After a lot of asking from my website visitors, newsletter subscribers and fellow retail traders, I have finally decided to review the forex bling system by Yohannes H.Gagahlin and the team at forexhope.com. Mr. Gagahlin claims his system to be different from the rest and claims it can bring success in forex trading to his fellow men. My objective with this review is to evaluate his claims against his evidence and tell you if his forex bling system is worth buying or testing. Of course, I get no gains from either positive or negative comments about this system.
To start, Yohannes does a good job at portraying his website, although a little bit on the marketing side for me, Yohannes makes absolutely no unrealistic claims through the whole page and leaves the profitability and draw down perception in the hands of the viewers. I have to congratulate him and his team for this webpage, it does look polished and provides easy access to the concepts and the evidence without being overly cheesy. However, I would strongly encourage him to cut the BS, those statements that say that only the next X people will get the software or that the price is dropped from X to Y is completely void of any meaning and is only meant to push people into buying this. Please, don't do this, if you he has enough evidence people will buy his system without these lame pressure methods.
Now, I have to tell you that I know Yohannes, he is actually a real person. I have him in my facebook and he has friends and family and everything like anyone of us. He is also a currency analyst and in fact I can say that I have always had a good view about his trading systems. As you may know, his DTS-1 system is currently being tested on my weekly newsletter.
As far as his forex bling thing goes, I'll tell you what I think. He does make a good point with 4 month long live tests anddemos making up the point tha the experts are indeed live/demo consistent. As always, I consider his profit targets and draw down targets are unrealistic. I have always thought that his systems have higher market exposure than what he says. Particularly now, his systems have shown very low draw downs from June. Be extremely careful as this draw down and profit targets are not what you should expect in the long term. However, I do consider that he does make a good point up until now about the profitability of his systems. On another point, there are no 10 year long backtests that show us that there is robustness on the systems. For me this is obviously something that is necessary in order to seriously consider long term profitability. Of course, if the systems are to be continuously optimized by his team, then it is probable that these systems will remain profitable for longer periods of time, but who knows.
Another very important aspect to consider here seems to be the cost. If you consider that the regular forex trader has about 1000 USD to invest and he would spend 250 USD a year in VPS fees then adding another 400 USD in the forex bling subscription, he would need at least a 60% profit to break even. I consider that with moderate risk, the forex bling package will be able to achieve, in the best case scenario, this or a slightly higher target. Maybe for most forex traders this won't be worth buying merely because of this fact. Although this is not bound to affect traders with higher investment capitals.
I would have to say to Yohannes that I would need a 10 year backtest (since backtesting consistency seems to be proven) to see that his systems are long term profitable. Otherwise, the chances for this system to crash and burn seem just as likely as any of the other short term profitable systems. If this cannot be done, then I would need at least 2 years of live trading. Sorry but these are the requirements to at least have an idea of how the system (and Yohannes's team) can couple up with market changes and such events.
As of now, this system is NOT worth buying and I would encourage Yohannes to give more evidence of long term profitability as ten year bactests (with proof of backtesting/live testings consistency) if this cannot be done, then we still need to see more to actually believe his claims. It is not enough to have a 4 month trackrecord to trade a system, usually money managers are demanded 2 or even 10 year track records, and this is for a very good reason.
If you would like to learn more about automated trading system and how you too can develop and program your own profitable long term system or trade the god's gift ATR profitably in the forex market please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
To start, Yohannes does a good job at portraying his website, although a little bit on the marketing side for me, Yohannes makes absolutely no unrealistic claims through the whole page and leaves the profitability and draw down perception in the hands of the viewers. I have to congratulate him and his team for this webpage, it does look polished and provides easy access to the concepts and the evidence without being overly cheesy. However, I would strongly encourage him to cut the BS, those statements that say that only the next X people will get the software or that the price is dropped from X to Y is completely void of any meaning and is only meant to push people into buying this. Please, don't do this, if you he has enough evidence people will buy his system without these lame pressure methods.
Now, I have to tell you that I know Yohannes, he is actually a real person. I have him in my facebook and he has friends and family and everything like anyone of us. He is also a currency analyst and in fact I can say that I have always had a good view about his trading systems. As you may know, his DTS-1 system is currently being tested on my weekly newsletter.
As far as his forex bling thing goes, I'll tell you what I think. He does make a good point with 4 month long live tests anddemos making up the point tha the experts are indeed live/demo consistent. As always, I consider his profit targets and draw down targets are unrealistic. I have always thought that his systems have higher market exposure than what he says. Particularly now, his systems have shown very low draw downs from June. Be extremely careful as this draw down and profit targets are not what you should expect in the long term. However, I do consider that he does make a good point up until now about the profitability of his systems. On another point, there are no 10 year long backtests that show us that there is robustness on the systems. For me this is obviously something that is necessary in order to seriously consider long term profitability. Of course, if the systems are to be continuously optimized by his team, then it is probable that these systems will remain profitable for longer periods of time, but who knows.
Another very important aspect to consider here seems to be the cost. If you consider that the regular forex trader has about 1000 USD to invest and he would spend 250 USD a year in VPS fees then adding another 400 USD in the forex bling subscription, he would need at least a 60% profit to break even. I consider that with moderate risk, the forex bling package will be able to achieve, in the best case scenario, this or a slightly higher target. Maybe for most forex traders this won't be worth buying merely because of this fact. Although this is not bound to affect traders with higher investment capitals.
I would have to say to Yohannes that I would need a 10 year backtest (since backtesting consistency seems to be proven) to see that his systems are long term profitable. Otherwise, the chances for this system to crash and burn seem just as likely as any of the other short term profitable systems. If this cannot be done, then I would need at least 2 years of live trading. Sorry but these are the requirements to at least have an idea of how the system (and Yohannes's team) can couple up with market changes and such events.
As of now, this system is NOT worth buying and I would encourage Yohannes to give more evidence of long term profitability as ten year bactests (with proof of backtesting/live testings consistency) if this cannot be done, then we still need to see more to actually believe his claims. It is not enough to have a 4 month trackrecord to trade a system, usually money managers are demanded 2 or even 10 year track records, and this is for a very good reason.
If you would like to learn more about automated trading system and how you too can develop and program your own profitable long term system or trade the god's gift ATR profitably in the forex market please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !
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