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We hear plenty about the advantages of reading expert advisor reviews (as an example see this Forex Juggernaut review) before you invest in one, but can you essentially trust them? There are so many differing kinds of robots and differing types of foreign exchange traders, that even if an EA or expert counsel has the best reviews in the world, it might not work for every individual.  

That might be a remarkable statement. You can probably imagine that a trading method which relies on the trader to put it into action successfully everytime, could have extraordinarily varied results for different people. The presumption is frequently that bots either work or they do not, and they will work in the same way for everybody, so that all users make the same profit at all times. But actually this isn't true.

In general terms of course most traders' results will follow peaks and downturns at approximately the same time if they are using the same software, but amazingly, the actual results can be quite different. In reality in some of the expert counsellor forums you'll be able to find two folk employing the same EA and one is earning a return while the second is making a loss. So why is this?

There are several factors that contribute to the discrepancy. First, there is the issue of currency pairs. Most expert advisors have the potentiality to work with a couple of currency pairs and they will not always perform just as well with every one of them. You can often improve results by concentrating only on the pair or pairs that are the most successful. Expert advisor reviews can be excellent for working out which are the best pairs to trade.

2nd there's the issue 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's a tiny like the quest for the best system : it is nearly impossible to guage. The permutations are nearly infinite and what would have worked best last month will not always work well the month after next.

Generally, the safest choice is to follow recommendation on settings from the firm's own info, but in some cases you may pick up helpful tips from expert advisor reviews and user web sites. 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 term. If your risks are too high, then even an EA that is lucrative can finish you. This often happens to amateurs. 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 makes for a difference which broker you use. Some will have raised costs, some may operate in a way that has a tendency to trigger stop losses more often, and such like. The EA will sometimes come with info about which brokers you may use, but that's often based solely on technical compatibility of the software. Foreign exchange robot reviews and users will often recommend particular brokers for their quality of service, and that may be beneficial.

So EA reviews certainly have their uses, even though no reviewer can ensure that another individual will have the same experience with the robot. So do seek out feedback from people who have had a chance to use and analyze the software, but be aware that you won't necessarily achieve similar results. It is important to read expert advisor reviews rigorously to assess whether a particular EA is likely to suit your individual case.

Tags: auto trading, currency trading, expert advisor, forex juggernaut, forex robot, forex trading, trading software