As trading the forex market becomes increasingly more popular, there seem to be new developers springing up left and right, each claiming that they’ve developed the software you need to realize huge profits trading in forex.
But, with so many options available, it can seem impossible to wade through all the sales-speak and double talk to find the software you need that can help you succeed in the market. Today, we’re going to tackle one of the more promising options in our Forex COMBO System review.
Forex COMBO System is one of the many products offered by the developer FXAutomater. FXAutomater has made quite a name for themselves in the EA market with other products, such as Forex Trendy, Forex GOLD Investor, Volatility Factor 2.0 PRO and many more.
With the Forex COMBO System, FXAutomater has developed an EA that leverages four different proven trading strategies to help you reliably profit trading foreign currency.
This EA has been around since 2009, and based on the backtests provided on the Forex COMBO System site, this system has a track record as a proven performer, with ten years of reliable profits.
How it Works
This EA is a sort of hybrid in that it leverages multiple trading strategies to generate successful trades for the user. Instead of relying on one strategy to make trades, the Forex COMBO system blends the strategies of scalping, trend detection, market correction, and range detection.
All four of these strategies are proven winners that professional traders have been using for years to generate reliable profits for their accounts. Plus, since each of these trading strategies is better suited for certain market conditions, the COMBO System ensures that regardless of whether the market is trending up, down, or it’s stagnant, your EA will be able to make smart trades based on the conditions of the market at that time.
Forex COMBO System Trading Strategies
As we mentioned, this system leverages four different strategies to generate returns for users. Each of these strategies can be modified by the user depending on how they’d like to set the parameters of this program. Here’s a bit more info on each of these strategies and how they’re used to make successful trades.
Scalping is a trading strategy that seeks to make small profits off a high volume of trades. This strategy is based on the assumption that a currency will move in the desired direction for a brief period.
Whether or not that movement will continue is unknown, and scalpers focus on getting as many trades in as possible during that initial movement.
Scalpers usually produce an incredibly high percentage of winning trades, but each trade is for a small amount of profit. Over time, these small profits add up. Some traders use scalping as their main strategy, but it can be quite labor intensive, so many other traders use it as a small supplemental strategy.
Another strategy employed by the Forex COMBO system is trend detection. Being able to correctly predict trends is how most traders realize the bulk of their profits in the market. But, being able to zero in on a trend involves pouring over an incredibly high volume of data, and it’s extremely time-consuming.
Fortunately, most EAs can pour over all this data at lightning-fast speeds to help traders visualize potential trends so they can act accordingly. Forex COMBO System actively observes the market for signs of trends to make trades based on the direction of the trend, which can result in big profits for the user.
The breakout strategy of this EA is based on the ATR (average true range) indicator of a given currency pair. That figure is then used with current market data to make decisions on whether or not to place a trade with the trend detection strategy.
Regardless of the market you’re trading in; market trends will always correct themselves. Just as traders exploit market trends to make a profit, they can also profit by trading when the market corrects the trend.
Making profits off of market corrections involve pinpointing the exact moment when a trend will reverse. It’s a difficult process that most traders simply don’t have the experience or know-how to leverage properly. Fortunately, EAs like the COMBO System is able to make these calculations in real time to help you make smart and profitable trades.
The final strategy that the Forex COMBO system uses is range detection. While it can be easy to trade forex when you know exactly which direction the market is trending in, there are times when the market isn’t trending at all. In fact, over 50% of the time, the market is relatively stagnant, which makes it difficult or impossible to trade on trends or market corrections.
With this strategy, the COMBO system can make profitable trades when the market isn’t trending in either direction. This complex algorithm allows traders to make smart trades in virtually any market condition, so you’re able to make more trades and hopefully see more profits.
Money Back Guarantee
One aspect of the Forex COMBO System that sets it apart from many competitors is the money back guarantee. Whether you’re reading our Forex COMBO System review or any other EA review, you’ve probably realized that while an EA can help you navigate the forex market, there’s no guarantee that you’re going to make money as a trader.
In fact, many new traders never make a profit trading the forex market. While EAs can help level the playing field, there’s a chance that the EA you’re using isn’t a good fit for you. Fortunately, all the EAs from FXAutomater feature a money back guarantee.
