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CompassFX.com Review MT4 - MetaTrader Platform Trading Room

Overall Rating: (3.900)
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Total Reviews: 31
Last Updated: 2014-08-03
Description: CompassFX are forex brokers. Compass FX offers the MetaTrader4 top online forex trading platforms. CompassFX.com offers over 20 currency pairs for your personal investment and trading options.
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Forrest, Texas

Rating:
Date of Post:2010-05-29
Review: Compass FX is an introducing broker for FXDD (MT4), FX Solutions (GTS), FX Solutions Australia (MT4) and others; Jim, Canada's comment about spreads and requotes thus does not apply to Compass FX.

Compass FX supports two other trading rooms in addition to Dean Malone's trading room. I think you can get a trial and can evaluate them for yourself. I will say that point 6 by GT3RS, UK is rubbish. Compass FX is an introducing broker; your orders do not get anywhere near them. That they are affiliated with several retail brokers speaks well - you can try out and select your preference.

I have had an account with Compass FX since the forex trade oracle, which made me money until the signals stopped working. When that happened, they shut it down, again to their credit.

Forrest

Jim, Canada

Rating:
Date of Post:2010-04-22
Review: Spreads widen on news and many requotes

GT3RS, UK

Rating:
Date of Post:2010-04-15
Review: OK! Some background on me first - so you know where I am coming from.

I am a forex trader with 18 months experience. I am happy to tell you that I am STILL struggling to become CONSISTENTLY profitable. I know an awful lot about technical analysis and price action. I have been in several live rooms, only to eventually find out that the presenter is a scam merchant and FAR from being a trader.

Dean Malone/Compass FX seem to have a VERY good reputation. My research lead me to have nothing but respect for the guy. The basic Synergy system seems good. So, I thought I would give them a go.

This is some feedback on my findings.

First off, here are the costs:

$497 to buy Advanced Synergy 2 plus $97 per month subscription.

$97 per month subscription to the live room.

Interestingly, if you go to this link: https://www.synergyforex.com/store/product/15/Advanced-Synergy-2.0-Special Advanced Synergy is available for $97!!! [watch that link disappear pretty quickly!!]

Advanced Synergy includes the standard Synergy indicators, plus a further SEVEN indicators. These are:

Dynamic Support & Resistance
Volatility
Range Factor
Continuation
Synergy Trade Signal
Synergy MTF Indicator
Synergy Trade Targets

You download and install the indicators to your MT4 platform. Interestingly, they are all set to "allow dll imports" which means they are obviously sending bits of code back to Dean Malone/Compass FX.

Then you watch a large number of videos which are in the Advanced Synergy Member area. The videos are comprehensive insofar as they give LOTS of details on the indicators, but there is nothing which explains how to bring them all together into one cohesive trading strategy with fixed entry and exit criteria. Stop loss placement is never discussed!

So far, not great, but certainly not particularly bad.

OK. Into the live room.

This is where it all falls apart pretty quickly I'm afraid!

Of all the custom Advanced Synergy indicators, Dean only uses the Synergy Trade Signal and Volatility!! The others are nowhere to be seen on his charts [admittedly, the Synergy Trade Signal IS looking at the other indicators before signalling an entry].

Right, so, into the live room proper.

Dean starts the session by drawing in horizontal support and resistance lines. If price breaks support, look for shorts, if it breaks resistance, look for longs, we are told.

No explanation is given for why these levels are selected.

Then he starts looking at fib levels, 1-2-3 patterns, [very dubious looking] head and shoulder patterns and saying things like "if price gets to such and such a level, expect it to reverse, or break through and go to such and such a level."

In one particular session, he also talked about Cable having potential to the downside all day, and then right at the end [just as Cable was pushing up], he had the brass neck to say that "look folks! I told you GBPUSD would break this level and head up!"

Well, I'm not being funny, but even I could do that!! It's almost as good as saying price could go up or price could go down!!

During my entire time in the live room, NEVER did Dean refer to an Advanced Synergy entry.

Neither did he call his trades in advance.

In one particular instance, he said “I just got 10 pips out of that.” I queried him on it because it was a news spike and he traded GBPJPY without a stop loss!! He said he saw it “pop” and he jumped on it for 10 pips!!

I said that was a very risky strategy long term, trading news spikes on THE most volatile pair, without a stop loss, and he actually agreed with me!!! But he reckoned his “experience” allowed him to do it!

But the point here is, in fact, SEVERAL points here are:

1. He doesn't call trades before/as he takes them. Details are only given afterwards. The usual live room excuse of “we are not a signal service” is rolled out. Well, I'm sorry, but this is not acceptable!! People join a live room to SEE how a professional trader takes his trades, with details of WHY he is thinking of entering, where his stop will go, and what his exit strategy is. Without this information, how can they learn!?

2. The MT4 platform which Dean shares with us is NOT the one he trades on. We can't see entry/stop/target levels on the charts. Why?

3. Whichever platform Dean DOES trade on, he only trades MINI lots!! WHY??? If you were being cynical, it would be because you would get your calculator out and think.......... hmmmmmmmm... 280 people in the live room. They have each paid $97 a month for the Advanced Synergy indicators and $97 a month for the live room. My maths says that equals over $54,000 a month. Maybe THAT explains why he doesn't actually TRADE?

4. Dean DOESN'T call his trades in advance. If people don't even know he's entering, how can they learn?

5. Dean DOESN'T trade a large account. WHY? I'd love to see him opening up a position with 50 full lots - and I'm sure everyone else would too!

