Bling Bling Bonanza

Filed Under (EA System, Journal) by Casey on 09-10-2009

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LONDON - DECEMBER 05:  Christie's employee Bec...
Let’s have a look shall we?

Getting back into the momentum is difficult… As I was taking my break, I only left two EA running. Forex Bling and also Cyborg EA… while I am still running some backtest on Cyborg, I thought it would be nice to update my escapade with Forex Bling.

I must say the Forex Bling creator has put a lot of hard work into developing these package. I mean take a look at the afford they put into ensuring that their EA works on all broker… whether live or demo… they wanted to show or rather prove that their EA work on all broker.

http://forexbreakthrough.com/development/forex-bling-brokers-test-results/

But I guess the most important thing is not the results that they are getting… what better way to verify their results than posting my own results right??

So here goes…

Current results from 8/9/09 till to date 9/10/09

091009-ForexBling01

091009-ForexBling02

091009-ForexBling03

It seems that only Thunderbolt and Freedom EA seems to be making most of the trades… Evolution only took one trade. Freedom and Evolution, breakout strategy seems to be working very well for Forex Bling rather than Thunderbolt… well… that is to this date… only time will tell.

I have also yet to compare my result with Forex Bling’s result which I believe they do post it on their blog. Anyway… will try to catch up with them later… and also at this moment it is still too early to tell if Forex Bling rocks or not…

So… my current profit with Forex Bling seems to be holding at 21.59 over the past month or 3.04% percent.

Sighh… small huh? But on thing is that, if I were to take my statement as below… my drawdown is 5.6%

091009-ForexBling04

Ratio on risk/reward is about 2:1. So I guess I am somewhat following the traders mantra of only risking 2% of my equity… for forex, 5% seems to be already a good percentage. :) with a reward of 3%

Nevertheless, my new objective is not to make crazy money but if I hold on to this same percentage, I believe I would be able to achieve a nice return of 10% per annum… no?? One step at a time…

There is this article which I read about a few weeks ago… thought I would like to share with you. This was from an article note by Seeni Jay from facebook, because you need to be connected to him before you could read this, I thought I would reproduce this… it’s a good read. And it did strike a chord with me.

Forex Trading : Quick Riches or a Planned Business
Wednesday, September 16, 2009 at 4:13am
Folks,

I am writing this note with some concern that i have with the general mentality of the market that i see these days. No, i am not referring to the Forex market. I am referring to the traders(or students who want to be traders more so) that are making up majority of the training industry’s audience that i have had a privilege to communicate and network with.

It seems to me, that sadly, though i have to make this comment with an abated sense of accomplishment, that the market(audience) do not have an idea of what is a good rate of return of investments (ROI) anymore, in specific context to Forex trading. If one was to consider the average yield of returns most conventional investments would offer, if one was to receive 4-10% a year, consistently, year in year out, that is a very, i mean very, promising instrument. Most hedge funds are not even able to meet that mark, let alone beat them for a 10 year period.

In Singapore, classic savings instruments with FD returns are known to be extremely conservative. In a known property asset, which has a far higher capital outlay, one can “safely” expect returns of 3-5% gross rental yield. If capital appreciation was your objective, then perhaps a 20-40% capital gain might be possible, based on last 3-5 years appreciation. In fact, in 2007, property capital appreciation clocked 21.07%, which was the highest in AP region that year. Bonds and Unit trusts can yield growth digit(s) every year, if you know what i mean. With more promissory notes pulled out of thin air by the US economy, i tend to imagine Obama being a magician and pulling rabbits out of his hat, if another credit crunch is to happen, which i feel it surely will, complete faith will be lost even in such investments once guarded as safe haven instruments.

Now, why am i going on a round-robin exercise condemning most investment options out there? No, pardon me, my intent is not to condemn. I hope to reinstate a sense of reality and acceptance within most new Forex traders. Like i have said, these newcomers, perhaps subject to extreme manipulation and victimized by media and forex trainers, are believing that there is a surefire, holy grail, quick way to riches scheme out there. When i say quick, i mean 50-100% returns a month! The attraction of a proven trading system that gives 3-10% returns a month, mind you, a month it is, is somehow no longer attractive!

I once had this student prospect state his objective to me. He said, quote “I would like to make a nominal 50-100% returns a month”. “I can start with $250 and would like to make about $1,000 in the first 2-3 months” unquote, from new, trader wannabes coming into the forex market.

One would like instant gratification, with little or no hard work, and best of all, without having “too much risks” in their account. I hate to be the guy who says this, but i am not all doom and gloom, that this is impossible my dear folks. Yes, you might fancy superstar trainers out there who might showcase students who can make $200k over a weekend and others who can turn a measly $1,000 investment into a superstar demi-god status investment of well over $50,000 in a record setting period that would put most hedge fund managers and professional investors look like a kid lost in the amusement park.

You see, most strategies and systems are meant for certain market conditions only. When market conditions change, and they surely do all the time, these systems will suffer. What does one do? They simply drop the system and jump onto another boat which does well during that period of time. When that starts suffering too, what happens? You get the idea.

The glory and limelight is always on the traders who have made instant fortunes and have embraced the word “rich” overnight. Question is, how many countless others have lost their entire portfolio and are slapped with the word “broke” during the same time. No one cares about them. Everyone asks, how much can you make? I ask you, how much can you afford to lose?

If you would like to make Forex trading your business and your living, please start changing your mindset. If you insist on still your same objectives, i have another instrument that might totally excite you; gambling.

And this was what I replied to his note on facebook…

Casey Lim
This is so true especially for me… and it takes a few knock on my account to realize that… As I started to relook and re-evaluate the way I approach trading… the yearning for 10% return is more attractive than get rich quick…

But forex trading is a journey… and a journey which only the humble will survive… and at times in order to be humbled, the crashing into the red is required.

Allow these wannabe like me to crash and only then will they realize…

Ain’t that one of the best ways to change one’s mindset?

Anyway… back to blinging my bonanza… :)

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