Before you acquire a forex robot, there are a few things you should think about. There are a lot of trading systems out there, but only a handful of them actually deliver on their promises.
This is the exact same list I use when analyzing any trading strategy on this site. And if you’ve read any of my reviews, you’ll know what I’m talking about.
1. Is The Forex Robot Controlled By A Real Person?
This is the most important factor to consider when purchasing a forex robot.
It is critical that you review the website before purchasing a forex robot. Make a cursory inspection of the pages and videos to ensure that the program is operated by a real person. If at all possible, send a message and ask questions such as;
- What country do you hail from?
- Is it possible for me to contact you via Skype or WhatsApp?
- What’s your name, by the way?
- Is it possible to observe a live account result?
You can easily tell if the robot is controlled by genuine individuals or if it’s just a scammer waiting to take advantage of you.
2. Check to see if the Robot’s website has a live account.
Before you purchase any forex software, make sure you view a live account evidence.
Because recordings and photographs can be altered. Before you acquire any forex robot, be sure to look at a real-life account.
It might be a live my fx blue account proof or you could be granted access to their real account.
Before you buy any system, make sure you see a live account.
3. Be skeptical when anything appears to be too good to be true.
Because we are all greedy in general, scammers are preying on that weakness and actively leveraging it against forex traders.
Some forex traders, for example, have requested me to show them the forex robot that I use, but they have declined because it does not deliver 100% of the time.
They usually come back to me after losing a large sum of money.
Because scammers are aware that your mind is susceptible to promises of immediate wealth and money multiplication, they will make false claims about how their forex robots have been creating money.
You’d fall for the con at that point because it’s exactly what you’ve been hoping for all these years.
And, if you agree with me, buying a shoddy forex robot entails losing twice. You lose two things: first, the money you bought for it, and second, the capital it trades for you.
Please be careful when you come across a new forex robot that claims to be able to make money like no other.
4. Perform a test after purchasing
Yes, you should always test any forex robot before using it on a live account.
The first rule of investing is to conduct research, while the first rule of forex investment is to test your strategy or robot.
You should perform a back test, which entails replicating the robot using historical market conditions to check if it actually made money.
Then Make sure you’ve used and tested any system on a demo trading account before putting your hard-earned money into it.
It could be fatal if you don’t test.
5. Think about the price.
When I’m looking at forex robots and come across any low-cost options, it’s usually a turn-off for me.
How can you claim a 30% monthly return on investment and then sell that robot for $200? You’ve got to be kidding.
While this is just my personal view, I believe it to be true in the majority of circumstances.
Would you be willing to sell a $100 money printing machine? I’d even wonder why you decided to sell it to begin with.
When you come across a new forex robot with a traditional sales website, that should be the first question that springs to mind. Why are they selling it, or why is it so inexpensive if it works?
Again, this is merely a personal view, but it is one that should be considered before purchasing any forex software.
6. Think about the robot’s underlying strategy and design.
The strategy behind a forex robot’s actions is the last item to consider before purchasing one.
Sure, most forex expert adviser creators will not divulge their software’s technique firsthand.
Getting a sense of what goes on behind the scenes, though, may assist you in making an informed decision about a robot.
Simple techniques that aren’t overly complicated or reliant on illogical mathematical equations are the most effective.
As a result, before you utilize a forex robot, you should understand the brain behind it and how it is programmed to place trades.
Even if you are a novice forex trader, you can learn some fundamental concepts before entrusting your hard-earned money to a robot that has no idea what it’s doing.
Have you ever purchased a fraudulent trading robot? Please share your experience in the comments section below so that the rest of the community can benefit.