Do Independent Forex Robot Reviews Exist?

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o independent Forex robot reviews exist? The answer is yes. All you have to do is type in “Forex robot review” in your favorite search engine and you will see tons of “reviews” pop up. Many of these will be done by individuals that are not the actual product owners themselves.

The challenge is not in finding independent Forex robot review, but rather in finding unbiased independent Forex robot review. You see the vast majority of Forex robot reviewers create reviews with one goal in mind…getting you to buy the Forex robot in question. this is essentially how it works. The reviewer will create a review and place it on his website. The reviewer will have links that lead to the website of the Forex robot being reviewed. Each of these links will contain a special code that will identify the reviewer as the source of the referral. When you click on a link and go to the Forex robot website and buy the robot the reviewer then receives a commission which is a percentage of every purchase.

In theory there is absolutely nothing wrong with that. If someone provides good information to help us make purchasing decisions then they by all means deserve a referral fee or commission. The problem is that most reviews have not really reviewed the product in question. In fact, if you look closely you will see that many reviews contain the exact same information as found on the Forex robots website. Quite obviously this would not qualify as an unbiased review. There reality is that such a “review” is not a review at all.

A review should be an evaluation of the product letting you know the good, the bad, and the ugly of a Forex trading robot. I would estimate the over 95% of all Forex robot reviewers have NEVER even tried the product. This is not to say that an experienced trader could not go to the Forex robot website and make a quick evaluation. For instance, I recently came across a Forex robot that claimed to produce over 99% winning trades! Anyone with years of experience in trading would quickly tell you that this is absolute hogwash! Let’s explore this a bit further.

Here’s a quick tip that could possibly help you to save yourself some time, aggravation, and grief. Forex robots with a winning percentage of 90 plus percent are a pipe dream…a figment of someone’s imagination. Advertising numbers such as these is specifically designed to lure in naive would-be traders because these traders don’t know any better.

So to go back to our original question, “Do independent Forex robot reviews exist?”. Reviews exist, independent reviews exist, but finding an unbiased independent Forex robot review is like trying to find a needle in a haystack. If you happen to see a positive, glowing review of a Forex robot with a percentage of winning trades over 90%…run. The reviewer doesn’t have clue about real-money, real-world Forex trading.

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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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The Disadvantages of Using a Robot in Forex Trading

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Forex robots are all the rage these days. Everywhere you look it seems that someone is coming out with a new, latest, greatest Forex trading robot. Quite naturally each vendor wants you to choose their particular robot over the others available in the marketplace. It stands to reason that not all Forex robots are created equal. If they were all the greatest thing since sliced bread then most likely you would not be reading this as you are now.

Let’s start off with a definition of what Forex robot is. A Forex robot is software that will make trading decisions for you as well as automatically placed those trades with your chosen Forex broker. In theory, automated Forex trading is the ultimate in hands-off, hands-free profitability.

It is important to keep in mind that “automatic” does not equate to “profitable”. It is for this reason that we will now cover some of the disadvantages of using a robot in Forex trading.

You have no idea if its logic is flawed — A Forex robot is essentially a “black box”. This means that information goes in one end of the black box and while that information is in there you cannot see what is happening to it. The information that comes out of the other end of the black box in the form of a trade entry or exit. Without knowing and understanding the logic upon which the black box is based, there is no way to know whether the logic is flawed until you start to continually lose money.

Built to sell, not to profit — The reason you see so many Forex robots available in the market place is because people buy them. People not only by them they buy millions and millions of dollars worth of them. Quite obviously some people have realized that the way to make a lot of money in Forex is to sell products to people who want to trade Forex! What this means for some is that the more appealing the product appears to consumers, the more money they will make through sales.

It is an unfortunate reality that some Forex robots are designed to appeal to consumers, rather than to be profitable for the long-term. There are a number of profitable Forex trading systems that don’t look nearly as appealing as many of the hyped up systems that enjoy popularity today.

You won’t learn how to trade Forex — This is one of the biggest disadvantages. Expecting to make money in the Forex market without learning anything about the Forex market is a recipe for disaster. In our instant gratification society many beginning traders want everything handed to them on a silver platter, including profits. By using a Forex robot you may be entering into the Forex market as if it were a get-rich-quick scheme. If you shortcut the essentials of learning Forex trading you will be shortchanging yourself out of long-term Forex trading success.

While you can see that it is true that there are disadvantages to using a robot in Forex trading this does not mean that all Forex robots are bad. What this means is that you are placing yourself in the long-term disadvantage by making an attempt to take a shortcut to profitable Forex trading.

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