Forex Blog - Combo Profit System Review

I've decided to get back to some of the things I used to do which was reviewing trading systems and websites. The first system I've decided to review comes from a website that has decent traffic rankings (#49 on forexontop.com). I figured if there are a lot of visitors going there, there's a good chance he's selling his system. Therefore it makes a good candidate for a review. The system, called the Combo Profit System is provided by a trader named David Chia. David was gracious enough to send me a free copy of everything he offers on his site. This includes the following which would have cost $97:

Some of the things David mentions on his site, http://www.profitguideforex.com are that the system doesn't require any trading experience, you can create your own trading signals, it will require very little time, it's easy to understand and easy to use, is step-by-step and can potentially make tens of thousands of dollars a month. This offer is risk-free according to the website in which you can try the system with an 8-week 100% money-back guarantee. Since I got it for free, I can't verify the fact that's it's risk-free.

As you can see above of what's included, there's a lot of reading material. I wasn't interested in any of the e-books except for the one detailing his system. I did look over the other e-books and they contain general information on the forex market, fundamental analysis, technical analysis, risks, and fibonacci analysis. This is all stuff I've seen everywhere on the internet for free. That's fine, according to the website, this is all "bonus" material.

David's E-book detailing his system was 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 exclusive that you can't find elsewhere for free. The second section mentions money management and trading psychology. He explains stop losses, moving stops, and winning trader psychology. Nothing exclusive here either. There's also nothing explicit about position sizing in here and only six pages to explain the most important topic to beginner 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. I was surprised at what I found. This system is targeted at people who have no trading experience yet it requires discretionary trading based on determining trends from higher time frames, candlestick analysis, fibonacci projections, fibonacci retracements and chart patterns. These are all subjects that someone off the street that's never traded forex before would have a hard time digesting. As far as being a step-by-step system, it includes:

He satisfies this claim to a certain extent. Is the system easy to understand and easy to use? Not really. I didn't have a hard time understanding it but a beginner might. There's also only two graphic examples and he just shows the absolute best case scenario for the trade. This bothers me. Why not show examples of outcomes that aren't expected. Overall, there is nothing groundbreaking or new in this combo system. I've seen this a thousand times on free websites and forums.

David also offers a free Metatrader expert advisor that contains an EA and a bunch of technical indicators. There are no real instructions or documentation that explain the indicators included or even how a beginner can use the EA. I gave David the opportunity to provide any additional instructions but he questioned if I was who I said I was (Rich from Forex Project) and wondered how I didn't know how to use an EA. I know how to use an EA but someone who buys the system sure won't.

For $97 dollars, you get a whole lot of quantity, way over 1000 pages of reading material, but not a lot of quality. I'm not going to label this a scam but it's not worth $97. You can buy a forex book for less that gives you much, much, more. In my opinion, there wasn't a lot put into this except a goal of making a quick buck. This is merely a package of e-books and information that you can find on the internet for free.

I appreciate David providing this to me for free. He did so with nothing to hide. I requested the same from the Forex Killer (http://www.forex-killer.com) authors twice and never even received an email back.

Read or add comments about this item.

No. 1 : They are all the same

About five years ago, when I was still struggling to define my trading identity, I signed up for a course from Rob Booker. I got exactly -- EXACTLY -- the same result, only it was about $700 more expensive and I had considerably less access to the "guru" himself than was promised.

Just goes to show you that they can be nice. They can be funny and engaging. They may also have scruples, compared to the average salesman. They may be original. (Booker certainly wasn't.) They may have a killer presentation, as Avery does. Or they may just make outrageous promises, like Mr. Chia. Ultimately, if you are not completely new to the game and have no real expectations of quality or your bottom line, then you might learn something...like why these guys aren't worth your time or money.

Cheers

Submitted by Jay • 2007-12-16 04:15:18

No. 2 : Trader

I am glad that you wrote this post. I bought the system three months ago and I still think that it worths my money. From where else can you find a complete guide that bring you enough knowledge and confidence to enter forex trading like such product? I also appreciate the fact that David Chia's Support team gave me very quick and clear answers whenever I have doubts.

I am still using his EA and find that as what he said, it provides good result with the EUR/USD pair.

Cheers,

Submitted by Mark Copeland • 2007-12-16 05:37:18

No. 3 :

Thanks for the comments Mark. I hope posts like this engage people who bought the product like yourself.

Submitted by Rich • 2007-12-16 05:50:44

No. 4 :

Thanks for the review.

Submitted by Forex Trader • 2007-12-16 11:50:10

No. 5 :

Seems Rich discovered clickbank..

Submitted by Forex Trader • 2007-12-16 11:50:56

No. 6 :

David can take some constructive criticism. I received this email from him today:

Thanks Rich, for your nice words.

I already saw your review. Well done.

Thanks,
David

Submitted by Rich • 2007-12-17 21:22:02

No. 7 :

Hi Mark / Anyone who can help,

When you use the EA on EUR/USD, which time period should be used (e.g. M15, Weekly etc.). Thanks.

Submitted by Forex Trader • 2008-06-29 18:45:33