Forex Combo System employs multiple strategies to scan the markets. The algorithm has multiple inbuilt settings that traders can tweak according to their liking. The robot is fully automated and is made available through a single webpage. We will discuss each point of the system in our review and see if traders should consider including it in their trading.
The company provides convincing backtesting results and boasts about them openly. This caught our eye, and we decided to review the system and see if it could perform well on a live account.
Concerning their trading experience in the forex market we were unable to find much information. The developers are not keen to share knowledge on their whereabouts.
What is behind the Forex Combo System?
The company does not provide us with any information on the experience of developers who have produced the product. This is not an effective approach to deal in the markets.
How it works
To install the algorithm, traders will have to purchase and place the ex4 within the experts’ folder of the MT 4 platform. Then they have to attach the robot to the charts to start trading.
The robot has the following key features:
- It can follow multiple trading strategies.
- Traders can use money management settings.
- There are multiple backtesting records.
- The robot has an option to use a stop loss for equity.
The company does not recommend leverage and minimum deposit traders should use with the system.
The robot can use different strategies that include:
- A scalping game plan that works for short term trading
- Trend detection method to trade in the direction of the markets
- Market correction to catch the reversals
- Range detection works when the market is trapped between two points.
From the history on Myfxbook, we can see that the algorithm works only on EURCAD. It can hold trades for 13 hours and 49 minutes that points to a day trading approach.
Backtesting results are available for EURUSD, where the relative drawdown was around 57.74%. The winning rate was 79.71%, with a profit factor of about 1.64.
All the tests were done on the 5 minutes chart with a starting balance of $1000. The robot tanked an average profit of $33307.20 during this period. There were 902 trades in total, where the best trade was $528, while the worst one was -$118.41.
Traders can buy their system for $137. The license is for one live account, and there is a 60-day money-back guarantee.
Trading performance of Forex Combo System
Verified trading records are available on Myfxbook that show performance from April 22, 2018, till the current date. The system made an average monthly gain of 1.04% during the period, with a drawdown of 8.08%. The stated drawdown is high regarding the monthly gain, which gives us a poor risk-reward. The winning rate stood at 54%, with a profit factor of 1.42. The developer made $1000 in deposits and $0 in withdrawals.
The best trade was $250.36, while the worst was -$20.65. There were a total of 380 trades.
There is no mention of customer support and the availability hours. The developers are not keen to share their emails with traders for contact purposes.
Customer reviews on Forex Peace Army show a rating of 2.042 for a total of 5 reviews. A trader says that he only has losses on a micro account.