Forex Overdrive has been on our radar now for a while but until this point we had not had the opportunity to take a closer look at this highly rated system.
And certainly this was one system that wanted to impress us. No sooner had we installed the system it immediately went and booked a nice 25 pip profit!
Forex Overdrive Product Details
Product: Forex Overdrive
Price: $97.00
Pairs: EURUSD, GBPUSD
Timeframe: 5 minute
What You Receive: Forex Overdrive Installer, installation guide, email support
Guarantee: 60 Day Money Back Guarantee
What’s Behind the Forex Overdrive Trading System?
Want to earn a residual income? Then trade with Forex Overdrive so the vendor pitch says.
Forex Overdrive is a multi-market automated Forex trading system which is designed to deliver both ‘long term and short term explosive’ growth. To back up this explosive 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 strategy employed makes use of a dual approach. The first focuses on generating fast profits in a short period of time. This offers the potential to rapidly increase your trading pot. The second strategy involves taking more conservative trades at lower risk to increase the account balance over time.
The combination of both approaches, together with the frequency that this robot seems to trade, 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 install 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 job in getting you up and running.
Included in the manual is a brief description of the EAs settings allowing you to tweak some basic functions if you want to adjust the strategy. Of particular note are the money management, take profit and stop loss levels which will allow you to add a degree of flexibility of your set-up. More on this later.
Other than this you simply need to open 5 minute charts on 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 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!