If you’re not satisfied with the results you’re getting from this EA, you can return the product for a full refund within 60 days of purchase.
What’s Different About Forex COMBO System?
With so many different EAs available, they can all start to seem like the same after a while, especially when it comes to the way they’re marketed. Fortunately, the Forex COMBO System has a few features which differentiate it from the competition.
For one, unlike most EAs, which trade using a single strategy, the COMBO System utilizes four different strategies, so you’ll be able to successfully trade in any market condition. This is a major differentiator for the Forex COMBO System, and it’s a functionality that most other EAs lack.
This EA, along with everything that FXAutomater develops is also well known for its easy to read and understand the dashboard. Compared to other EAs, FXAutomater’s offerings are well-regarded as being the most visually appealing, which makes it much easier for you to read and understand the charts and data that the system provides.
The Forex COMBO System also provides a member-only area of their site, which provides users with plenty of valuable information. Not only will this information help you learn how to effectively use the program, but there’s also some helpful reading material that will supplement your education on the forex market.
Another differentiator is the money back guarantee, which allows you to return the software within 60 days for a full refund if you find it doesn’t perform as well as you hoped.
What’s Included With Forex COMBO System
The COMBO System includes everything you’ll need to automatically make forex trades. Provided you have a computer to run the software on; you’re ready to go. Here’s what you’ll get when you purchase the Forex COMBO System:
- Forex COMBO System software
- 1 Live account and unlimited demo accounts
- Access to the Members Only area of the Forex COMBO site
- Detailed setup instructions and user guide
- Push notifications to your email or mobile device
- 24/7 customer support
- Lifetime software updates
Trading the Forex Market
Foreign currencies are in a constant state of fluctuation. Depending on market conditions, each currency will be worth more or less when compared to another currency. The forex market allows traders to trade one currency for another based on the fluctuation of the market.
While anyone can trade the forex market, doing well in the market is both an art and a science. There is plenty to learn, and there’s plenty of nuances that separates the experienced traders who realize consistent profits from those who are barely keeping their head above water, or worse yet, those who are constantly losing in the market.
Since there’s so much to know, it’s quite common for inexperienced traders to lose big as they trade the forex market with little experience or knowledge. Around 90% of traders never make a dime in the forex market, and many end up taking huge losses.
While the market is known to chew up and spit out many an inexperienced trader, the market is far from a scam. The forex market simply rewards those with the experience and acumen necessary to make profitable trades. For rookie traders, the goal is to survive long enough to begin to understand the market, and further develop your chops as a trader.
Thankfully, the advent of forex robots, like the Forex COMBO System can help to level the playing field, allowing inexperienced traders to make smart, profitable trades without amassing years of experience. That way, you’ll be able to make money in the market while you learn more about how to become an astute trader.
Trading as a Rookie
Trading with an EA makes it far easier to achieve your goals in the forex market as a beginner. While these programs make trading easier, there’s no substitute for an education on the market.
Take time out to learn more about the market itself, study trends, and use the data provided by your EA to educate yourself on the how and why of the market. The more you know, the better equipped you’ll be to succeed in the forex market.
Creating a Trading Plan
Any successful trader will tell you that one of the keys to success in the market is creating a trading plan and sticking to it.
Before you begin trading, take some time to think about your goals, your evaluation criteria for trades, and how much risk you’re willing to tolerate. Make sure the plan you’ve created is something that you feel confident sticking to and set the parameters of your EA, so they align with your trading plan.
Practice with a Demo Account
Once you’ve established a plan for your trades, implement your plan and begin practicing using a demo account. This will enable you to get a handle on how things work before you begin risking actual money in live trades.
One key to success in the market is consistency. Make sure that each trade you make falls in line with your plan, and don’t be discouraged if you take a few losses initially. Every trader has taken some losses in their career. Those who stick to their trading plans, and have the tools in place to set them up for success are usually the ones who come out on top.
If you find that your trading plan isn’t aligning with your goals, analyze your plan and learn where you’re going wrong. Then, make changes to your plan, and track your results after implementing them.
Don’t Go Overboard
Just as good traders remain consistent in the face of loss, they also remain consistent when they’re winning as well. If things are going well for you in the beginning, resist the urge to dial up your investment strategy.
