Yes it's bad, but that's a part of its charm. I actually found myself liking this movie for its goofiness . The story is confusing and the acting is all over the place. The music, by Carlo Maria Cordio, is pretty decent and suits this type of movie.
The goblins are Goofy and awkward looking, no real imagination went into conceiving these characters, which is sad because it could have been different.
By the end of the movie I was stunned at how bad it really is. But it's bad in a fun way that made me really enjoy it enough to see it again.
My review is real and not sarcastic in any way.
By the way, Troll 2 has nothing to do with the original Troll, which was pretty decent.