How To Read A Forex Statement From A Robot-Traded Account

Forex Robots Statements

 
            Consider this to be an addendum to our piece on the advantages of using your forex robot in a live trading account. After all, part of the sales pitch that many forex robot developers use is showing a trading statement that touts their robot’s profitability. The folks behind forex robots need some way of coaxing prospective buyers into purchasing the product and a trading statement is a useful, tried-and-true strategy. Think about it this way: Would you purchase a forex robot without some evidence of its alleged performance? Probably not.

            All that said, trading statements featured on forex robot sales pages can be a cause of concern for traders. Consider this an aspect of the forex robot world that every trader should investigate further.

The Need For Caution Regarding Forex Statements

 
            We’re not going to say that every forex robot is a scam. That’s not the case. There are definitely some fine forex robots on the market today that can help you make some nice pips. However, anyone generate a brokerage statement and post it on their sales page. And the only way of figuring out who is scrupulous and using real statements is to actually take the time to do some research.

            Fortunately, a standard forex statement is a pretty straight forward animal. It should list the date of the trade, the pair traded, the time the trade was initiated and closed, the amount risked and the amount of pips made or lost. While some forex statements look different, they all contain the same essential ingredients.

Testing The Efficacy Of a Forex Robot’s Statements

 
           Let’s imagine that you’ve come across a forex robot you’re interested in purchasing and you’re in the process of a reviewing the trading statement on the sales page. While perusing this forex robot’s statement, you notice hundreds of winning trades and very few, if any, losers. A healthy amount of skepticism is generally a good thing when investigating forex robots and that skepticism should certainly be applied to reviewing of the trading statement.

            So how do you test the efficacy of the forex robot’s statement? It’s easy. Let’s say the forex robot you’re investigating shows a bunch of EUR/USD trades in its trading statement. Using the date of the trades, use a chart to see if the pair actually traded around those prices at the time and date the forex robot is saying it took those trades. If the forex robot doesn’t feature dates or times in its trading statement, consider this a red flag. A forex robot that has nothing to hide will give you all the data you need to verify its trades.

Don’t Overlook The Forex Statement Avenue

 
            You might think if you’ve seen one trading statement, that you’ve seen them all, and they certainly don’t make for stimulating reading. However, if you want to know the ins and outs of your forex robot, it is worth spending the time to verify its trading success. It’s better to spend the time to investigate the forex robot than it is to lose capital trading with it.