6. If Dean is such a great trader, why isn't he with an ECN Broker, instead of messing about with Compass FX? I'll tell you why! Because, Compass FX are a retail broker. They trade AGAINST you - the retail trader!! You think there is another trader on the other side of your trade? THINK AGAIN!! You are trading against your broker - who has the power to manipulate price data to your charts, and spreads, and slippage etc etc...........

7. Dean DOESN'T even trade Advanced Synergy or even BASIC Synergy for that matter? WHY? Because I have looked at it and seen how many false signals it generates!!! THAT'S why!!

8. Dean trades without stop losses or targets. How do I know? Well, most of his trades produce a profit of less than 10 pips. MANY of them are as low as 2 or 3 pips. Didn't know Advanced Synergy 2.0 was a scalping strategy? Well, you do now!! [although, like I said, he doesn't actually trade Advanced Synergy!!]

One of many things I found amazing was that Dean obviously has a Bloomberg feed and just seems to keep quoting it ad nauseum!! I got the impression that he is more of a fundamental trader than a technical one!!

I believe that because Dean comes across as a "nice guy" he uses a psychological "transference" whereby no-one in the live room wants to upset him. 95% [newbies] of people in the live room must be sitting there TOTALLY confused, but thinking they must stick it out in order to learn what is going on.

The other 5% can see it for what it really is! A SCAM!! Dean Malone is not a trader! Why would you bother RISKING money, when you can earn over $50,000 a MONTH by running a live room in which you DON'T call out your trades before the event?

The whole setup is designed to get new traders involved and confuse them, to the point where they believe that Dean is a good, knowlegeable guy who they don't really understand what he's saying, but that they want to learn from, so that they DO understand!!

And every month that goes by, he collects nearly $200 from them!!

My message is simply this: Forex trading is, without question, one of the most [if not THE most] difficult endeavours a human being could ever undertake. THINK ABOUT THAT FOR A MINUTE!!! IT IS SOOOOO true, otherwise, you would not be reading this now!!

So, what's the best way of making money in forex? Open a live room and don't actually TEACH anyone anything!!!

You HAVE been warned!!!

I could go on and on and on about why this is a SCAM, but I think the above speaks for itself!!!

HAPPY TRADING!!!

Susan, NY

Rating:
Date of Post:2010-01-24
Review: I really love Advanced Synergy's system with the candles, moving average lines, TDI, trading arrows, etc. I feel so much more confident. It is not necessary, but I added other indicators: AltraTrend indicator, Stochastic Cross Alert, Mindhero, Beginners Alert (all freebies), and Ribbon Trader (bought fm a guy on ebay). The support at CompassFX is professional. I have bought and tried many hyped up "holy grail" forex systems (had money returned or wasted money), and I find that Advanced Synergy is a great software system.

Ray, Palatine, IL

Rating:
Date of Post:2010-01-22
Review: I've been with CompassFX for a little over 3 months. They have been very helpful in my efforts to trade successfully by offering webinars featuring other professional traders. This education along with the Synergy charts has proven immensely valuable and has allowed me to begin trading profitably.

Susan, Northeast US

Rating:
Date of Post:2009-11-06
Review: I have been in Compass FX trading room for about a month. Compass FX is very professional. Kaci answers questions and all emails promptly. Dean Malone is a great trader. He demonstrates and explains as he takes trades. Everybody in the trade room thanks him. It's $99 monthly and worth every dollar.
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Edwin, Richmond, TX

Rating:
Date of Post:2009-04-30
Review: I have been with Compass for over a year and have had nothing but a possitive experience and results. I can't say enough about the training videos, almost daily, by Dean Malone. Their support is prompt and friendly. I started with a mini account and it has grown beyond my wildest expectations.

I am not an employee of Compass and receive no compensation for all the kind words I have for them. I do let them know every chance I get how much I appreciate their help.

Edwin

Wayne Moore, Tennessee, USA

Rating:
Date of Post:2009-02-06
Review: Just a plug for Compass and their service. I rate them a 5 star and am very pleased with static spreads and great customer service. Also, they really want their customers to do well and offer a lot of training for traders.

DOC, NYC

Rating:
Date of Post:2009-01-25
Review: I feel sorry for the those who don't understand or accept the truth. Trading is not for everyone. However, I have been trading 6 years now. Compassfx is the best of best. You cannot go wrong for $1 to try the live room. And too, you cannot go wrong with a $97 per month for their system. Commit to one year with Compassfx with out risking real money and the truth is you will be the wiser.I don't work for Compassfx and I have lost over $80,000 in forex with education and live accounts. The moral of the story. Trading takes time and if you put in time Compassfx will prove to you it is a galaxy in from of most of the market. Lastly, I earn 40 pips a trading session with one standard lot on a live account. Best success to all. Remember, "YOU NEVER FAIL UNTIL YOU STOP TRYING" Peace

Donna Nissen, Kansas City

Rating:
Date of Post:2008-12-23
Review: After trying ODL and GFT, I've been using CompassFX for about a year. I'll stay with them.

They offer very good free education and a free system named 'Synergy'. Every night, there is an free update on current conditions using Synergy. Twice in the last year they have offered all day (Saturday) webinars covering money management, taxes, systems, education, etc for only $30. They bring in experts in those areas to cover the material. They also offer trading rooms (extra expense) and other free market commentary.

The only trade problem I've ever had was a message 'context busy' when I wanted to close a trade. A call to the trade desk closed the trades immediately.

CompassFX uses the MT4 platform. Response to any issues or problems is very quick. I actually like to just call them with questions. They never treat me like I'm a bother or stupid. (I've had other brokers treat me like I'm a moron for asking a question)

I trade equities with thinkorswim. They are light years ahead of everyone else as far as customer education, platform, and execution. CompassFX is the only Forex broker I've found that can come close to that level of service.
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