FOREX OVERDRIVE - OLDIE BUT GOODY?

Hi all, I have a Forex system for you today that has been around for a long time. This has been around longer than the FGB. I wanted to revisit this as many may have forgotten about it by now.


The Strategy runs on the 5 min. time frame for the Eur/Usd and the Gbp/Usd. The EA aims for profits in the 15-25 pip range. The problem with this system has always been the really large hard SL set at 325 pips from the opening of trade. Now most of the time you will not even see the SL hit. But all it takes is a couple back to back and all of a sudden you find yourself down 650 pips. Now you have to crawl out of this hole with the aforementioned 15-25 pip gains.

So I scoured the internet for a forward test for the Forex system. The best I could find was this one. This unfortunately stopped updating back in June 2010. But you can see what I mean about the poor risk to reward ratio. The account lost 25% gain in one trade hitting hard SL. There is an account on the vendor page but it stopped trading in Jan 2012.

Some of the highlights are listed below per vendor page:

• Customizable settings: Change Stop Loss, Take Profit, and Trailing Stop as Desired.
• No need for a huge minimum deposit! Start with as little as $150! (Forex Over Drive will work with any amount of money).
• Setup in less than 5 minutes!
• Designed to trade on 2 currency pairs!
• Works on the popular MetaTrader 4 Forex Platform
• 100% automated, hands free: requires absolutely no human intervention
• Protects your trading capital while providing a consistent income
• Requires no decision making whatsoever
• Has built-in money management feature to ensure safe trading
• Great for all traders, from novice to experienced
• No prior Forex experience or knowledge required
• Risk-free! 60-day money back guarantee included. We are that confident that this product will produce results.
• User friendly manual explaining how to use Forex Over Drive to gain maximum profit.
• Tested in ALL market conditions
• 24/7 Customer Support: Our response time is exceptionally fast.

It is my feeling that in order to avoid the high SL with this Forex robot, one must do extensive backtesting to find a hard SL that will not take away months of profits. I believe this system has potential if one was to "work" with the settings to find the most favorable trade settings (through backtesting)that would be comfortable to use.

VISIT FOREX OVERDRIVE