We hear plenty about the advantages of reading expert advisor reviews (for instance see this Forex Juggernaut review) before you invest in one, but can you actually trust them? There are such a lot of differing kinds of bots and differing types of currency exchange traders, that even if an EA or expert aide has the best reviews in the world, it still might not work for every individual.
That might be a surprising statement. You can probably imagine that a trading program which relies on the trader to put it into application successfully everytime, could have very varied results for different folks. The presumption is frequently that bots either work or they don’t, and they will work in the same way for everybody, so all users make the same profit at every point. But actually this isn’t true.
In broad terms of course most traders’ results will follow tops and downturns at roughly the same time if they are employing the same software, but amazingly, the actual results can be quite different. In fact in some of the expert counsellor forums you’ll find two folk employing the same EA and one is making a return while the other one’s making a loss. So why is this?
There are a few factors that make a contribution to the discrepancy. First, there is the question of currency pairs. Most expert counsels have the potentiality to work with a few currency pairs and they won’t always perform just as well with every one of them. You can frequently improve results by concentrating only on the pair or pairs that are the most successful. Expert advisor reviews can be great for working out which are the best pairs to trade.
Second there is the question of settings. This is the most common question in forums, on blogs and to EA support staff: what are the best settings for this robot? It’s a little like the search for the best system : it is nearly impossible to guage. The permutations are nearly infinite and what would have worked best last month will not necessarily work best the month after next.
Generally, the safest possibility is to follow recommendation on settings from the company’s own information, but in some cases you may pick up useful tips from expert counsellor reviews and user websites. Remember though not to trust everything that you read, and always test new settings before going live.
Fourthly, risk management makes a massive difference to whether you can sustain profits in the long run. If your risks are too high, then even an EA that is profitable can clean you out. This frequently happens to newbies. Remember that even the best EA ( like the best human traders ) will have losses and losing runs. It’s important to set your risk low enough that you can survive the bad times.
Ultimately, it makes for a difference which broker you use. Some will have heavier costs, some may operate in a way that tends to trigger stop losses more frequently, and so on . The EA will often come with information about which brokers you may use, but that is often based solely on technical compatibility of the software. Forex robot reviews and users will often recommend particular brokers for their quality of service, and that can be helpful.
So EA reviews actually have their uses, even though no reviewer can ensure that another individual will have the same experience with the robot. So do seek out feedback from people who have had an opportunity to use and research the software, but be advised that you won’t necessarily achieve the same result. It is important to read expert aide reviews carefully to assess whether a selected EA is probably going to suit your individual case.
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This post was written by admin on February 22, 2010

























