Review of the Forex Overdrive EA
|EA Name||Currency Pairs||Timeframe||Strategy||ECN||4&5 Digits||Take Profit||Stop Loss||Home Page|
|Forex Overdrive||EURUSD / GBPUSD||M5||Unsure but very high risk:reward ratio.||Yes||Automatic||25||320||Forex Overdrive|
Performance (Forex Overdrive Test Results)
Update (October 29th, 2010): As you can see overdrive has done extremely well since first putting it up, but it has seen some intense drawdowns at times. If you are going to try this one, I would recommend having a large starting capital and maybe even consider withdrawing profits every couple of weeks or so. Just something to consider. Overall this has proven to be one of the better more profitable systems out there though.
Forex Overdrive can be purchased through clickbank for $97 and appears to work on unlimited accounts.
Forex Overdrive has some a very high risk to reward ratio, with a 320~ stop loss, you will have to win 15 trades for every loss it takes. Lets hope it has some damn good entry algorithms!
FX Open is a great broker for running Forex Over Drive with it’s tight spreads on EURUSD and GBPUSD and great execution time. Lord knows this EA is going to need it!
Their site looks good, support seems to be human and active, but I really don’t like the risk to reward ratio. I will let it run its course on a account and see how it does. If it shows any kind of potential maybe I will try to find build some optimized settings for Forex Overdrive. Stay tuned for updates on this.
Update(October 29th, 2010): I am now working on some optimized settings to try to close the gap between the risk:reward ratio.
Safe To Buy?
Forex Overdrive has been approved for purchase only because of it’s 60 day no questions asked refund policy through Clickbank. I would NOT recommend running it on a live account just yet though.