Rating: 3.7/5 stars
Price: $97
The Combo Profit System for forex trading was designed by New York trader and self-proclaimed system creator David Chia. His story is a familiar one. You've probably read variations on it from other income opportunity creator's sales pages. This one is no different. Supposedly while languishing in a dead-end job that didn't bring in enough income to support his family's needs, David became involved in market trading and eventually met a successful trading guru, befriended him, and learned his "trading secrets" from the guru.
I don't know if this sob story was really necessary, and I doubt it is going to influence many potential customers who are mostly interested in finding a reliable vehicle that will produce increased income.
David's sales page does, however, make some bold sounding claims, some of which may be true and others which may be overstating the facts. His first claim is that "no trading experience is required." While on its face this sounds ridiculous, most likely what he's trying to emphasize is that his trading system is so simple that you don't need experience in order to trade with it. And yet, in the end, you will need to know what you are doing in order to be successful in your trades.
The next claim he makes for his system is that you can "create your own trading signals." While this may be ultimately a desirable situation to be in, if you have no trading experience in the forex market, how will you know when a trading signal has shown itself?
By way of explaining this claim David says, "Don't waste money on companies that promise to deliver you trading signals but end up giving you crap." And what he's speaking about here are the market making forex brokers who supposedly give away their charting services in order to draw in suckers to their trades. Since these brokers "make the market," they take the opposite side of your order. So they know exactly where your stops are. Then they start sniping your stops, and little by little they drain your account.
David's last claim is that trading with his Combo Profit System will not require a lot of time. In other words: you won't need to sit in front of your computer all day. "Just take a few minutes to use our system and software to get your own signals." And that's fine if his system is able to adequately identify valid trading entry and exit points. At least one client of his reports that the Expert Advisor included with the system does what he said it would do and has been successful in fiinding good results in specific currency pairs.
The ebook detailing this forex trading system is split into three sections, the first being an introduction. In the introduction, he explains candlesticks, chart patterns, pivot points, and technical indicators. It's a sufficient overview but nothing exceptional that you can't find elsewhere for free.
The second section covers money management and trading psychology. He explains stop losses, moving stops, and winning trader psychology. However, there's nothing explicit about position sizing in his material and only six pages which explain the most important topic for beginning traders: how to control risk.
The last section details his combo trade system which uses a combination of moving averages, technical indicators, candlesticks, and fibonacci projection. If as he states, this system is targeted at people who have no trading experience, it yet requires discretionary trading based on determining trends from older time frames, candlestick analysis, fibonacci projections, fibonacci retracements, and chart patterns. These are all subjects which someone off the street who has never traded forex before might have a hard time digesting.
To his credit, he does give his customer no-cost access to a private trading forum where the person might obtain answers to some of these more complicated subjects through the use of an Expert Advisor (EA). The forum also outlines several technical indicators to be aware of. Although there are no real instructions or documentation which explain the indicators included or even how a beginner might use the EA.
Overall, the information for using this system is all gathered together in one place thus saving the user time and effort in trapsing around the internet to gather this information together from free sources. Though much of the information in David's ebook can be had if you're willing to research it on the internet, it may be well worth the price of the ebook just to have it all collated together in one convenient place for study.
While Combo Profit System is not perfect in its presentation, it may well be worth the price considering that there is a support system in place (the trading forum and the EA) for newcomers to take advantage of when they need the help in understanding how to use the system. One user has reported "quick and clear answers" coming from the support team. So in the end, this may well be an overriding factor to take into consideration when taking the decision of whether or not to purchase this forex trading system.
Home
Stock System Reviews:
Penny Stock Prophet
Stock and Option Trading System
60 Minute Trader
Commodity Option Secrets
Forex Trading System Reviews:
LMT Forex Formula
10 Minute Forex Wealth Builder
Trading in the Buff
Forex Trading Machine
Combo Profit System
5EMAs Forex System
Profitable Trend Forex System
Forex Killer Software
Forex Auto Pilot
Market Trading Guidance:
Should You Trade on the Non Farm Payroll Report?
Learning Stock Market Investing Basics
A Brief Guide to Forex Trading
Understanding The Risks and Rewards of Futures Trading
A Brief Guide to Options Trading