Forex Combo System is a fully automated trading robot developed by the FXautomater team. According to the developers, the EA has 4 trading strategies which enable it to deliver winning trades for the user. They have also incorporated new features into the product to enhance its overall performance. Traders can thus enjoy 100% long-term profits. However, we are skeptical about these assertions. Many developers of Forex robots have a habit of presenting their products as the most profitable so as to woo unsuspecting traders into purchasing them. Therefore, we assess the robot to determine if traders should invest in it.
Forex Combo System: To Trust on Not to Trust?
We have conducted a thorough analysis on the Forex Combo System and concluded that it is an EA that cannot be trusted. We arrived at this verdict after discovering that the software has a low profitability rate. We also believe that the company is hiding something as it only provides live trading results from a demo account rather than from a real one.
Features
The company behind this robot is presently running an offer where traders can purchase the product at $60 off. It was previously sold at $197, but customers can now buy it at $137. The robot comes with 1 live account and unlimited demo accounts, and a 60-day unconditional money-back guarantee. In addition, the company offers lifetime updates, 24/7 support, detailed user guide, easy installation files, and private members area access.
The Forex Combo System applies 4 distinct strategies. They are described below:
- Scalping-this approach entails purchasing or selling currency pairs with only a brief holding time so as to make a series of quick profits. This way, the overall return is boosted.
- Trend-detection-the developers indicate that the robot helps the trader to make profits by identifying market trends that demonstrate sustained and profitable trends. It then uses the information to decide whether to place or not place trades.
- Market corrections-through thousands of lightning fast computations, the EA predicts when the market will reverse. The system then captures deep market corrections at the exact instant the current trends are exhausted. After that, the EA leverages the big pip spread opportunities created by market trend reverses.
- Range detection-according to the developers, the robot applies a powerful algorithm to identify non-trending markets and modifies its trade detection accordingly. This gives the trader more opportunities to make profits.
The vendor notes that the 4 trading systems are mutually complementary and take advantage of purposeful market movements.
The EA has the following features:
- Supports 4 main currency pairs: EURUSD, EURAUD, EURCAD and GBPUSD
- It has open and closed position notifications
- It is compatible with all brokers and other EAs
- It includes Monday-Friday rules particularly developed to avert losses because of Monday morning gaps
- Is fully automated
- Runs on the MT4 trading platform
- It incorporates money management rules
- Offers volatile market protection and stop-loss protection
- Is designed to work on the M5 time frame
Trading Results
A screenshot of the EA’s backtest data is shown below:
The system traded with the EURUSD currency pair on the 5-minute time frame between December 2007 and August 2018. From an initial deposit of $1,000, a total net profit of $130, 527.16 was generated. This profit value is small considering that the account operated for more than 10 years. The profit factor (1.66) was also mediocre.
The EA executed 1163 trades and attained win-rates of 44.76% for shorts and 45.53% for longs. Clearly, these results are below average, and demonstrate the low profitability rate of the account. The average profit trade was 626. 55 while the average loss trade was -310.99. The relative drawdown (82.49%) was massive. With such a drawdown, a trader should expect to suffer big losses.
The live trading results are described below:
The vendor has provided live trading stats from a demo account. An initial deposit of $1,000 was placed on the account, and the EA managed to generate a profit of $482.90. As a result, the account balance has increased to $1,232.54. The gain which is 48.43% is small bearing in mind that the account has operated for more than 2 years. The daily and monthly profits stand at 0.04% and 1.12% respectively, and are also very small.
The system has conducted 354 trades with 10.57 lots. The win-rates for longs and shorts are 55% and 52% respectively. These results are very poor as they mean that the profitability rate of the account is low. The profit factor of 1.45 is not promising as well. A trader cannot get significant returns when they trade with this EA. The account has made 1377 pips. The average win is 31.33 pips while the average loss is -28.26 pips.
The system mainly trades on Tuesday as evidenced by the 88 deals made.
The account’s risk of ruin is moderate. If the EA makes 19 consecutive losses, then 10% of the account will be lost.
The monthly performance of the account indicates that the gains made are so small. Furthermore, the profits are inconsistent, and hence unpredictable.
From the trading history, we can see that the system traded with fixed lots. It also applied trailing stop losses. Furthermore, it is evident that the EA traded with large TP levels.
Low Drawdown
The system used by Forex Combo System has a drawdown rate of 8.08%. Although the drawdown is small, it should be noted that this result is from a demo account. This is suspicious. We are left to wonder why the vendor is scared to trade a live account using their EA. The backtest report indicated that the drawdown is very high. Perhaps a live account would show a similar result, and this is what the vendor might be afraid of.
Vendor Transparency
FXautomater is the company responsible for creating this EA. It states that it has spent thousands of hours in developing, testing, and refining its variety of Forex robots. The company’s team includes active Forex traders, programmers and committed investors with more than 15 years trading experience. Whereas the company can be commended for trying to be transparent, names and profiles of persons behind the operation should have been provided. Such information is vital as it can boost a trader’s confidence in the product.
Customer Reviews
We were able to find several customer reviews on the Forex Peace Army website. The company has been given a rating of 2.042 out of 5 by its customers. We noticed that the EA received positive feedback from only one customer. The rest are dissatisfied with the product’s performance. The traders indicate that the live account performance is bad and it makes losses constantly. Snapshots of user testimonials are provided below:
