Raloxifene is a SERM, just like other popular cousin compounds such as Nolvadex (Tamoxifen) and Clomid (Clomiphene Citrate). Like nearly all other SERMs, Raloxifene tends to be well tolerated by most male users. There are very rare and infrequent occurrences of Raloxifene side effects that are reported (both anecdotally as well as clinically). The negative Raloxifene side effects and adverse reactions that result from Raloxifene are most often in females, whom the drug was (ironically) designated for first and foremost. The reason for this is because Raloxifene, being a SERM, interacts quite intensively and directly with the female endocrine physiology, which is centered primarily on Estrogen. Males manufacture very miniscule amounts of Estrogen in the body, and even in high-Estrogen environments (which is normally the case during the use of aromatizable anabolic steroids), Estrogen is not a key necessity for male physiological functions at very high circulating blood plasma levels.
FDA Warnings of Stroke
Directly from the mouth of the FDA is an advisory warning to be placed on all Raloxifene products of a potential Raloxifene side effect: the possibility of stroke. Warning labels commonly read “WARNING: INCREASED RISK OF VENOUS THROMBOEMBOLISM AND DEATH FROM STROKE. Increased risk of deep vein thrombosis and pulmonary embolism have been reported with Evista. Women with active or past history ofvenous thromboembolism should not take Evista. Increased risk of death due to stroke occurred in a trial in postmenopausa’i women with documented coronary heart disease or at increased risk for major coronary events. Consider risk-benefit balance in women at risk for stroke.”
The Raloxifene side effects concerning stroke risk might possibly be a concern primarily for female patients, for whom the drug is initially (and almost exclusively) prescribed for. The truth is that this potential Raloxifene side effect is a side effect that is indeed present in all SERMs (Nolvadex, Clomid, and Toremifene equally). It is a risk that is inherent in all of these similarly related compounds, but females may be at a higher risk for this Raloxifene side effect than males.
Blood Clots and Stroke
In clinical studies of female patients administered Raloxifene, infrequent occurrences of serious blood clots forming in the legs, eyes, and lungs have been reported, as well as edema of the legs (swelling), leg pain, chest pain, respiratory issues, and vision disturbances  .
Other Raloxifene Side Effects
Other more general Raloxifene side effects (which may or may not include any of the previously outlined side effects) include: headaches, malaise, cramps, bloating, nausea, vomiting, diarrhea, indigestion, hot flashes. Rarer Raloxifene side effects include: ulcers, gastrointestinal hemorrhaging, reduced blood platelets, reduced white blood cell count, pulmonary embolism, deep-vein thrombosis, narrowing of the arteries, vaginal bleeding, and inflammation of veins, blood clots, and breast pain.
The majority of the above listed Raloxifene side effects are normally never apparent in male users, which compose nearly all of the anabolic steroid users that might elect to utilize Raloxifene for whatever their reasons may be. It should be noted that the majority of the side effects reported and recorded are almost exclusively female patient-centric.
 355:125-137 July 13, 2006, Effects of Raloxifene on Cardiovascular Events and Breast Cancer in Postmenopausal Women Elizabeth Barrett-Connor, Lori Mosca, Peter Collins, et al. for the Raloxifene Use for The Heart (RUTH) Trial Investigators [Free full text]
 Barrett-Connor E, Mosca L, Collins P, et al. (2006-07-13). “Effects of raloxifene on cardiovascular events and breast cancer in postmenopausal women”. New England Journal of Medicine 355 (2): 125–137. doi:10.1056/NEJMoa062462. PMID 16837676.
 OncoGenetics.Org (September 2009). “Medications Effective in Reducing Risk of Breast Cancer But Increase Risk of Adverse Effects”. OncoGenetics.Org. Retrieved 2009-09-14