Forex Overdrive Review – Does it Work?
I have purchased tons of these kinds of Forex robots or Expert Advisors through Clickbank, Plimus, etc. and typically I see the exact same results – your account burns up within just a few months, or even days. Regardless of what the promises are, the results will always be the same, inferior at best. So obviously I became hesitant when i was approached by the development team behind Forex Overdrive to give their new product a go for 14 days. After a little coaxing and cajoling I said sure, after all it would not cost me a penny and there was always the possibility (although low) that this forex trading program could possibly be distinctive from the others. So after a while I decided to write this Forex Overdrive review.
First just a little background on Forex Overdrive. This particular expert advisor claims it enters trades influenced by several indicators affecting certain criteria, yet there is no mention on the website or in the manual as to which indicators or even what kinds of markets the Expert advisor thrives in. Additionally, it does not have a setting that other popular forex robots have – a setting to regulate risk. But enough about the negatives, the ea did include a good installer along with a fairly detailed manual. Also included was a free indicator “FX Trend Catcher” which I tested briefly prior to this Forex Overdrive review, however I didn’t find it that beneficial.
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So, how did Forex Overdrive perform? I was impressed with the results I had while using Forex Overdrive. I first placed the forex robot on a $4,000 demo account as I was not prepared to allow the expert advisor to take over my live account at this time. After 1 week of currency trading on the demonstration account I became shocked to see it had grown to $4,378.19. The robot had completed eighteen trades between Wednesday morning and Friday evening hours. 17 were winners and one was a loss, with a max drawdown of only $77, or 1.4%. The following week, still way too timid to place it on a live account, it boosted the demo account from $4,378.19 to $4,820.32 with 14 trades, 13 winning trades and 1 nonwinners. I finally decided to put it on a live account having witnessed these earnings on a demonstration account. The following week (third week of evaluation) I placed it on a $58.42 extra account I had. I wanted to genuinely test out Forex Overdrive’s claim that it works with even a small balance. Sure enough over the course of the week it completed nineteen trades, 15 winning trades along with 4 nonwinners (with one being left open for the weekend) of .02 lot size which managed to boost the account to $62.19. It may not appear to be a lot, however that is a 9% account boost, picture making 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 final week of live forex trading (4th total) and 2nd week of live account trading, Forex Overdrive improved the $62.19 account to $65.92 utilizing 11 trades, 10 winners and 1 loss.
This was as long as I’ve had the time to test out Forex Overdrive, I intend on maintaining the EA on my live account for some time and see how it performs, as 14 days of live currency trading really isn’t a sufficient time to make an accurate verdict as to the usefulness of this robot. Thus far I’ve only got good things to say of the efficiency of Forex Overdrive, but only time will tell how productive this expert advisor will be. Many thanks to the Forex Overdrive team for giving me a pre-release copy for evaluation.
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