If you seen one forex robot sales page, you’ve seen them all and one fixture that is prominent on nearly every one of these Web sites is a copy of a forex brokerage statement that is intended to illustrate the performance of that particular forex robot.

This is a common sales tactic that builds on the emotions evoked by the videos of the forex robot’s trading performance and the video testimonials of traders that are pleased with the forex robot. The idea here is to captivate buyers with all sorts of positive emotions until they are dreaming of millions of pips and they can’t resist buying the forex robot.

What’s funny about this sales tactic is that most traders know what the forex robot developers are trying to do. Despite being aware of these gimmicks, many buyers fall victim to simply buying a forex robot that they haven’t properly investigated and one of the biggest areas to investigate is the efficacy of the brokerage statements featured on the sales page.

Not All Bad, But Remember To Tread Carefully

The world of forex robots certainly has its share of good guys and bad guys. Simply put, a lot of the people trying to sell you forex robots know that all they need to is type up a “brokerage statement” and slap on their Web site and most buyers are going to believe it’s the genuine article.

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.

So how do you test the efficacy of the forex robot’s statement? It’s easy. Let’s say the forex robot you’re investigating shows a bunch of USD/CHF trades in its trading statement. Using the date of the trades, use a chart to see if the pair actually traded around those prices at the time and date the forex robot is saying it took those trades. If the forex robot doesn’t feature dates or times in its trading statement, consider this a red flag. A forex robot that has nothing to hide will give you all the data you need to verify its trades.

Sure, this little project is going to require some time on your part, but it’s free to do this homework and a lot more expensive to endure trading with a forex robot that wasn’t completely honest about its trading results.

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