Traders who are involved in foreign exchange markets and are thinking about testing out a commercial Expert Advisor, otherwise known as a Robot, should read as many reviews as possible. There are many different types of signaling and robotic software packages online. Some require little on the part of the end user while others require users to be a little more sophisticated when it comes to terminology and trading variables.
First, a word of caution is appropriate. Not all reviews are unbiased or accurate. An article that compares two or three robots marketed by different companies might be more reliable than the review that covers only one particular robot. But the downside is that the reviewer probably did not purchase and test all three products due to the expense associated with such testing. An article that deals with only one specific robot might be slanted but the author of that article may very well have bought and tested the robot. Regardless, you should always use common sense and read between the lines when dealing with any review.
Novice Forex traders might want to go with a product that automates as much as possible. Some of the programs will signal the trader when a trade is a good one and potentially profitable. If the robot does not actually open and close the recommended trade for you, then the robot is not truly automated. The best way to go is to find a robot that is fully automatic but also allows the trader to override certain settings and tweak the variables that the robot relies upon to predict a profitable trade. This way a novice trader can rely upon the robot's programmed script to do the hard work. As the trader learns more about Forex and becomes more self assured, the robot can be altered in ways to match the trader's style.
Experienced Forex Traders would probably demand a robot that could be modified to suit their own purposes. Many veterans who utilize robots allow the automated trading system to open trades for them only. This tactic would ensure that a frequent trader does not miss a good entry opportunity. Full time and attention could then be devoted to watching the open trades and manually closing them out as global market trends change and reverse themselves. A trading robot relies upon technical indicators to enter and exit trades. However, the robot has no way of knowing that a recent crisis overseas is about to affect the currency exchange market. Combining the automation of a robot with the human ability to stay abreast of current affairs is a great way for an experienced trader to maximize profits.
The primary goal in reading reviews on trading robots is to learn how much each particular system costs, whether buyers will get a money back guarantee and what features each robot includes. Check the reviews for links to live demos or forums where you can read comments made by actual users. Keep track of the comparisons as some robots will have many sophisticated features while others might lack in an area that is important to some trading philosophies.
If a trader does his or her homework thoroughly, it is possible that the expense associated with any purchase will be recouped quickly because of the higher incidence of profitable trades. And lastly, be wary of negative comments made traders who purport to be users of certain robots. You can never be certain that a comment is posted by an experienced trader or even if the comment came from a person who is not trying to hype another robot sold by a competitor. A good rule of thumb is to remember that an experienced trader, whether using a robot or not, takes the good with the bad in the Forex market. Anyone who complains about one losing trade probably has not been trading for very long. Focus instead on critical comments that highlight the pros and cons of a robot's overall functionality and technical features as opposed to wins and losses that are influenced by market gyrations.
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