Forex Combo System promises users growing profits with its combination of successful methods. This EA uses a combination of four strategies proven to be consistently profitable. FXAutomater promotes this FX robot. The other products the group promotes include Smart Scalper, BF Grid Master, Omega Trend, and more.
We could not find info on the company or the developer of this FX EA. The vendor does not furnish details such as location address, phone number, founding year, and more. From the lack of vendor information, we suspect this is not a reliable EA.
For support, an online contact form and links to the social media pages of the company on YouTube, Twitter, and Facebook are present. To buy this EA which comes with one real money account and four trading approaches you need to pay $137. A 60-day money-back guarantee is present for the product.
From our evaluation of this FX EA, here are the important features that the vendor focuses on:
- The system supports four currency pairs namely, EURUSD, EURAUD, EURCAD, and GBPUSD.
- You can set the risk level you are comfortable with and this level is linked to the returns you get.
- A combination of trend and countertrend, scalping, and market scan is used for spotting the profitable trades.
- Money management features include SL protection, customization dependent on the risk profile you set up, and protection from volatile conditions when there is a sharp fluctuation in price.
- More than 10 years of historical data testing and live results are present to prove that the EA can provide stable returns for the long term.
For trading recommendation, the vendor suggests using the M5 timeframe and a minimum deposit of $100 to $500. However, the recommended deposit ranges from $1000 up to $5000 as the vendor claims that it provides better returns. This system has full broker compatibility and can be used along with other expert advisor products.
Forex Combo System trading approach
According to the vendor, this FX EA uses four strategies namely scalping, trend detection, market corrections, and range detection. The combo ensures the EA generates profits in any market condition. On implementation, the EA uses the different strategies to assess the market using algorithms that are capable of spotting opportunities when they arise.
Several backtesting results are present on the official site. Here is a strategy tester report for the EURUSD pair using the M5 timeframe and the testing is for 10 years. Modeling quality of 90% was used, which is not sufficient to give us info related to the slippage, commission, etc.
From the above report, we can see a total net profit of 33307.02 was generated from an initial deposit of $1000. Of a total of 902 trades, the profitability of 79.71% and a profit factor of 1.64 were present. The maximum drawdown for the account was 57.74%. From the info, we can see that the profit was not high. Furthermore, the high drawdown indicates the approach used was risky.
Forex Combo System live trading results
While the vendor boasts of live trading results, there are only demo trading accounts present. Here is a verified demo USD account using the Alpari RU broker and the leverage of 1:500 on the MT4 platform.
From the above screenshots, we can see the account has generated a total profit of 237.31% and a similar value for the absolute profit. A daily and monthly profit of 0.07% and 2.21% are present. The drawdown is high at 47.19%. For the account started in 2017 with a deposit of $352, a total of 939 trades have been executed with a 60% profitability and a profit factor of 1.24.
From the trading history, we see a lot size of 0.02 is used for the account. Comparing the backtesting results with the demo account it is clear that there is a high drawdown despite the claims of the vendor that the risk is low. We prefer the results of real trading accounts to assess the performance better.
What are the risks with Forex Combo System?
On evaluating the functionality, performance, and other features of this system, we find that this is not a reliable FX EA. The main risks we identified are:
- Lack of vendor transparency
- High drawdown in backtests and demo trading results
- Poor performance
We found 5 reviews for this EA on the Forex Peace Army site. Here are some of the user reviews:
From the above testimonials, we can see that the performance of the FX robot is bad and hence is not a reliable product.
What are the pros & cons of investing in Forex Combo System?
|Fully automated system||High drawdown indicating a risky approach|
|60-day money-back guarantee||Poor performance|
|Negative user reviews|
After identifying the good and bad points in this FX EA, it is clear that this is not a trustworthy expert advisor.
Forex Combo System Conclusion
Forex Combo System claims to provide high returns with low risk. The backtests and demo trading results indicate the claims are false. Furthermore, the lack of vendor transparency, insufficient support, and negative user reviews confirm our suspicion that this is an unreliable product.