Forex Overdrive


Forex OverdriveForex Overdrive is a two-fold Expert Advisor, it follows a low risk long time strategy with a solid money management to trade for steady long time profit and a has a risky mode for faster trades.

By default it has the money management system on and the EA will try to steadily increase the lot size and grow the account over a long period of time with very few losses. And it gives an option to traders to increase the risk and trade frequently albeit there will be more losses.

Forex Overdrive system is based on advanced algorithms, has a built in money management and trade management system which enable it to achieve the results as displayed on the official website. Additionally, the software has a built-in broken protection system.

From the back-tests provided by the official website and the testing posted on ForexPeaceArmy we see that it’s doing very well lately, with no losses in the past 2 months as of writing this. What worries me is the high risk it takes even with the default settings which are the “lower risk” settings. Some back-tests have a drawdown of almost 30% and while those are supposedly higher risk settings, the tests on ForexPeaceArmy site with default settings also have some stop losses and high risk/award ratio that would result in big losses if hit. That’s something to watch out for in the long run, but so far it’s doing pretty well.

More details:

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Comments

Hi.

here is my real account.

http://www.myfxbook.com/members/FX4444/fx4-over-drive/31670

very good results.

Hey MJ-K,

I can’t see your account. A message says that it is private when I click on the link. I have to see to believe….. with so many scammers trawling for suckers.

This is the best EA in the $97 category. No system wins 100% of the time, you will get loses at times. But with this EA, I get consistent gains & very little loss.
I recommend this to everyone

@MJ-K: Cannot log into your link, says it is private.

This is the best $97 EA I have tested and I am using it live on a micro account.
The only problem I have found is that it will not place an order if there is an open order on the same pair but their support, which is excellent, says this may be fixed in the next issue!
Here are my demo account results:
http://fxoverdrivegb.mt4stats.com/

Good value for money!!

@Geoff what broker are you with that allows a 5k micro account?
Also looking at your mt4stats page you don’t appear to have any losses?

Hello, sorry for my english, buy the licence monday and 320$ with 5000$.
The best ea.

Hi Conrad
The account is Alpari UK demo account where you can set the opening balance to any value.

Alpari demo accounts are ECN/STP and you are correct, there have been no losses so far however, there have been a couple of very big drawdowns which were scary!

I use this EA on a spread betting account and the results are very similar to the demo account but using a smaller lot size because of the margin requirements of spread betters.

OK I had my first loss this week, still 6K up though!

http://fxoverdrivegb.mt4stats.com/

Looks like I should have closed the EA for December, that is two big losses this month!

do we have anymore reviews on this EA, as I m planning to buy this product.

thanks guys.

Hi Geoff,
The system looks pretty good. But am concerned about the huge losses which can wipe off the whole profit gained. Can the SL be reduced?
Thank you.

Hi Taiye
Reducing the stoploss is possible but you will get more losing trades.
The default stoploss is ok if you can stand the drawdown, which can be worrying at times!

Any new info on this system from anyone? Please advise on anything new..good or bad, I would like to hear about it

what is the point in investing in this program if it is going backwards! I’m glad for independent reporting!

Regards Bill

@geoff

some big losses indeed. You appear to be in deep dd on a eur/usd trade. I hope it turns around for you. EurUsd seems at a pivotal point 1.3500

I’ve heard good things about this EA and further comparisons with LTP still, which apparently trades a lot of similar trades, also with a big sl (330)

Not sure I have an appetite for such a big sl though. As, its been pointed out, 1 loss can cost a lot of gains that took time to get. A couple heavy losses in a row and one could really be in trouble.

Any idea whether there is an average DD before making it to TP?

I@m wondering whether it can be used as an indicator to place trades when it is in DD, thereby a) lessening the DD and b) increasing the profit.

What are your thoughts on that?

hi conrad and @geoff,
i dont really get it. is this ea worth it? i want to give it a try but i dont want to be beaten again as the case is with all the ea’s so far. conrad, what’s dd and ltp? are u also considering the ea a go for yourself and by the way what do you think of geoff’s statement is it real?

I stuck with it after 3 large losses, soon after this they sent a new issue which seems much better.

Anyway, I have recovered my losses and it’s back on a winning run, so far so good!

http://fxoverdrivegb.mt4stats.com/

@ Geoff,

Are you trading live and what broker are you using? Also can you give more info about your settings (is it on default?) and your initial lot size. Thanks

@ rim
The results shown are from an Alpari demo account, starting with 5k deposit and using 10% risk for the Lot size, as you can see from the results!

I use the same EA on an Alpari micro account with a fixed Lot size of $1 a pip, the results are much lower but still very good. The only problem is the occasional large drawdown and making sure you have enough margin to ride it out!

Of all the EA’s I have used, this is the best one I have seen, most are just recycled cr@p!

