Below is a list of important things you should consider before buying a forex robot.
There are lots of trading systems out there but only a few truly deliver the profits that they promise.
This is the same exact list that I put to use when reviewing any trading system on this blog. and if you have read any of my reviews then you can testify.
1. Is There A Real Person Behind The Forex Robot?
This comes first on the list of things to consider before buying a forex robot.
Before you buy a forex robot; it’s important you look through the website. Do a quick check on the pages and the videos to make sure there is a real person behind the software. You should send a message if possible and ask questions like;
- Which Country are you from?
- Can I Contact you via skype or whatsapp?
- What’s your name?
- Can I see a Live Account Result?
You can easily deduce if there are real people behind the robot or it’s just a scammer lurking to cash out on you.
2. Check If There’s a Live Account on the Website of the Robot
It’s important that you see an actual live account proof before you buy any forex software.
Because videos and pictures can be manipulated. Make sure you see a real live account before you buy any forex robot.
It could be a live myfxblue account proof or they could give you access to login into their live account.
Just make sure you see a live account before you buy any system
3. Be Skeptical When its Too Good To Be True
Because we are all generally greedy, scammers are targeting that vulnerability of ours and they are actively using it against forex traders.
For example; some forex traders have asked me to show them the forex robot that I am using, but because it does not deliver 100% a month, they decided against it.
Most of the time, they come back to me after losing hundreds of dollars.
My point here is that; because scammers know that your mind is vulnerable to promises of instant wealth and money multiplication; they will intentionally make empty claims about how their forex robots have been printing money.
At that moment, because it’s exactly what you have been dreaming of all these years, you would fall for the scam.
and if you would agree with me, buying a crap forex robot means you will lose twice. first, you lose the money you paid for it, and secondly, you lose the capital it trades for you.
Please, be skeptical when you discover a new forex robot that claims heaven on earth money making capabilitiesALex
4. Test After Buying
Yeah, it’s very important that you test any forex robot before you put in a live account.
The first law of investing is an investigation, while the first law of investing in forex is testing your strategy or robot.
You should run a backtest, which simply means simulating the robot using past market conditions to see if it really delivered profits.
Then, Before you use any system on your hard-earned money, make sure you test the system on your demo trading account. Failure to test could be fatal.
5. Consider The Pricing
Whenever I look through forex robots and I see some cheap pricing, it’s usually a turn-off for me.
How can you promise to deliver a 30% monthly ROI and then sell that robot for $200? You must be kidding me.
While this is totally my personal opinion, I can say that it’s true in most cases.
Would you sell a money printing machine for $100? I would even question you for deciding to sell it in the first place.
and that should be the first question that comes to mind when you discover a new forex robot with some classic sales page. Why are they selling it, or why so cheap if it truly works?
Again, this is a personal opinion, but well worth considering before buying any forex software.
6. Consider The Underlying Strategy and Design Of the Robot
last on the list of things to consider before buying a forex robot is the strategy behind its activities.
Sure, most forex expert advisor creators won’t reveal the strategy behind their software firsthand.
Still, getting an Idea of whats goes on behind the scene could help you make a good decision about a robot.
Simple strategies that are not cumbersome or based on some stupid mathematical formulae work best.
Even if you are a beginner forex trader, you can still be able to understand some basic things before you give your hard money into the hands of a robot that doesn’t know what it’s doing.
Have you ever bought a scam trading robot? please share your experience in the comment box below, so the community can learn from you.