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CompassFX.com Review MT4 - MetaTrader Platform Trading Room

Overall Rating: (4.000)
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Total Reviews: 34
Last Updated: 2014-11-19
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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John , USA

Rating:
Date of Post:2010-12-18
Review: I have been in trading forex for 5 years, some success, alot of disappointment until I came across CopmassFX. CompassFx invited me to join the free live trading room several months ago. They have several trading rooms and as soon as I joined this room I was immediately impressed and began following the trades and teaching. The room I joined has several moderators and is open for live trading from 2 AM EST to noon each day, M-F, and is free! The instructor/moderator named Ronnie goes over the charts, discusses the market and shares his strategies. He is very intelligent and knows more about the market than anyone I know or have ever heard. Before joining this room I had bought just about every trading course out there and have been to every webinar that I was invited to, and most , and in fact, with the exception of 1 or 2, all were dissapointing and all were taught by guys who never trade the market and spend all their time teaching. That should always be a warning, never trust the guy who only teaches but doesnt allow you to watch him trade live... Ronnie not only teaches you how to trade but you can watch him trade his live account....it is this along wth his experience and knowledge that sets him apart from all the others. He is very humble, polite and calm, even when things go bad as they occasional do, but only occasionally. He teaches wave theory, fibonacci. trends, technical indicators, moving averages, forecasting and is very, very good. He has his own custom indicators and you can watch him trade his live account in the room seeing and hearing everything he does....He picks very good trades, winning about 85% of the time and he has done very good this year. I have been following him for several months and I am having my best year ever. This room and Ronnie's instruction has given me new hope and has made a huge positive impact on my financial situation.

Mr. Krebs, Switzerland

Rating:
Date of Post:2010-09-27
Review: CompassFx, Traderoom 3, 4 (Ronnie)

About me: Trading for more than two years on daily basis, mostly unsuccessful. I've seen many methods, rooms and signals. You can see also other reviews of mine at FPA.

Found this trading room and joined about two months ago (Room 3 is free). This is a room with trade calls and general market commentary, live thru the whole day. Ronnies comments and insights are just great and everyone can learn about. He's a trend trader managing around three millions with great success AND great quality - no junkie going in and out, very serious and this is what I do like very much!!!!

He offers Room 4 for less than 300 USD one time for around two months of mentoring. We have daily wrap ups and weekly wrapups. He shows and gives all his simple but very effective indicators and how he uses them.

I honestly encourage EVERYONE to at least visit this Room 3 which is for free and even with that only you'll become a better trader.

Ed Bender, Chicago

Rating:
Date of Post:2010-09-22
Review: Here's an updated review of Ronnie's trade room at Compass.

1. With the improved volume and trending in September, Ronnie is having greater success. The pip count is still not up there with his performance at the beginning of the year but it'sa lot better than the summer. We're noticing thst the US session in particular is more active and we're getting more trades in.

2. They are offering Mentoring Sessions now and they are excellent. This is really why I gave them 5 stars. You have to pay for the mentoring but it lasts about a month. It's $295 for the first one you take and $195 after that. What is great is that Ronnie covers in Great detail a trending strategy, a Fib strategy and a scalping strategy (my favorite). There'sanother long-term positional strategy that will be offered in the next session. What I find is that I can trade Ronnie's calls or I may pass if I look at the setup and decide I want to wait. In other words you're not just getting black box calls. Thanks to the mentoring you understand why he's making the call. You can decide to take it or not. You also get access to a separate mentoring room, a daily recap seesion and a Saturday forecasting session. I've found the forecasting session to be very helpful as Ronnie goes through his assessment of the EU - where it's at now and where it'slike to go. By watching the process you can apply it to any pair. All sessions are recorded and you get the set-up indicators.

3. I understand the need to privatize the chats so the distraction of a scroll of comments isn't out there. But I still feel the privatized chat itself is distracting.

4. The recording of the mentoring sessions through Omnovia does have 1 problem which they're trying to address. During mentoring there's a lot of chart reviews and examples. For some reason when Ronnies uses the pointer tool it doesn't record on their software. So if you miss the live session and have to rely on the recordings right now it can be confusing.

5. Another thing he does (for free) is show people how to trade events like NFP.

6. I think this is a legit operation with some really good value. Ronnie really seems to want to help people become independent traders. And Kim is extremely helpful.

That's it! The neat thing is you can sit in on the free trade room and get the benfit of Ronnie's calls without paying for anything. There are a lot more traders in there now that summer is over. The counter shows around 500+ in there for London and US but it can spike to over 1000 at times.

2010-08-18 02:40 4 Stars Me: 3 years of live forex trading with FXDD. I have no affiliation with Compass. The trading room was recommended to me by another trader.

This is the trading room i'm reviewing (Not Dean Malone's) http://www.compassfx.com/forexsignals/


I have been sitting in one of the CompassFX trading rooms for 1 month. This one follows the trading of a professional trader (11+years) named Ronnie. He trades a room account of $2 million and a second larger account. Currently the room is free. I did take one paid mentoring session ($299) to learn Ronnie's system. He uses MAs, a customized MACD and the RSI and CCI. He also uses multiple time frames to decide on entry. Trend trader.

My overall opinion is Ronnie is a legitimate trader and conservative in a good way. His whole thing is to minimize risk in each trade. He analyzes the market well and articulates overall market patterns very well.

I would NOT pay at this point for his trade room simply because his performance during the summer has been rather poor compared to the beginning of the year. If he started booking pips comparable to the beginning of the year (+5000 pips in January for example) I'd be willing to pay a reasonable sum ...say $97 a month. But if you're not making consistent profit with a trader why would you want to pay anything?

See the Pros below for my comments on the mentoring which I was very pleased with

Pros: It's currently free to watch his trades.
He's a very conservative trend trader
He calls his trades in advance
The open trades are shown on screen
He lists his trade history for the yea ron a month by month basis
For the current month he lists his daily trades
He trade with stops and TPs
Very transparent trading
The mentoring sessions are great. It started out as a 3-day session but Ronnie seems to have a sincere desire to make people confident, independent traders. So he'll still call us into the mentoring room. And he does weekly forecasts on Satrdays that we can attend.

Cons:

He's having a terrible August. I'd almost take the opposite of the trades he calls. I'm hoping that with more volatility in September he'll get his mojo back.

For the entire summer his pips are down monthly compared to the beginning of the year

If you don't take the mentoring session you'll have no idea why he's making the trades he calls

When a trade goes against him he tends to blame the market

The Omnovia meeting software they use sometimes freezes up and you have to reboot

Each session (London & US) is run in privatized mode. This means that you can see what Ronnie and the admins type and you can hear Ronnie. But you can't see what any of the 600+other traders type. This is both a pro and a con

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!!!
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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.

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
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