Risk Per Trade= 5%
Protect On Equity = 25%

Trading on Usd/Jpy only (for more detail see update 29th Jan 2010  below)

 

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.

Plague by Many Bug Issues

Ea has many bugs issue and provider has failed to identify them before they release for retail traders.

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

7/10

Warren Seah

New Updates

23th December 2009 Update

Grid trading robot is introduced in this update. Our forward test account has accumulated 11% ROI in just 3 months. We are looking forward to more positive results from Forex Bling Package. Trading will stop on Christmas day and resume in Mid January 2010.

1st January 2010 Update

Our forward test account has accumulated 15% at the end of Dec 2009 after 3 months. Trading was halted during the festive season and will resume on 11 January 2010. It has been excellent so far for Forex Bling especially Thunderstorm and Thunderbolt. With at least 80% of the profits coming from these 2 EAs. Upon resuming our forward test account, we will be adding another EA to be tested which is the Grid Specialist. As Forex Bling contains a basket of EAs, it will allow us to mix and match  to find the most suitable basket of EAs to trade for each period. We are looking forward to see how it performs in the year 2010 and we’ll keep you updated.

From all of us here at FX EA Review, we wish all of you a great trading year ahead!

Update 23th Jan 2010

At our live account trading Forex Bling, out of 4 EAs,  Evolution was unable to trade over a 2 weeks period due to “Trade Context Busy.” What it meant is several instructions were sent by 2 EAs at one time, Mt4 trading platform is only able to process 1 instruction at a time. Our demo forward test account did not have this error but this error was found in our live account. Another difference between live and demo account discovered! Be aware of this error if you are trading live with Forex Bling. Our solution is to trade 3 of the EAs instead of 4 to reduce the chances of 2 EAs generating signals at the same time.

Update 29th Jan 2010

We started forward testing on Grid Specialist EA. It is a grid trading strategy and we are testing on Usd/Jpy only. Risk per trade is 5%. A security feature is added within the EA named “Protect on Equity.” We like this feature and is clearly lacking in other grid trading EA we found. It protects your account equity. If you specified 25%, EA will close all opened trades when free margin is having more than than 25% drawdown.

Another solution we discovered from having “Trade Context Busy” is by opening 3 Metatrader Trading Platform. Use each EA for 1 Metatrader Platform. And finally all 3 of these platforms connect to the same broker account. This will minimise the chances of EAs sending signal at the same time within a trading platform to occur.

Update 24th Feb 2010

Our live account was experiencing these errors:

Automated GMT offset failed to display correct value. We revert to using manual gmt offset. Freedom EA was trading 1 micro lot size and failed to reflect the correct lot size as determine by its risk per trade.  Support is contacted. Will update you on this.

It is important that you check the ea status if you are trading live. If unsure , do not trade Forex bling.

Click Here to View Our Forward Tests