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Forex Overdrive Review

By Edited Mar 6, 2014 0 1

Pros

-Consistently made money over 4 weeks
-Easy setup
-Free indicator included

Cons

-No risk settings
-Wishy-washy manual

Full Review

I've purchased tons of these forex robots or expert advisors from Clickbank, Plimus, etc. and generally I see the same results – your account blows within a matter of months, if not days. No matter what the claims are the results are always the same, poor at best. So needless to say I was skeptical when I was approached by the development team behind Forex Overdrive to give their new product a try for 2 weeks. After some coaxing and cajoling I said sure, I would, after all it wouldn't cost me a penny and there was always the chance (albeit low) that this forex robot could be different from the rest.

First a little background on Forex Overdrive. This expert advisor claims it enters trades based on a number of indicators hitting specific criteria, yet there is no mention on the website or in the manual as to which indicators or what types of markets the EA thrives in. It also lacks a setting that other popular forex robots have - a setting to adjust risk, from conservative to riskier. But enough about the negatives, the expert advisor did come with a nice installer and a fairly comprehensive manual. Also included was a free indicator "FX Trend Catcher" which I checked out briefly but didn't find it that useful.

So, how did Forex Overdrive perform? I was pleasantly surprised with the results I had while using Forex Overdrive. I first placed the robot on a $5,000 demo account as I was not willing to allow the expert advisor to take over my live account just yet. After 1 week of trading on the demo account I was shocked to see it had grown to $5,489.29. The robot had placed 18 trades between Monday early morning and Friday evening. 17 were winners and one was a loser, with a max drawdown of only $76, or 1.5%. The next week, still too timid to place it on a live account it increased the demo account from $5,489.29 to $5,940.54 with 16 trades, 14 winners and 2 losers. I finally decided to place it on a live account having witnessed these results on a demo account. The next week (3rd total week of testing) I placed it on a $56.11 spare account I had. I wanted to truly test out Forex Overdrive's claim that it will work with even a small account balance. Sure enough over the course of the week it placed 19 trades, 15 winners and 4 losers (with one being left open on the weekend) of .01 lot size which managed to increase the account to $61.43. It may not sound like a lot, but that is a 9% account increase, imagine earning 9% a week on a larger account size, had it been a $5,000 live account I would have made $450 essentially doing nothing. In my last week of live trading (4th total) and 2nd week of live account trading Forex overdrive increased the $61.43 account to $65.59 with 13 trades, 12 winners and 1 loser.

This was as long as I've had the time to test out the expert advisor, I plan on keeping the EA on my live account for a while and see how it performs, as 2 weeks of live trading really isn't a sufficient time to make an accurate judgment as to the usefulness of this robot. Thus far I've only got positive things to say about the performance of this robot, but only time will tell how successful this expert advisor will be. Thanks for the Forex Overdrive for giving me a pre-release copy for review.

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Comments

Mar 27, 2010 11:26pm
cmaq
Forex Over Drive Now Includes Settings for Risk, Stop Loss, Take Profit, and Trailing Stop.
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