{"id":560,"date":"2011-06-06T13:58:42","date_gmt":"2011-06-06T12:58:42","guid":{"rendered":"http:\/\/tradersnest.wpengine.com\/?p=560"},"modified":"2014-04-23T20:24:17","modified_gmt":"2014-04-23T19:24:17","slug":"let-people-test-forex-bots","status":"publish","type":"post","link":"https:\/\/www.tradersnest.com\/blog\/let-people-test-forex-bots\/","title":{"rendered":"Let these people test forex bots for you"},"content":{"rendered":"
I’ve just completed a guide to forex trading robots to accompany What Really Profits and it’s taken me a lot longer than I ever anticipated.<\/p>\n
I’ve never really collated all my thoughts and research into bots in one place. It was an interesting exercise, but one with unsurprising results. Some of the forex bot vendors should hang their heads in shame. It’s one thing to produce something in good faith that fails after a while. It’s another to make wildly unsubstantiated claims based on theoretical result when the vendor themselves would never dream of putting their own money on the robot.<\/p>\n
The internet is a wonderful thing though and there are a number of website cropping up to help you sort the wheat from the chaff before you take the plunge.<\/p>\n
I find these review sites particularly useful because I’ve got such a low opinion of bots in general that I quite frankly don’t want to waste my time on something that won’t even get out of the starting blocks.<\/p>\n
I thought Market Maven readers would find it useful if I listed the bot testing sites that I have referred to as a second opinion for my own research.<\/p>\n
It’s worth making a few points about how to best use free review sites, blogs and forums.<\/p>\n
Firstly with blogs and forums you can get wildly emotional statements from people who can’t see beyond a day’s worth of results.<\/p>\n
Comments like “woweee, this is the best thing since sliced bread, my first two trades won” are pretty meaningless because it is just two trades. At the same time comments such as “the first trade lost so I asked for a refund” are all too common.<\/p>\n
So when reading other people’s comments, put them in context.<\/p>\n
Another point about some sites offering trading results feedback is that they often don’t go into the background behind the system. So they might show a storming set of results for one month and be raving about it, but ignoring or unaware of the fact that the system has a profit target of 10 and a stop loss of 1000, setting up a massive loss at some point in the future.<\/p>\n
It is really easy to produce live or demo trading records with the bots you are following through the great website http:\/\/www.mt4stats.com\/<\/a>. The best reviews show you the actual results the tester is getting in their demo account through MT4 Stats or a similar service.<\/p>\n With this in mind, here are some of the bot result sites that I’ve found to be useful recently:<\/p>\n http:\/\/www.forex-robots.com\/<\/a> Still a little wary on this one as it’s a new site. I’d take their ratings with a pinch of salt for now, but the raw result charts make for interesting reading.<\/p>\n http:\/\/www.donnaforex.com<\/a> I haven’t sampled the coaching service, but the forum is incredibly useful with a selection of live bot tests. Click on community to get to these.<\/p>\n http:\/\/fxreviews.blogspot.com\/<\/a> A very useful collection of independent reviews on various trading bots. He seems to have a similar take on things to me – i.e. cynical!<\/p>\n http:\/\/duyduyfx.blogspot.com\/<\/a> Useful blog with live trading updates. Doesn’t go into the background on each of them though and why they might be high or low risk, but the results are useful.<\/p>\n http:\/\/www.pipcop.com\/<\/a> Lots of live tests on multiple brokers. Useful stuff.<\/p>\n