BK Forex Advisor Review – Kathy Lien and Boris Schlossberg

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  • #176
    ReviewTeam
    ReviewTeam
    Keymaster

    BK Forex Advisor Review

    Click below to visit the website

    Key Info

    Publisher:  None specified
    Cost:  $199 per month – $1,725 for a 12 month membership
    Review Date:  August 2011

    What It Says On The Website

    BK Forex Advisor is a Forex service provided by Kathy Lien and Boris Schlossberg, We are guessing BK is Boris and Kathy. Both are directors of Currency research at GFT, a world leading provider of online currency trading services. They have both written trading related books and have high profiles in the industry, CNBC, Bloomberg, Reuters, amongst those they actively contribute to.

    The BK Forex Advisor service provides the following:

    • 2 – 3 Trading alerts per week
    • Daily Calendar calls
    • Weekly market outlook videos, we did not watch these
    • Monthly Live trading sessions, we didn’t take part in these
    • High Probability Trading eBook, this is Kathy Lien’s book which we already possessed, it’s a reasonable read with some trading ideas which may be of interest to some

    If signing up for 12 months two additional extras are provided; a signed copy of Millionaire Traders: How Everyday People Beat Wall Street At Its Own Game, Forex Trading Watch with GMT and Local time. We cannot comment on either of these products because our budget would not stretch to $1,725.

    The service claims to have made 3,200+ PIPs from January 2008 to December 2010 with 9 out of those 12 quarters being positive. Signals can be received via Chat, SMS, Email and/or Blog and are issued at 05:00, 12:00 or between 20:00 & 21:00 GMT. A Trading plan is issued hours in advance of any signal to ensure you are prepared for a potential trade. All trades are Set & Forget with typical Stops and Targets of 60 and 50 PIPs respectively.

    Daily Calendar calls are also included in the service, these are news related trades. No performance statistics are included on the website and we did not trade these as our purpose was to review the core BK Forex Advisor service.

    There is no introductory offer, free trial or Money Back Guarantee with this service.

    The Service

    We only had access to this service for 1 month and our main purpose was to check the signal timing of the core service and also that the reporting on the website was accurate and achievable.

    The 8 Trading plans (the precursor to a signal) were all received between 20:20 and 21:50 GMT. They are quite detailed and provide the reasoning behind why a trade will be taken, typically a fundamental view, and also when to expect a signal.

    The signals were then typically received at or around the time specified in the Trading plan, varying from 04:00, 05:00, 11;00, 13:00 and 21:15 GMT. The signals are clear, providing Direction, Entry, Stop and Target(s).

    Updates on trades, including exit instructions, were typically received between 13:00 and 15:00 GMT. Not particularly Set & Forget as these do have to be monitored and actioned.

    Can It Work

    Of the 8 trades we took 6 were winners and 2 were losers. These are as reflected on the results page of the BK Forex Advisor website. We thought it of not much use to provide statistics on the short period we had access. However, as it seems the reporting on the website is accurate and achievable we decided to look at doing some more useful reporting based on the figures available (on their website http://www.bkforexadvisors.com/trade-results/), as follows.

    We looked back over all the results from January 2009 to date (end of August 2011), 32 months worth of data. We calculated the following:

    • The average losing trade was for -105 PIPs
    • The net profit was 2073 PIPs

    Assuming 2% risk per trade, an average Stop loss of 105 PIPs and 2073 PIPs profit we calculate that this service has made a 40% return since inception. Over 32 months that’s an average return of around 1.25% a month.

    Thus, on average, trading a $20,000 account and risking 2% per trade you would have averaged $51 profit each month ($250 (1.25% of £20,000) minus $200 (the subscription fee)). Anything less than a $16,000 account would mean a zero return using the same statistics. A $50,000 account would show a gross $625, net $426 return per month.

    Yes, these are rough statistics but the best we can come up with based on our experience of this service and the figures to hand, we hope they are of interest.

    Support

    Pretty good and usually within 24 hours.

    Summary

    PRO’s
    • Run by respected industry figures.
    • A reasonably slick service with sound attention to detail in the Trading plans.
    • Results reported on the website in line with actual and achievable results based on our limited exposure.

    CON’s
    • Taking into account monthly subscription fees and a 2% risk per trade approach, minimum account size to see a decent monetary monthly return, may well be an obstacle for many.
    • Not true Set & Forget.

    Do remember, your comments are important – If you have used or decide to use this service, please contribute to the community by reporting back your findings.

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    #3029

    lufkin
    Participant

    This Forex signal provider is a lie. They don’t make money; the only money come from our subscriptions. I used it for a more than a year, and can say I lost money. This year, from Jan till now I am down $523.53 and I can prove it.
    Kathy and Boris have no Idea what are they doing, no good strategy (at some point Kathy was speaking on CNBC about using Double Bollinger Bands. Ha! Ha! Ha! What a joke! More their money management is totally WRONG. They risk $3 to make $1; is this a smart thing? STAY AWAY FROM THEM UNLESS YOU WANT TO LOSE $$$$!

    #3034
    ReviewTeam
    ReviewTeam
    Keymaster

    We appreciate you sharing your up to date experience, a pity it was a negative one.


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    #3056

    striker
    Participant

    I had some respect from them because I read good things about how much they know the market. One day I got an EA from them with some rules and videos of how to trade but felt the info was incomplete. It was because then they offered a “master course” for the ea, so I said, ok…. paid for the course and then most of the rules changed and the info wasnt very good, last “class” was mostly about improvements on the EA that were going to be sent to us, but after a while I got an email saying that I had to register to their service. When I asked why he didnt keep his word, their staff said that they did so many improvements and they didnt care what I think and I should stop asking for “free stuff”. His EA sucks, I haven’t payed for anything again but found out he keeps changing the rules like he still developing the strategy. Then got in last 3 or 4 months similar EA strategies offer promising to get consistent profits. One of the last one is called trendcatcher and they now sending signals and they los just this month 1300pips and only made 200. So they lost 1100 pips! I would be ashamed for those kinds of results and close my business, they don’t and today I got a new offer for another new strategy. That tells you what kind of traders they are

    #3057
    ReviewTeam
    ReviewTeam
    Keymaster

    Thanks for sharing, it’s fortunate we rank in the top 3 on google for “bk forex review” so others benefit from your, albeit terrible, experience. We are guessing you are referring to this email we also received…

    A new forex trading strategy is ready to come out of our laboratory and we wanted to share it with you right away.

    We are extremely excited about this strategy because it made money 8 out of the last 9 months with 75% accuracy generating more than $4,000 of profit on a $10,000 account.

    This strategy is based on the premise that markets are extremely efficient and to take advantage of that, it trades against the crowd by fading extreme moves around news events.

    This strategy takes only a few minutes to set up and is extremely easy to trade.

    We are making the strategy and indicator available for 1 week only and then we are taking it down.

    Sincerely

    Boris Schlossberg and Kathy Lien


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