Forex Combo System Review – A Comprehensive Look at This Automated Trading Software
The Forex Combo System is an automated trading software designed to generate profits in the foreign exchange (forex) market. This review provides an in-depth analysis of the system’s features, performance, pros and cons to determine if it is worth using for forex trading.
Overview of the Forex Combo System
The Forex Combo System is developed by FXAutomater, a company that specializes in creating automated trading systems. It combines 4 different trading strategies into one expert advisor that can be used on the MetaTrader 4 trading platform.
The 4 strategies built into the system are:
- Scalping – Attempts to make small profits on minor price movements.
- Trend Detection – Identifies larger market trends and trades in the direction of the trend.
- Market Corrections – Tries to profit from reversals when trends exhaust.
- Range Detection – Trades ranging or sideways markets that lack a definitive trend.
By combining these 4 strategies, the goal is to profit in all market conditions. The system aims to identify high probability trading opportunities across multiple timeframes.
The Forex Combo System supports the EURUSD, GBPUSD, EURCAD and EURAUD currency pairs. It is optimized for the 5 minute timeframe but can be used on other timeframes as well.
Features of the Forex Combo System
Some of the key features of the Forex Combo System include:
- Fully Automated – The system is fully automated and executes trades on your behalf once installed and configured. No manual intervention needed.
- Multiple Strategies – Uses a combination of scalping, trend, correction and range trading strategies to adapt to changing market conditions.
- News Filter – Has a built-in news filter to avoid risky trading during major news events.
- Email/Push Notifications – Sends email or push notifications to your mobile device whenever a new trade is opened or closed.
- Compatible with All Brokers – Works with any Metatrader 4 broker so you can use your preferred broker.
- Money Management – Uses effective money management rules to control risk based on your account size and risk tolerance.
- Stop Loss – Applies protective stop loss levels on every trade to limit losses.
- Support – Comes with installation support, user guide, and 24/7 customer service.
Performance and Backtests
According to backtests posted on the Forex Combo System website, the EA was able to generate large profits historically with relatively low drawdowns across multiple currency pairs.
For example, a backtest on the EURUSD pair starting from 2007 to 2018 showed a profit of over $16 million on a $5,000 account. The drawdown was only 5.78% despite running over a 10 year period.
However, it is important to note that backtests do not guarantee future performance. Slippage and spreads can significantly impact results when trading live.
The developer provides Myfxbook verified results for the Forex Combo System showing moderate live trading gains with low drawdowns since 2018. For example, the EURUSD live account shows a 65% gain after 4 years of trading.
While live performance is more modest compared to the backtests, the system still manages to produce steady profits in live market conditions.
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Using the Forex Combo System
Installation and Setup
Installing the Forex Combo System is straightforward. You simply download the files from the member’s area after purchase, then attach the expert advisor to a chart in Metatrader 4.
The inputs allow you to enable or disable individual strategies and configure parameters like trade size and risk management settings. Default settings can be used out of the box or optimized as needed.
The developer provides an installation guide that walks through the setup process in just a few easy steps. No coding or MT4 expertise is required.
Strategy Logic and Trade Management
The Forex Combo System incorporates logic for entering and managing trades across the 4 integrated strategies. Here is a brief overview:
- Entries based on short-term trend and momentum analysis using moving averages and oscillators.
- Exits trades quickly with small profit targets to capture minor price movements.
- Identifies longer term trend direction using indicators like ADX, moving averages.
- Enters trades in direction of the trend once confirmed.
- Manages trades using trailing stops to let profits run.
- Looks for exhaustion of trends and impending reversals.
- Enters counter-trend trades when a correction/reversal is signaled.
- Limits losses if the trend resumes by exiting at reversal points.
- Detects non-trending or ranging markets using volatility and momentum indicators.
- Trades the range by buying low and selling high until a breakout occurs.
- Exits range trades if increased volatility signals a potential breakout.
The expert advisor handles the entry, stop loss, take profit and trade management for each strategy automatically according to the internal logic and settings.
The Forex Combo System allows configuring risk parameters like the trade size, stop loss distance, and risk per trade based on your account size and risk tolerance.
It incorporates money management rules to size positions appropriately and limit losses on individual trades. Loss-making trades are handled by closing them out quickly and not averaging down.
The automated risk management and position sizing helps preserve capital and prevent blow ups that can occur with excessive risk taking.
Support and Customer Service
The Forex Combo System comes with installation support and a detailed user guide. The developers provide 24/7 customer service via email and respond promptly to any technical or trading questions users may have.
Compared to many other forex robots, the customer service support is superior and helps users get the most out of the system.
Benefits of the Forex Combo System
Here are some of the main benefits of using the Forex Combo System for forex trading:
- Requires no trading knowledge or experience to use. The system handles all trading activity automatically.
- Can potentially generate steady profits month after month with minimal time commitment.
- Diversifies trading strategies to profit in different market conditions. Not reliant on any single strategy.
- Incorporates effective risk management to preserve capital and prevent blow ups.
- Runs unattended and can trade while you sleep or go about your daily routine.
- Works with any Metatrader 4 broker giving you flexibility to choose your preferred broker.
- Provides email/push notifications whenever a trade is opened or closed so you can track performance.
While the Forex Combo System has many advantages, there are also some drawbacks to consider:
- Automated systems can perform poorly during volatile markets with wild price swings.
- No guarantees of long term profitability. Past performance does not guarantee future results.
- Requires a VPS service and stable internet connection to run smoothly 24/7. Server outages can cause disruptions.
- The system may need periodic monitoring and optimization to keep performing well in changing market conditions.
- Customer service is good but not available 24/7 on weekends.
The Forex Combo System is one of the better forex robots available today based on its features, performance metrics, and ease of use. The combination of multiple trading strategies improves its chances of producing consistent profits in different market environments.
For traders looking for an automated solution that requires minimal effort, the Forex Combo System is worth considering. While long term profitability cannot be guaranteed, the system has shown reasonably good results historically and in live trading.
As with any forex EA, performing proper backtesting and running it on a demo account first is advised before risking real capital. Also, using proper risk management is vital for managing any potential losses.
Overall, traders looking for a hands-off automated trading system that incorporates multiple strategies in one EA may find the Forex Combo System to be a worthwhile addition to their trading toolbox.