Kudardup , WA Australia (PressExposure) October 26, 2011 -- Retired ex-accountant Fritz Gewerth operating from his country residence in the south west corner of Western Australia has been building up a specialized database of the Internets most popular forex trading products and services and publicly putting them to the test to see whether they hold up to their sales and marketing / promotional advertising.
"It's encouraging that most 'high profile' product developers that are approached to provide review copies for brainyforex testing are more than happy to comply says Mr Gewerth, "but there has been more than a few surprises with results being generated by Automated Trading Systems also known as Forex Robots or Expert Advisors (EA's). Several of these robots have operated flawlessly and achieved profits of close to 15% each month for three month periods before coming unstuck and losing all of their profits within a week or two". "The only way to find out if a forex robot is a good one is to test it for at least three months through different brokerage accounts".
Mr Gewerth goes on to state that the easiest forex trading products to test are those that are fully automated, not requiring any user discernment. "That way you know if there is a problem it is most likely that of the developers of the systems". Mr Gewerth goes on to explain that there are still outside variables that will affect the performance of the Forex Robot like selecting an appropriate broker and Virtual Private Server. Some systems that buy and sell currencies within a matter of minutes, known as 'scalper robots' are prone to fail if used with high spread brokers.
When asked what other forex products had been tested, Mr Gewerth went on to explain that his brainyforex site was open to the public for their feedback so that anyone whom had tried any type of currency trading product or service could easily within a matter of minutes contribute their own user experience / feedback on any forex product what-so-ever. The site contains reviews for brokers, signal providers, educational courses, mentoring services, trading systems and a variety of other forex related software. The site is all about assisting and protecting currency traders work out what works and what does not. If the product or service is a scam or of poor quality it will become evident within a short period of time.
The future of investors desiring to speculate on the movements of the global financial currencies is set to continue it's rapid growth during this decade. Along with this investing niche market, there will continue to be a never ending supply of new and innovative currency trading products and services that cater for these investors and hence the need for more review sites like brainyforex whom can engage the public's feedback and share their own user experiences.
According to the Triennial Central Bank Survey 'Report on global foreign exchange market activity in 2010' average daily turnover rose from US$3.32 trillion in 1998 to $3.98 trillion in April 2010. [Monetary and Economic Department Dec 2010].