on forex robot sales pages? The answer might actually surprise you.

Deep down, you probably know that anyone can type up a trading statement and stick in on a Web site and call it real. When you a brokerage statement on a forex robot sales you’re kind of hoping that the developers are doing everything on the up and up. The reality is you need to look into the legitimacy of the brokerage statements on forex robot Web sites.

Not All Bad, But Remember To Tread Carefully

In no way are saying that every forex robot developer is a bad person, nor are we saying that forex robots are a rip-off. That’s not true and there are some very fine forex robots available on the market today. However, anyone generate a brokerage statement and post it on their sales page. And the only way of figuring out who is scrupulous and using real statements is to actually take the time to do some research.

As luck would have it, forex brokerage statements are fairly easy to understand. The information you’ll see on a standard brokerage statement should include your account balance and number, the dates of your trades, the pairs you traded and your profit and loss for each trade. Pretty easy stuff to understand.

Now For The Hard Part

Analyzing the efficacy of a forex statement that you’ve found on a forex robot sales page can be a little tedious, but the work itself is easy and worth its weight in gold. While perusing this forex robot’s statement, you notice hundreds of winning trades and very few, if any, losers. A healthy amount of skepticism is generally a good thing when investigating forex robots and that skepticism should certainly be applied to reviewing of the trading statement.

Let’s say you see a trade on the statement that you’re reviewing that says the forex robot traded the USD/JPY at 9AM Eastern Time on August 10. The bid/ask spread was 95.46 by 95.50. Now that you have this information from the forex robot brokerage statement, you can go back to your charts to see if this pair actually traded at those prices at that time. If you do this a few times and notice that robot’s brokerage statements don’t mesh with the prices that really traded, you know the developers aren’t being upfront about the forex robot’s performance.

While that may seem like a lot of work, it can help you avoid purchasing a forex robot that is a bad product.

Author Bio: Francisco Pizarro G. made a career from Forex and left my profession as a Translator almost 4 years ago; since then I work from home in my small office trading the Asiatic markets during night time, where I found a good niche. I am a fan of Forex Robots

Category: Finances
Keywords: Forex Robots, Day Trading, Forex, Forex Brokers, Finacial Advisors, Expert Advisors