Forex Special :-
Well… it has been a while since I have heard of new EA… Or rather it has been a while since I started searching around for new EAs. I guess there are no new hyped up, email spamming EA, insane backtesting profits EA flying around. The last much publicize EA was IVYBot…
Anyway… about a week or two ago, I got an email unexpectedly from an EA developer from Singapore. He was about to launch his new EA package call forex bling. He wrote to me seeking to work with me to launch his new EA… I never really got to it until a week ago when I took a deeper look.
The new EA that was being released was Forex Bling.
What better way to indulge myself with Megan… I mean with my martingale escapade than getting a diamond that goes bling bling.This new Forex Bling developer is also the developer of Forex Hope which produced EA like PointBreak, DreamBuilder and Factual…. yeah… these are the EA developer that does not really hype up their new products… Much like the developer of EA Shark.. or maybe the developer of Winalot/EAezGor.
Yohanes the developer of these EA, is releasing his new batch of EAs… with Forex Bling. Forex Bling is not about 1 EA but in fact it is about 5 EAs utilizing 4 different strategies.
Now his idea is that, there is no one EA that can always be in profit mode because different strategies has different pros and cons. In his executive report he mentioned that there are 4 different main types of strategies in forex. Scalping, Trend, Breakout and Grid Trading. Each with it’s own pros and cons.
Coming back to his idea… what if one was able to fuse both these strategies together with a few different EA, thus allowing consistent profits along different market conditions…
Now that’s a thought… while one can diversify on currency pair on one strategy… this guys plans to diversify strategy on a single currency pair. Or a few currency pair…
Well… that is not new. I have been doing this or was trying to do this with EURUSD on my Euro Blitzkrieg idea. Did not kick off as well as I had hoped for… Anyway…
Just to be clear this is what exactly his system is all about… below was taken from his manual…
After realize that no single trading system can make money all the time, our approach is creating a basket of trading systems that together they produce consistent profit no matter what market condition.We target having 80%-120% profit per annum while maintaining minimal risk, without making aggressive trades, which could ruin our capital. Most of the expert advisors are set to 1%-3% risk per trade at the beginning.To distribute the risk and to anticipate the market that changes all the time, the trading basket needs to have a combination of several trading strategies: trend following, breakout trading, grid trading and scalping technique.Together they generate a trading system for short term profit and long term gain.
Here is what’s happening… I have bought into Forex Bling. And here what it is all about….
I am going to start with what people would think when buying into EAs… Price!
Forex Bling offers 5 EA… over a quarterly recurring price of $99… meaning you get billed $99 every 3 months to utilize these 5 EA… so it makes out to be $396 for a years license to use 1, 2, 3, 4 or all 5 EA together… Which comes to about $79.20 per EA per year.
At the time of this writing… 2 EA were still in development and will be released in October 2009. The developer offered an extension of another 30 days for the 2 EA once it is released…
So at $396 per year… the next question would be… will this EA be able to recoup this amount over the year to make this EA worthwhile??
Apparently yes… now before I carry on… here is the bad news that will scare some traders.. these EA can’t be backtested… 
Yes… you heard me right… Below is the end note on the manual
Yes… you heard me right… Below is the end note on the manualBACKTESTING NOTES:Since the EA need to connect to our servers to download our current settings, the EAcan’t be backtested. The EA continue making adjustment to the current marketcondition.You can follow our forward test in all Forex Bling trading systems at our blog.All Forex Bling expert advisors have been tested using real market conditions forseveral months.When there is an expert advisor has bad result in the performance for 2 months, weremove it, or change it with new version.
Now I am kinda wary about the last note here… if the results are bad for 2 months it is removed and changed to a new version… hmm….
Ok… firstly there is no one ABSOLUTE EA to rule the forex world… Probably there is… I am still searching for it…
Anyway… you can’t backtest it… All you can do is follow the results here…
As usual… his statement is pretty interesting. And as usual it is these sort of bling bling that cause me to dive into this EA…
So… from his statements… in July Bling managed 6.81%, June got 28.45%, May got +13.45% and April got 15.71%. Now I can not predict the future… all I can do is project what I might probably get with this EA… per month I would say on an average the return would be 16.11%. Now this I believe is not a bad return.
For $1000.00 probably I might get compounding at 16.11% per month I would achieve… hmmm…. let’s see… PV=-1000, Rate=16.11, over 12 months… it would be…. *tab* *tab**tab**tab*….. $17,098!!!
What?!?!
Let me see if I got this calculation correct…. *doh* the rate should have to be divided by 12… So rate is actually 16.11 / 12 months… which gives us a future value of $2,330
Hmmm… with that sort of return minus $396 would give us give and take $2,000 after 12 months… which falls around his stated return of 80% – 120% return per annum…
No bad huh… So I guess it is do-able for the price of $99 every quarter.
Obviously past performance does not necessarily determine future returns. It’s up to each person to take that risk ain’t it? And the above is just calculation base on assumptions….
Another thing that must be put into thoughts is the drawdown… As I look into each statement… the drawdown is about 2% to 8% for both it’s trend strategy and also it’s breakout strategy… 2% to 33% for it’s scalping strategy… and about 32% for it’s grid strategy…
If I am going to be prudent, I would take the 15% drawdown as a references if one were to calculate the return… That is also one thing that was taken account into the monthly percentage return… in total I believe his starting capital is huge… from his forward statement blog… he had close to
Which would mean that the assumed return calculated above might be off…$85k starting equity with a drawdown of an between 2% to 30% over 6 accounts. If one were to trade all these strategy on 1 account with $1,000… then I guess the setting must be probably be 0.01
Sighh…. what the heck! The only way to know the actual return is to dive in and try it out myself…
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Personal note: I have still some equity left in my Alpari after my disastrous test with Best Forex Sniper… So I guess I will need to use it to see where Forex Bling takes me…
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Oh… I forgotten to mentioned that… for the price of $396… one is also getting an additional bonus for the first 100 buyers. I don’t know if this is just a marketing gimmick or this is for real… Yohanes is actually giving away Factual 4 as a bonus for the first 100 buyer. So… for the first 100 buyers… (erm… it should be 99 buyers since I was one of the buyers). You will actually get to a copy of his Factual EA…
Here is the site http://www.ForexBling.com/
Here is the site http://www.ForexBling.com/view/?id=equilec (with my affiliate link to Forex Bling)
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