So you've been shopping for a forex robot and visited the seemingly endless array of Web sites and sales pages where the developers behind forex robots extol the virtues of their product. Hey, it's alright that they do this. After all, these guys are in business to make money and that only happens by selling as many forex robots as they possibly can. If you find Forex Robot a little complex then you can go for Forex Trading Tips by experts.
If you've gone through to just one forex robot commercial page at a time, you've probably seen either a video of the forex robot's trading results or a screen capture of the forex robot's profit and loss record sheet. And you've definitely noticed some attractive horrifying claims related the forex robot's aptitude to make you healthy pips. Does stuff like "96% accurate" and "eight of every 10 trades is a winner" sound familiar? The answer is likely yes. But what is the source of these claims? More often than these results are the product of a forex robot running either on a demo account or in backtests and that doesn't do you, the trader, a lot of good.
Live Results Are The Only Thing That Matters
Even if a forex robot brags about superior trading results, remember that the developers are touting a performance that took place well before you purchased their forex robot. Market conditions could have changed. The developers may have programmed the forex robot to take on more risk since it was running in a demo account or the forex robot could have been backtesting a trading strategy.
You buy the forex robot and set it loose in a demo account, using the same settings recommended by the developers and love the results. You can't wait to set the robot loose in a live account.
The day comes and you set the forex robot in a live account and you watch it drain your funds. Unfortunately, you've learned an expensive lesson. Let's impart that lesson on you right now free of charge: The only way to know the true virtues of any forex robot is to test it in a live trading account.
Where Do You Go From Here?
Now you know that demo and backtest results are not the best indicators of a forex robot's ability to generate pips, but what's your next move? A good idea might be to run the forex robot you've purchased in a mini or micro account, using smaller position sizes than you do in your standard account. This experiment has a two-fold benefit. It auditions your forex robot in a live trading environment but gives you a less stressful way of trying the robot out because the losses in a mini account are obviously much smaller than in a standard forex account. The best outcome is logical for good exertion by the expert as Online Forex Trading Tips.
If you're looking for perfection in the forex robot marketplace, you're not going to find it. Every forex robot has its strengths and weaknesses. Just be sure to find one that has more of the former and less of the latter.
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