Also, with every forex robot promising huge profits in record time, it can also be easy to get swept up in the marketing hype and experiment with running multiple EAs. Using multiple EAs is rarely a practice that’s encouraged, especially for beginners.
Not to mention, adding new programs to the fold will surely complicate your strategy and make it more difficult for you to stay on course. If the time comes where it makes sense to start using a second EA, you can add one once you have more experience as a trader.
Learning From Other Traders
Whether you’re using an EA or making your trades manually, there are always opportunities to learn more about the forex market. Arguably the best way to learn is to talk to other, more experienced traders; especially if they have experience using the same EA you’re working with.
Whether you’re new to trading or you’ve been at it for some time, it can be helpful to have at least one other trader who you can talk to and learn from. If you’re new to trading, it’s especially important to have an experienced mentor who you can call upon for advice and guidance as you learn the ropes.
An In-Depth Look at Forex COMBO System
We’ve covered many of the ins and outs of this popular EA, and it’s now time to delve into the most important aspects of our Forex COMBO System review. Here’s what you can expect from the software when it comes to user experience.
The developers at FXAutomater have solidified a reputation as one of the easiest to set up and most visually appealing EAs on the market. Installing the software is simple, and you can get up and running in about ten minutes thanks to the included guide which walks you through the process.
The software can be used with any MT4 platform and broker so that you won’t be limited at all. Some EAs recommend their software be used with specific brokers, which is usually a red flag that something may be fishy with their software. Forex COMBO System also plays nice with other EAs, and it won’t interfere with any trades related to other EAs on your account.
All of the data that the program compiles is displayed in easy to read and understand charts and graphs that will provide you with valuable information about your trades, and the market in general.
You’re able to configure the dashboard to your liking, and from the dashboard, you can also control trading parameters to customize the EA to your exact specifications. That way, even though the EA is handling your trading, you’re the one in the driver’s seat, as you can ensure that the software makes trades based on the parameters you set.
As for the parameters, there’s plenty of room for adjustment, which gives you complete control. First time users may find all of the different parameters overwhelming, but the default values for each parameter should be fine to get you up and running.
The user manual does a great job of explaining each parameter and suggesting values based on your trading goals, so even rookies should quickly be able to dial in their parameters to customize the program to their liking.
Whether you’re an experienced trader or a newbie just stepping into the arena of the forex markets, you’re sure to appreciate the easy to use and understand dashboard of Forex COMBO System.
FXAutomater provides 24/7 customer service for Forex COMBO System users. While there’s no way for you to reach their service team by phone or in person, they’re readily available by email, and the team is helpful and responsive.
During periods of higher traffic, it may take several hours to get a response to your inquiry. But, inquiries made at slower points in the day or night are answered exceptionally fast, with many issues being solved in an hour or less.
The customer service staff is particularly knowledgeable and able to answer virtually any question you may have about the software.
While a solid user experience and reliable customer service are major selling points for this software, the true test of it’s worth is its performance. Will Forex COMBO System help you realize your trading goals, and make you a healthy profit?
According to all of the testing provided, the answer to that question seems to be a resounding yes. Over 18 months, Forex COMBO System delivered impressive gains of 261% on a verified MyFXBook account. Gaining at over 7% monthly, it appears that this EA delivers impressive and steady gains.
Another verified MYFXBook test trading EURCAD also shows impressive gains. The recent 3-month test shows monthly gains of 8.72% with a low drawdown of only 1.09%.
The Forex COMBO System only supports four currency pairs, which is a bit disappointing. It would be interesting to see what the software is capable of with support for more currencies. While the system can be used to trade other currencies, it’s configured especially for EUR/USD and GBP/USD, and it isn’t necessarily recommended to stray from those currencies.
The price of a quality EA ranges from a few hundred dollars to around a thousand. Fortunately, your budget won’t be a major consideration if you’re in the market for this EA, because it’s one of the most affordable options on the market.
The MSRP for the Forex COMBO System is $297. However, FXAutomater regularly offers promotions that will save you up to 50%, so you should have no problem getting a great deal if you decide that this EA is the best choice for you.
- Leverages four different trading strategies in one system
- Fully automated
- Works well with other EAs
- Only configured to work with a total of four currency pairs