What to Look For When Evaluating Forex Robots

The foreign currency market is literally inundated by launches of new automated robots at this point and choosing a forex robot to risk your cash on is becoming a lot more difficult. This article will help you dig through all the media hype out there and focus on the products that seriously present promise.

Unfortunately the expert adviser market is a bit of a minefield at the present time because of all the ripoffs and bogus claims. The important thing to bear in mind is to look past the hype and focus on the facts that are available. The initial factor that I personally use as a filter is the type of evidence they use inside their sales page. If they deliver live account statements that update in real-time it is a good indication, but when they only provide back-testing reports this is already a warning sign. This test alone will help you avoid 90% of the scams out there..if you see only backtesting reports and no live statements, stay away.

The next thing to consider is the overall message provided in the sales page. If it is a regular marketing message with big red headlines and claims of doubling your account on a monthly basis then you should already exercise caution. I've bought a wide selection of these robots through the years and when it appears too good to be true it almost always is... trust me on that. The very best products out there will often be the ones that have less fancy looking websites and more realistic promises. The simple fact is, no forex system can continuously double your cash every month... if you see these kind of promises it's normally better to steer clear of the product. If a product offers realistic dividends like 10% per month I'm immediately curious.

One more thing that you can generally look at is the return policy. If a sound 30 or 60 day "no questions asked" refund policy is provided, then it is generally safe to acquire the product on a test basis and review it on a demo account. Just make certain that you search for any terms and conditions that will prevent you from obtaining a refund later. It is often times required to show that the product didn't work for you before you can get a refund, so make certain you keep copies of you demo account statement just in case this is requested later.

More often than not it is good to wait until there is some genuine user feedback around the product prior to buying. Never get intimidated by warnings that the product goes off the market or that there are only limited copies obtainable. I would rather miss out on a possible opportunity than hurry into something which turns out to be a scam later. If it's a good system then it will normally be in the marketplace for a long time, so there's no need to rush.

Utilize the above guidelines and you will most certainly avoid most of the scams out there.