Expert Advisor Review : Advice

My advice is to look at expert advisor review websites when you are considering buying one of these automated forex trading systems. If you are successful in finding and installing a good expert advisor then you are on your way to making some serious money with forex trading.

However, if you do not set it up right, or if you pick a bad one or just hit a bad point in the market, it can simply lose money for you. Of course you can avoid that to a large extent by using a demo account until you are sure that the robot is profitable. Most expert advisors come with a 2 month guarantee so you can test it out in demo for that time and get a refund if it does not prove profitable for you. However, you could waste a lot of time if you did that with one EA after another. So reviews can help you pick your way through the huge choice of EAs that you will find from a brief search.

One difficulty with expert advisor review websites is that some reviews do not tell you anything about the product that is not already on the developer's website. In other words, instead of doing their own review, these site owners have just taken some facts and copied out. They will probably say nothing negative about the robot and the page may read more like a sales letter than a genuine review.

A real expert advisor review should give you some indication of how suitable the robot is for beginners, how easy it is to install, and perhaps some hints and tips on getting the most out of it. This type of information can be very helpful. Sometimes, even if there were things that the reviewer did not like about the robot, you might want to go ahead because those negative points would not apply to you. Other times this kind of article can help you choose between several robots that might be reviewed side by side.

Another point to look for in an expert advisor review is the trading style. Some robots use a scalping system that will make many small trades in a short time. Others will open fewer trades, but leave them running longer. Both methods can be equally profitable but some people are more comfortable with one than the other.

For example, many people will complain about robots that do not trade often enough, as if more trades automatically meant more profits (it doesn't). However it is true that if you only have a very small balance in your account, you cannot risk much per trade and you may find it frustrating if your robot only makes one or two trades per week.

You may have to read between the lines a little bit to work out some of these points. However, you will be in a much better position to assess which is the best EA for you if you keep these tips in mind any time that you are reading an expert advisor review.