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Review of Forex Bling- Does Forex Bling Work?

By: Warren Seah

Read More About Currency Trading

Review Updated: 6th November 2009

Broker Platform : Metatrader 4 (Work on both 4th and 5th decimal digit brokers)

Back-test and Forward Test Generated With : Alpari UK

Price : $396 ($99 per every 3 months)

Refundable: 60 Day Money-back Guarantee

This package consists of a portfolio of EAs and is designed to achieve an ROI of at least 80% every 12 months. It includes every types of EA in the package:

1. Trending EA

2. Channel Breakout and Ranging EAs

3. Scalping EAs

4. Grid Trading EA

Basically, it allows one to profit from any type of market conditions with this portfolio of EAs. You will be receiving 5 EAs when you purchase this product and a bonus product Fractal Wizard 4 EA.

1. Money Management

Every EA comes with 2 parameters that deal with money management. It allows system user to enter the amount of risk per trade.

Managing the total risk per trade with a portfolio of EAs can be tricky. According to the forex bling team, they advised not to risk more than 5% of your account equity in any single trading day.

You are not necessary to trade all 6 EAs at one time. However, the total risk per trade for all EAs should not exceed 5%.

2. Draw-down

We cannot generate back test results, this set of indicators cannot be obtained. Draw down can be obtained from the forex bling website.

All of their back tests are generated for a 2 years period. This is in our opinion a very short period of time to judge for its long term performance.

Trading with their recommended settings, the maximum drawdown is up to 20% which is a relatively low draw down for a ROI of 80% per year.

Disclaimer:

It is important that you do your due diligence and be skeptical about the results posted at their website. Information can be distorted easily. It is always recommended that you test and forward test for a period of time before you arrive at a conclusion.

3. Ease of Use

Installation of forex bling is much more complicated than most commercial EAs out there. Every step is described in the manual. Some of the settings are explained poorly in the manual. Example conservative_riskmethod

Parameter to Set:

MM-Risk Percentage_equity

Used Aggressive Level (settings available except for trending ea)

Use of Trailing Stop (only for trending ea)

Auto GMT offset

Take profit and stop loss placement are all preset and cannot be changed by user. Many settings are preset which do not allow user to perform any optimized settings.

4. Honest Result

Forex bling team advises to trade their system for at least 3 months or 200 executed trades before trading with real money.

It is important that you perform a forward test and monitor weekly so that your trades match with their live accounts here.

Note: Click on the author link below to access our forward test live results

Our forward test trades with the following risks settings:

2% Evolution EA (Channel Breakout)

1 % Freedom EA (Trending EA)

1% Thunderbolt (Scalping EA)

1% Thunderstorm (Scalping EA)

We wanted to place more emphasis on trends and price breakouts. This is because we are afraid of high spread issues that has caused many scalping EAs to malfunction.

5. Features Explained

MM-Risk Let you specify the amount in percentage risk per trade

Percentage Equity Used Default setting Is 100%. If you specify 20%, system will assume you have only 20% in your account and uses the amount to calculate amount of risk per trade.

Aggressive level Maximum trades in a day (only for scalping ea)

Trailing Stop Feature Only available in trending ea. User can only enable or disable this feature. No information is provided as to how the strategy trail the price. Everything is set by the forex bling.

6. Weaknesses (If Any)

Optimisation Most of settings are preset which leaves little room for system optimisation

Complicated Installation Process Many commercial EAs have simple installation processes, a little hassle may make for comparison in this very competitive arena.

Inability to Generate Backtest Results As a result, many key ratios cannot be obtained objectively. Although, they are provided at the forex bling website, these information can be distorted easily. This will take extra time and effort to verify them before their information can be relied on.

Short Back Test Results 2 Years Back-tests May not be an objective view of its promised for long term performance.

Server Downtime May Affect Trading Results Forex bling EAs are required to connect to their server real time in order to trade. We have experienced their server downtime at a time where trades are opened. Hence, the trades are left hanging without any form of monitoring.

High Spreads This is a common problem for most scalpering EAs and a lot depend on which brokers you use.

There may be a few weaknesses in forex bling package, however we believe that forex bling can be very profitable trading in the short term over 2 years period.

7. Support

Support is slow, response time is usually 3-5 days. Reply is unsatisfactory and requires subsequent follow up to sort the issue. Customer service personnel is poorly trained.

Summary

We like the idea of diversified trading. Trading with forex bling is diversified in several ways. It is diversified when traded with several different strategies at any time. More diversification is achieved when the different strategies trade different currency pairs.”

Trading the forex market with a portfolio is a nice introduction to the forex community. It provides the necessary diversification for forex traders and we believe that this will bring the forex trading community to another level!

Rating 8/10

Click on the Author's link below for our forward test results. This review will be updated periodically whenever there are new changes.

Feel free to use this article on your website or ezine as long as the following information about author/website is included.

Article Source: http://depositarticles.com/

Warren Seah

Warren examines commercial trading systems. He analyses to uncover good systems which bring in consistent profits in the long term.

Click Here To Read The Most Up-to-Date Forex Bling Review

www.FxEAReview.com

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