Forex Combo System uses multiple trading strategies and comes with money management settings to control the risk. The algorithm is compatible with all brokers and can provide you with notifications for all the transactions.
The developer is not willing to disclose details on their trading experience or whereabouts. We can only contact them through a form available on the website. In this Forex Combo System review, we will go through the product to see whether it can be useful for trading on our portfolios or not.
Forex Combo System at a glance
|Currency Pairs||EURUSD, GBPUSD, EURAUD, and EURCAD|
|Strategy||Scalping, Trend-Detection, Market Corrections, and Range Detection|
Forex Combo System functionality
The EA has the following features:
- It can trade on multiple currency pairs and use money management.
- There are free lifetime updates.
- The support team is available 24/7.
- There is a 60-day unconditional money-back guarantee .
Forex Combo System trading strategy tests
The developers state that the system uses four different strategies to trade the markets: scalping, trend detection, market corrections, and range detection. As the name indicates, the scalping strategy is focused on getting in and out of the market quickly.
The trend detection trades in the direction of momentum, while the market correction aims at capitalizing on situations where the trends have exhausted. The range detection determines points where the market is bouncing off two points. From the records on Myfxbook, we can observe that the algorithm trades with a varying stop loss value of around 30 pips. The average trade duration is at 13 hours and 46 minutes, pointing to a day trading approach.
Backtesting results are available for the EURUSD trend system, which shows the relative drawdown was around 82.49%, and the winning rate was 45.14%, with a profit factor of about 1.66. All the tests were done on the 5-minute chart with a starting balance of $1000.
The robot tanked an average profit of $130527.16 for this period in a total of 1163 trades. The best trade was $3220.48, while the worst one was -$440. The modeling quality was 90%.
Forex Combo System real trading results
Verified trading records on Myfxbook are available. We can see that the current floating gain is at an account balance of $1216.71. The drawdown value is around 8.08%. The winning rate stood at 53%, with a profit factor of 1.39. The best trade was $250.36, while the worst was -$20.65 in a total of 392 trades.
The system made an average monthly gain of 0.96% during the period. The stated drawdown value is high when we compare it with the monthly output giving us a poor risk reward.
There are 5 reviews present on Forex Peace Army that gives the company a total rating of 2.042. a trader says that they have been running the robot on live and demo accounts and are only facing losses. The algorithm is expensive and is not worth it.
Forex Combo System Review SummaryForex Combo System
Functionality2/5 BadThe service works only on MT4.
Trading strategy4/5 GoodIt uses multiple strategies for trading.
Live Results2/5 BadLive results show a good amount of drawdown.
Customer support2/5 BadCustomer support is available only by contact form.
User reviews2/5 BadThe reviews on Forex Peace Army are not good.
- Multiple backtesting records
- It has a high drawdown
- No transparency of developers
- It only works on MT4