Website : BK Forex Advisor Website
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), 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.

CONCLUSION

PROs
• 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.

CONs
• 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 decide to purchase this service, please support us by using our link and by reporting back your findings, both are valuable to us and the service.