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What to Look for When Evaluating Forex Robots

By Edited Nov 13, 2013 0 0

The foreign currency market is literally bombarded by launches of new automated robots at the moment and selecting a forex robot to risk your hard earned money on is becoming more and more difficult. This article will show you how to dig through all of the media hype out there and pinpoint the products that actually show promise.

Unfortunately the forex robot market is a bit of a minefield at the moment because of all the scams and false claims. The main thing to keep in mind is to look past the hype and focus on the facts that are available. The very first point that I personally use as a filter is the level of proof they use on their sales copy. If they offer live account statements that update in realtime it's a good indication, but if they merely provide backtesting reports this is often already a bad sign. This test alone will help you avoid 90% of the scams out there..if you see only backtesting reports and no live statements, stay away.

The next matter to check out is the whole message delivered in the sales page. If it's a traditional marketing pitch with big red headers and claims of doubling your account every 4 weeks then you should already exercise caution. I've purchased a wide selection of these robots through the years and when it seems too good to be true it invariably is..trust me on that. The best services out there are often those that have less pretty looking web sites and more realistic offers. The fact of the matter is, no expert adviser can consistently double your cash every 4 weeks..if you see these types of promises it's typically better to avoid the product. If the product offers realistic rewards like 10% per month I am immediately interested.

Another thing that you can normally look at is the refund policy. If a strong 30 or 60 day "no questions asked" refund plan is offered, then it's usually safe to get the product on a trial basis and assess it on a demo account. Just make sure that you seek out any fine print that will prevent you from obtaining a refund afterwards. It is occasionally necessary to demonstrate that the system failed to work for you before you can get a refund, so make sure that you keep copies of you demo account transactions in case this is required later.

More often than not it is good to wait until there is some genuine consumer feedback regarding the product prior to buying. Never get scared by warnings that the product goes off the market or that there're only minimal copies available. I would rather lose out on a possible opportunity than rush into something which turns out to be a scam afterwards. If it is a good system then it will generally be in the marketplace for a long time, so there's no need to rush.

Utilize the above strategies and you'll most certainly avoid the vast majority of scams out there.



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