I’ve been in contact with the developer of Forex Over Drive as little is known about the strategy behind this EA. After running a back test, which showed poor results, and pushing him a bit he finally gave me this insight:
“It is a combination, but it has some personality of some scalping, plus a counter trend system, plus various indicators. It works pretty well in my opinion.”
So, it sounds like although the back tests look poor it may actually work quite well in a live environment.
It runs on 4 currency pairs, however the recommended pairs are EUR/USD and GBP/USD.
I thought I’d see what others have said about Over Drive. Maybe then I’ll get a better idea of whether we should put this robot through it’s paces…
The first bit of feedback I found was form the Donna Forex forum, where this trader had had some good short term results and even suffered a big Stop Loss hit (set to 328 pips) but is still in the black…
And the test the trader above is referring to can be seen below:
There’s also another, longer running, live test that can be found on Forex Peace Army, currently it’s showing a fairly strong performance:
It looks like Overdrive could provide some good results in the live environment… let’s put it to the test!
Test 1: Independent Strategy Testing
2000-2010 EURUSD Strategy Test results show growth from $10,000 to $14,551 at 96.43% accuracy.
View full 2000-2010 EURUSD Forex Over Drive Strategy Tester results
2009 EURUSD Strategy Test results show growth from $10,000 to $19,002 at 95.12% accuracy.
View full 2009 EURUSD Forex Over Drive Strategy Tester results
Currently running Forex Over Drive on Alpari UK, testing started on 27th April 2010. Current results are as follows:
View our Forex Over Drive Live Test Statement
Demo Account disabled by Alpari on 21st October 2010. The above chart has stopped working now, so please refer to the chart below:
View our Forex Over Drive Live Test Statement
Lab Result:
Update 28th August 2010:
- At this point GBPUSD has a Profit Factor or 4.23 while EURUSD has one of 0.69. What this means for the layman is that GBPUSD (to date) has made almost $14,000 profit while EURUSD has made about -$7,000. Also, GBPUSD has placed 110 trades and EURUSD has only placed 86 trades.
If you have used this Forex Over Drive then please post your review below, making sure you give it an overall star rating. Thanks!
VERY good, interesting question, sometimes uses trail, and other times doesn’t, maybe something in software tells bot “use trail NOW” lol, I don’t know
but looks like these guys know what they’re doing ANYway. Hey, I’M happy, I’m not complaining with default 
no loss yet for 2 months now 
I’m waiting for stop to see what happens, I think we should’ve hit stop LONG ago lol
Let’s see, as I say, I’m waiting out til year end to see how she REALLY performs with this combo.
I know when you use TL sometimes your profit DOES end bit smaller because of reversal if that answers your question? but hey, better smaller profit than nothing hey or even worse…loss.
For now I leave at default
Well, after reading the glowing reviews on this bot I decided to purchase it and put it to use… It performed reasonably well on an Alpari demo account, but when placed on a live account it made 3 – 4 small trades for a profit, then booked 2 trades to SL in a row… I took it offline, waited 30 days and put it back on a live account… The first 2 trades went to SL… Needless to say, it’s off the live account… I can lose money myself without the need to a POS bot to do it for me…
Mario my man,
[actually...no 
( ]
I have some interesting things to share (questions for you AND stuff I picked up which I thought I might share too which actually correSPONDS to the question). What I picked up: Someone said on a forum that a robot SHOULDN’T have such a big SL JUST because it’s taking a chance (in other words the entry of a bot shouldn’t rely on SL at ALL, it’s ONLY there for safety purposes) IF the bot takes a good entry then the correction SHOULDN’T go so far up/down in the FIRST place. The person goes on to say that overdrive in MOST cases takes good entries. I thought I might share this with you
Question:
Are you THAT confident in this bot that you’re actually willing to raise your risk SO high??? I would LIKE to but…it would JUST be my luck that I raise mine and then next trade I get stopped out lol that WOULD look funny, then all my profits I’ve picked up so far goes down the tubes
Look forward to hearing from you for your opinion on this
Just bought the EA last week. Already on my live account. It made 3 trade and all a winner….. looks good but just wait and see.
Just received an email from support regarding my FOD. They highly recommend that FOD to run alone without any other EA or manual trading to be atached/done on your metatrader platform. Otherwise it will open less trade like the one that I’m experiencing now.
Mm, let’s see now what happens, I want to now see how long Think is gonna take to make up the slack, it SEEMS to be outperforming alpari at the moment? Hell, alpari is just hitting SL’s lately and this one has missed a lot of them. Put this way, I’m glad I’ve FINALLY hit SL because I want to see how long it’s going to take and how much PROFIT this one makes before it hits the next one
Here’s my prediction… You’ll get a handful of winners in the next couple of weeks then hit SL again… Based on my personal feel for overdrive reacts.
Well, the law of averages tell you that if you set the SL wide enough and the TP tight enough, as a pair wobbles you may get some winners… Hardly seems scientific though… I question many of the entry points FOD chooses also…
Cam, what broker were you using to generate 930% return in 373 days with FOD? Inquiring minds want to know…
Hi Mark,
It’s an Alpari UK demo account. The Alpari UK live account trial I ran wasn’t as successful… see earlier comments. The fellas using ThinkForex live seem to be having a good run of it however. See recent comments.
