There is a lot made in the marketing material in terms of Boris and Kathy, have been seen on TV talking and commenting on Forex price movement. However I see, a massive amount of economists, brokers and experts on TV doing this but this doesn't mean they can trade. All it means is - they can talk about the Forex markets and the factors which drive price but this is very different, to actually trading the markets for profit. Trading tne markets for profit is all about correct market timing and getting in at the right levels.
Success comes from the PROPER application of knowledge learned - NOT the knowledge itself. As a general comment many investors are impressed by people, who know a lot about the facts on Forex trading but this doesn't mean, they can trade the markets successfully. I reviewed their recent book which was Millionaire Traders and was not impressed with it at all. The traders interviewed, I had never heard of and the advice given, was not particularly original or useful in terms of achieving Forex trading success.
Day Trading the Euro Strategy
In terms of the service I signed up for the free euro trading strategy to see if it might work but it won't long term. This strategy outlines a method of trading the euro short term (with a stop loss of just 15 pips from entry ) using just two indicators - the ADX and Bollinger Bands. The trading strategy is just a great way to lose money and if you test it yourself, you will come to the same conclusion. After 25 years of trading I still find it hard to understand, why anyone would want to trade the EUR/USD with a 15 pip stop loss, considering the volatility in the pair. This strategy seems to have ignored, the basics of standard deviation of price which can see the EUR/USD pair have a trading range of 200 pips a day or more. So trading EUR/USD with a 15 pip stop loss is just ridiculous in my view. The strategy has no chance of generating long term profits - WHY? because it assumes that levels of support and resistance, are valid in short time frames which is based on totally flawed logic. There is an obsession with day trading among the Forex community generally but I have never understood why, as day traders and scalpers lose money.
The site though does have other systems in it you can look at - You get a swing trading system, a news trading system, a system for long term position trading and you also get, ideas on money management techniques, educational webinars and videos. Some traders I am sure, will like BK Forex trading strategies but for me, I am looking for something to add a long term edge to my trading and I didn't find it.
Track Record and Trading Results - An Honest Presentation
There is a track record and its nice to see one with some losses in it. The site is not one of those which claims a huge degree of accuracy – there are plenty of losses in the results published, in between the profits so its an honest track record which is pretty rare, from a signal service or trading course online. I really liked the comments from Boris where he admits, his and Kathy's predictions are often completely wrong and it's nice to see this honesty, rather than the usual “I win all the time” witch most FX courses and trading signal services say about their product. We all make predictions which are totally wrong and feel a bit stupid at times - This is simply the way it is when trade Forex, the markets can and will, mess up even the best chart set ups and I liked their honesty on this..
Final Words
“At BK we are traders first, analysts second”
Not sure that trading provides them with the majority of their income at all - especially after reading their euro trading method. I surprised, that people who have traded, would think it would work. BK Forex advisors also appear to have strong links with a couple of major brokers to refer accounts to both brokers I saw are actually two of the best in my view.
I have seen both positive and negative reviews of the service - The negative reviews call BK Forex advisors a scam but it's not in my view, its an honestly presented site. The authors actually present losses as well as profits and avoid, the we will make you rich with no effort message which is a feature of most courses online. OK i dont agree with most of their views on trading but their not saying, their going to make you rich - they just present their views and honestly in my view. It's up to traders to make up their own minds, on the merits of a trading method before they use it. You can do a weeks trial to the service which is inexpensive as a test. The annual service costs over $1,000 dollars to buy which is not cheap but it's not one of the most expensive signal services either.
The site claims its an “Institutional Quality Service for the Retail Trader” Which is written in my view to imply, Kathy Lien and Boris Schlossberg are involved with banks brokerages etc and by default, they are better than non bank traders but this as a general statement is not true. All you have to do is look at the average performance of managed funds, hedge funds banks to see this and you will see, they can't even average double digit profits! BK Forex trading signals and education will appeal to traders, who want to deal with known names, who are on TV and really believe it's an “Institutional Quality Service for the Retail Trader” and that this gives them a trading edge for profit.
