We hear heaps about the advantages of reading expert advisor reviews (for example see this Forex Juggernaut review) before you invest in one, but are you able to really trust them? There are such a lot of different types of androids and different types of forex traders, that even if an EA or expert aide has the best reviews in the world, it still may not work for every individual.
That might be an extraordinary statement. You can probably imagine a trading program which depends on the trader to put it into action successfully every time, might have really varied results for different folks. The assumption is often that androids either work or they don’t, and that they will work in the same way for everybody, so that all users make the same profit at every point. But actually this is not true.
In broad terms of course most traders’ results will follow peaks and downturns at approximately the same time if they are employing the same software, but amazingly, the actual results can be quite different. In fact in some of the expert counsellor forums you’ll find 2 folks using the same EA and one is earning a return while the second is making a loss. So why is this?
There are a few factors that make a contribution to the discrepancy. First, there is the issue of currency pairs. Most expert advisors have the ability to work with several currency pairs and they will not always perform just as well with every one of them. You can regularly get better results by concentrating only on the pair or pairs that are the most successful. Expert advisor reviews can be superb for working out which are the best pairs to trade.
2nd there is the problem of settings. This is the commonest question in forums, on blogs and to EA support staff: what are the best settings for this robot? It is a tiny like the quest for the best system : it is nearly impossible to evaluate. The permutations are nearly infinite and what would have worked best last month won’t always work the best the month after next.
Generally, the safest choice is to follow advice on settings from the company’s own information, but in a number of cases you may pick up useful tips from expert counsel reviews and user websites. Remember though not to trust everything that you read, and always test new settings before going live.
Fourthly, risk management makes a big difference to whether you can sustain profits in the long run. If your risks are too high, then even an EA that’s profitable can wipe you out. This regularly happens to beginners. Remember that even the best EA ( like the best human traders ) will have losses and losing runs. It is vital to set your risk low enough that you can survive the bad times.
Eventually, it creates a difference which broker you use. Some will have higher costs, some may operate in a way that tends to trigger stop losses more often, and the like. The EA will usually come with information about which brokers you may use, but that’s often based entirely on technical compatibility of the software. Forex robot reviews and users will often counsel particular brokers for their quality of service, and that may be helpful.
So EA reviews actually have their uses, although no reviewer can ensure that another individual will have the same experience with the robot. So do seek out feedback from those who have had a chance to use and investigate the software, but bear in mind that you won’t necessarily achieve the same results. It’s important to read expert advisor reviews meticulously to assess whether a selected EA is likely to suit your individual case.