I used OD for six montns since Dec 10. The first 2-3 months was phenomenal. I gained 75% within that period. However, I had a couple of losses which wiped all my winning. I had 2 more losses which put me into the red. One thing I don’t like about the way it trades is that OD will keep the trades open until either the SL or TP is reached. Since the SL is so large, the trades could be opened for a long time – my longest open position was 12 days. Now, if the trade goes the wrong way and takes 12 days to come back to profit, you will still only get 25 pips profit. For me, that sounds really stupid. If I was to keep a position opened for that long, I would expect more than just 25 pips profit.
SRF, what broker you using???
ProTrade copy cat has hit TWO SL’s in a row now, quite disappointing actually since you have to still PAY him a monthly lol rediculous and to think I really thought this one was “good”, I’m cancelling
I wanna compare because Mario said that he hasn’t had a single loss??
By the way Cams, sometimes it seems your choices ALSO aren’t very good
FYI, CopyCat was not a choice of mine, just making people aware of it as it was a new system.
@Craig
My broker is Alpari UK.
But YOU’RE the one who said “he’s very good” and that you couldn’t stress it enough???
ANYway, NOT worth the monthly $30, I’ve GIVEN the 2 months and this is what it gave ME
Weird? I know I didn’t really give Copycat much thought… well, definitely not enough to recommend it
May have been an email you received from someone else at the same time you received one from me… Oh well… hope you got out without too much damage to the account.
IS weird b’cos for the LIFE of me I just CAN’T find the email of the culprit who recommended this stupid system so I CAN’T blame YOU really (I THOUGHT it was you)
sorry for messing around with your reputation 
Well, well, well, what do we have here?
Guys, just in case you wanted to get the ProCopyCat and you want a refund, they offer you their OTHER products (x2->one EA and another manual system which according to THEM people rave about), so I’ve mailled them back and asked them how can they offer me something like this when their FIRST product doesn’t even work! Anyway, I asked them IF I do take it do they still offer refund if I’m not happy?
Let’s see the response
Weird!! I just checked your acct above to see if it matches my trades (I also trade USDCHF). You have one trade today (EUR) and I have two (USDCHF and GBPUSD) but I also suffered -328 pip loss GBP on May 2. Wonder why I did not get EUR trade today. That loss is the only one this month…so far.
KDB, you may find that the brokers are different and hence some trades do not trigger on some brokers, or some trades close in profit but not others. ThinkForex seems to be a good one for Over Drive according to others in this thread.
I tried this robot during 3 months, first month was pretty nice in Demo so I decided to move on live trading..It start nice but it just needed two lost in a row to kill all what it had done during several weeks…So I really dislike the way it works!! Well at least in my experienced does not work and what I see in the test the DD are high!!!
Hello
Does it have any way for this robot to set 6 same pair open but with a little bit delay !?
For example i put 5 pair of EUR/USD 5min chart in platform but set it up to open each of them with 20 second delay !?
Please assist me if it is possible .
With best regard.
Hello
I’m testing Forex Overdrive and made some observations
1. I was unable to install ForexOverDrive on a MT4 ATC Platform. I had to install it on a ThinkForex Platform
2. Results are OK but the way ForexOverDrive is trading is in my opinion very dangerous. ForexOverDrive is trading on a 5 MN Timeframe and the trade can remain open during several days. Thanks to a very large SL the situation has good chance to be saved. But sometimes positions are taken at the top or bottom of a swing and then losses are enormous.
My conclusions:
1. very risky trading approach
2. relatively (too) simple method of trading
My question:
Has somebody a solution to install ForexOverDrive properly on an ATC MT4??
ok, to anyone using OD with ThinkForex, we JUST hit SL on pound, WHEN was last time SL WAS hit on this one does anyone KNOW???
Reason I ask this is because my OD wasn’t working for a WHILE now.Reason being I’ve been manually trading on the SAME account, so, for anyone conSIDERING this option I DON’T suggest it because OD likes to be on its OWN (NO other EA and NO manual trading…NOTHING), now that I’ve FINISHED my trades and OD is now back to NORMAL it now hits a loss lol so yes, as a thinkforex user I’ve been in the dark as to how OD has been lately, can anyone advise here?? is OD good with think long term??
Thanks to anyone
Mario, you were using think, not sure if you STILL are????
..
Ok, here is my 2 cents: I don’t know how you guys previous version’s worked. I have just purchased it couple days ago and run demo on thinkforex. It appears to run pretty good. Thing that many people concern is big stop lost. So Why don’t just set it to, let see mine is only 140 and TP at 45. You don’t need to worry much of the TP in this version as it will trail your profit every 5 pips. People above posts saying there are 4 pairs to trade with. However this new version only EURUSD is suggested as trading pair. Let run a test for next couple of weeks
Hi Cam, in the UK if you bet on sporting events and win money, the bookmaker will eithe ban yor of reduce the amount you can bet, I know trading is not the same thing but will trading platforms ban you if you keep winning money?
No. But some brokers have been known to make sure people lose after they reach a certain level of profit. So I hear through the grapevine.
did any body try the forex rebillion as yet am thinking about it, the gentlmen that own its teach you 3 ways to make money n manual with signal and you enter the signal on the charts it works with all the charts
can you trade a pair with two different robot ,i have forex overdrive and master scalper and the hunter