The Lowdown on Forex Robot Reviews

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We’ve covered little bit about reviews in our discussion of Forex trading platforms. The most important thing that we need to know is that all Forex robot reviews are not created equal.

The reason that all Forex robot reviews are not created equal is that not all Forex robot reviewers have the necessary experience to properly evaluate a Forex robot. The fact of the matter is that most Forex robot reviews are merely opinions of the reviewers which are designed to get you to purchase the Forex robot being reviewed. If you take a close look at most reviews you’ll see that much of the information contained within the review is the same information that can be found on the robot vendor’s website. This is what makes most of these Forex reviews useless. It also makes Forex robot reviews easy to create which is why we see so many of them clogging up the Forex market place. With all these reviews available is difficult for a beginning Forex trader to understand which review to trust.

Since most of the reviewers are compensated or have the potential to be compensated in some form or fashion, you will find most Forex robot reviews shed a positive light on the product. The result of this is that many people wanting to trade Forex surf the net and find many positive reviews about the product they are interested in. Unfortunately this instills within them a sense of false hope and promise as the cumulative positive reviews assure them that they should buy that particular Forex robot.

At this point you’re probably thinking that it will be nearly impossible to find objective Forex robot reviews. You would be correct in your assumption. Even though you could go to a Forex trading forum and find opinions on how well a particular Forex robot has performed, this can be biased in certain ways too. You see, the beginning traders don’t really have the necessary experience to evaluate a Forex trading robot and may give a Forex trading system a negative review after having only one losing trade. This type of information is not really useful to anyone. It is simply the opinion of someone inexperienced in Forex trading.

You may be fortunate enough to find a rare website or two that owns and actually uses the Forex robot and periodically reports the results. This type of information would be excellent as you can evaluate how the robot performs as time goes on. At the same time you can look at your own Forex charts and see where the Forex robot in question would have entered and exited the market. This can actually help give you a very good feel of whether or not the “trades make sense”.

One excellent alternative to looking for Forex robot reviews is to evaluate the Forex robot you’re interested in yourself. Most of them have a 60 day moneyback guarantee and they can be tested out on a free Forex demo account. Just make sure that during your evaluation that you follow the instructions of the Forex robot to the letter. This will allow you to evaluate the robot in its true form and to not have the results altered through actions of your own or lack thereof.

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What You Need To Know About Forex Trading Platforms

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Forex trading platforms serve as the interface between the Forex trader and the Forex broker.  A Forex platform is also called Forex trading software and is downloaded from your Forex broker. These platforms are what make online Forex trading possible.

Different brokers have different platform options.  Fortunately for today’s Forex trader just about every broker offers a free Forex demo account.  This is your broker’s way of allowing you to see the many features of their trading platform as well as get a feel for its ease of use in day to day trading.

Here are some of the features available in many of today’s Forex trading platforms.

Up-to-the-minute equity status — You can see your account balance in real time as the market changes.  It’s not important to watch your account balance constantly, but it is nice to know that you can find out exactly what it is at any moment during the day or night.

One click order placement — Many platforms allow you to simply click on the currency pair you wish to trade as either a buy or sell to enter a position. This is especially convenient and allows you to enter or exit a trade virtually instantaneously.

Trailing stops — For those traders who use trailing stops this is an especially useful feature.  Rather than having to watch the market you are able to set trailing stops to lock in your profit as your trading position goes in your direction.

Automated Forex trading — Certain platforms have the ability to place trades for you automatically based upon the Forex trading system you have chosen.  This is the ultimate in hands-free Forex trading.  Quite naturally, when using such a system is wise to make certain that it works the way you expected by using a Forex demo account first.

Forex charts — It’s very common for today’s Forex trading platforms to have Forex charts included. Trading using charts, especially candlestick charts, has become the standard of many successful Forex traders.

We just covered a few of the numerous features available in today’s Forex trading platforms.  Before deciding on one platform feel free to take advantage of the many free Forex demo accounts available to you.  Remember that finding a trading platform that you are comfortable with is an important factor in your success as a Forex trader.

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