Forex Overdrive has been on the radar for a while but up until now I have not had the time to look into this system. Want to earn a residual income? Then trade with Forex Overdrive so the vendor pitch says.
There seem to be a number of reports of good success from using this expert advisor around the web so it is time to take a closer look at the performance on offer.
Certainly this is one system that was keen to impress from the off. No sooner had I installed the EA it immediately went and booked a nice 25 pip profit!
| Where To Buy: | Forex Overdrive |
| Price: | $97.00 |
| Currency Pairs | EURUSD, GBPUSD |
| Time frame | 5 minute |
| Type: | Scalper |
| What You Receive: | Forex Overdrive installer, user guide, email support |
| Guarantee: | 60 Day Money Back |
The Forex Overdrive EA
Forex Overdrive is described as a multi-market automated Forex robot which is designed to deliver both ‘long term and short term explosive’ growth. To back up this explosive growth potential a live account statement showing how the system has turned a $150 deposit into $808.54 in just the space of 1 month is provided on the website.
According to the Overdrive team, the robot makes use of two distinct strategies with which to generate its returns.
The first focuses on generating fast profits from opening multiple positions over a short time frame. This is said to be used to help rapidly increase the size of your trading pot. The second strategy taking more conservative trades at lower risk which are designed to be open for longer periods. This duel approach is targeted at making large increases to your account balance over time.
The combination of both approaches, together with the frequency that this robot seems to trade, on the face of it, offers the potential for very high profits.
The Forex Overdrive Expert Advisor is designed to trade both the EUR/USD and GBP/USD currency pairs on the 5 minute chart.
How to Use Forex Overdrive
Forex Overdrive comes with an installation program and user guide to make the setup of this system a breeze. While the manual is not as comprehensive as some that we have seen, it does an adequate enough job in getting you up and running.
Included in the manual is a brief description of each of the EAs settings. This will allow you to adjust some basic functions of the strategy. Of particular note here is the ability to change the money management, take profit and stop loss levels used which provides a degree of flexibility to your set-up. More on this later.
Other than this you simply need to open a 5 minute charts for both the EUR/USD and GBP/USD and attach the indicators to begin trading.
Strategy Tester Results
Two things became apparent when testing the Forex Overdrive EA. The first and obvious one is the size of the stop loss used. Weighing in with a stop loss level at a whopping 328 pips, it is a certain that when this strategy hits a loser, it’s going to hurt!
Secondly it seems that with running two dynamic strategies within the same EA it is going to prove hard to have a lot of faith in the back tests which proved somewhat disappointing.
Forex Overdrive Review – Verdict
We did have reasons to use the support address in order to validate our sign up on the website and got a quick response back to say the issue had been resolved. Although this was not a technical issue it does give hope that any response will be dealt with quickly and efficiently.
This Forex robot also shows good signs of the developers wanting to improve the system. The version we received has got a number of updates which have been added, presumably as the result of requests from customers. Of note these include the following:
- Friday Trading Off Function Works.
- Set Your Trading Hours
- Profitability Increased, No longer any limitation on profits, if trend keeps increasing
The Friday function off feature is particularly welcome as we tend to turn off many of our systems off on Friday. Our reasons for this are to avoid the lower levels of liquidity which can affect trade entries and also to try to avoid having any open positions over the weekend.
So how does the system perform? Well in spite of the risk reward ratio of this system being somewhat high, this is more than compensated for by the extremely high win rate. This allows high profits to be made in very short periods of time. Over longer time periods the system also peforms well… at some points extraordinarily so.
A full set of back test results are available together with live trading results on the Forex Overdrive website.
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Top of Forex Overdrive review
Great system. Made me some fast profits!