@Geoff, new here to FOD. Broker is FXOpen, installed FOD on MT4 earlier today. How long does it take to start accepting orders. My FOD is set to the defaults, and still I didn’t the 2 trades that occurred in the later part of the day…WT????

SLippage is set to the default 3, and lot size is 0.10, MM is false, ….hmmmmm what could be the issue. I have it running on 1 demo and 1 live account. Both are showing the :) facey.

@ KinGSolomonsPools

I have still not been able to determine how this EA works, sometimes it will not trade for a couple of days, other times it will trade 3 or 4 times in quick succession!

Give it a couple of days then contact support, they have been very helpful for me!

@Geoff, alrighty then.

OK they turned $10,000.00 into $112,749.77, but notice the big losses.
-21,096.83
-17,094.01
-15,787.84
-11,246.97
-13,619.84
That’s a total of $78,845.49
Yes they gained $102,749.77 but what if those large losses came at the beginning?
Would you have the money for large margin calls?
Notice that the $250.00 account only gained $133.00 in 5 months.

recently I try this on demo, but make 2 not small losses, anyone know the best settings for this EA, please share, thanks a lot.

@King
I have been using FOD for 5 months now this is one of the best EA I have found in the industry. Your EA should have traded already. Make sure the magic numbers are different if you are trading different currencies. I have also followed your post on LTP.
Good Luck

I will be opening a live account soon to test this EA with the other basket of robots. I will let you know how it goes.

I am still very happy with FOD it just takes a while to get used to the occasional big drawdown!

http://fxoverdrivegb.mt4stats.com/

Hello FOD traders. Reading a lot of positive things about FOD in my quest for a profitable EA. However, it does sound a lot like LEO which I did try but ended in a refund. Even with the high win ratio, found it hard to accept the huge DD and huge loss. Seeing it in the demo acct was enough for me to cancel on LEO. Fortunately, I experienced the DD/loss early enough to feel the pain and decide from there.

Comments, experience, etc would be appreciated.

@Geoff, did you just go from $30k to $12k in a few trades?

@Carlos

Yup!!
Looks like it turned into a bummer after all…..

@Geoff

i just order the Forex Overdrive , is this robot still doing the good job ? after install i keep all setting default to trade , is it ok like that ? thanks

I have recently put FOD on my real money charts and first couple of days made about $450 then yesterday it took $1680 loss

That sux.

Final ruling, I have now also taken Fap Turbo Ichimoku, Forex Overdrive and Megadroid off my charts so now I am not using any robots at all. My account is now down from $10K to $500 so now I must learn by myself how to bring it back up.

Bottom line is ….ALL ROBOTS are rubbush. They work now and then, make nice consistant profits now and then but ultimately all they do is draw the account down with a few LARGE losses that ultimately wipe out the account.

That is the end of me and robots, it is now up to me.

@Kmtopgun, I am asking you this cordially my friend, simply to understand what exactly happened, or perhaps, didn’t happen. How exactly did you go, or permit any EA to take you from $10,000 down to only $500.00? What kind of settings (sometimes called parameters or inputs) were you using?

Hi Brandon, my lot sizes were way too big plus I also made some stupid gamble trades on my own thinking I could quickly make up some losses so let this be a lesson to other traders…DO NOT DO WHAT KMTOPGUN DID!!!

By the wey, my trade lots were 1 in $10K, 0.8 on $8K, 0.5 on $5K, 0.1 on $1K and 0.05 on $500

I just downloaded the EA and set it up. Face problem of invalid license. Anyone had this issue? Tried contact the support team which promise to return email within an hour, but i had waited 48hours already. No reply at all, is this a scam?

wanna down load forex overdrive thanx mick

of course with huge stop loss, you increase your % of winning trade.

But if one losing trade costs you 5 porfitable trade, It’s a totally wrong approach. In a trending market, you may win. In a sideways market, you ll get killed

Ok guys…this is not a joke…

I’ve been running Forex Overdrive for about 6 months now on a 3 demo accounts, of course with 3 different brokers…

All three so far are losses….big time! Lost 50% of all accounts…the bigest one started with $50K and now I’m just barely over $30,700. Imagine if that were real money, I think I would shoot myself! Yes, the EA ocassionally or should I say, accidently makes profit, but that’s far in between…so if I were you, I would not waste my money on the purchase and specially on allowing it to trade your hard earned cash!

Funny note: I looked if there was a way to flip the trading from EA wanting to buy and would trigger sell and vise versa, but that’s not possible…the reason why is because that way, I would actually pull in 80-90% winners!!!!!! Are you kidding me?? That’s how bad this thing is….

Stay away from this EA!!!!! I am very disapointed…just trust me…move on to something newer and better….Dont ask what since I’m still in search of that one myself hahahahahah

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