10 Guidelines Before You Evaluate A Bot
It is hard for the average beginner to evaluate if a bot is a good or bad and developers know this, but this guide gives you an introduction as to what to look for.
(Please review while looking at a myfxbook or fxblue of the bot).
1. Is the developer running real equity?
When a developer runs their own real equity on the bot, then that is a good sign they have long term faith in the bot.
2. What kind of support is included?
If there is only a group telegram support, then don't even bother looking any further. You need email and/or direct chat support.
3. Does the developer have other bots available?
A good developer will have more than one bot available, a good sign they have used their skill set and know how to apply it in different circumstances. Note: They could have different performance results which is fine.
4. How long has the developer been building bots?
The longer the better showing you they know how to build successful bots. If this is their only bot then you need to look harder at the performance results.
5. What broker does the developer use?
Is the broker they are using a regulated broker and has a good rating.
6. Is there a Myfxbook or FXBlue link to the bot?
The gold standard for evaluating the bot performance, you need these otherwise just don't even bother looking further.
7. Is the only 'proof' of performance a screenshot?
Not to say the screenshot is not real, but they don't give you any information to properly evaluate the bot.
8. Any third party reviews?
Reviews are always nice if there are any performed by a credible source, read or watch the review to get a better understanding of the bot.
9. How much real equity is the developer running in the bot?
What some developers will do is run $1000 on the bot and see what happens. They are not really risking that much in my book.
10. How consistent are returns?
There is going to be a natural range of returns for a bot. I don't want to see 40% one month and 5% the next (though if the bot is on a higher time frame, this could be okay). I would rather see a 5%-15% consistent range over the life of the bot.