Reliable customer support, good user reports, simple and effective trading strategy.Cons
Some users reported variable returns especially over larger trades.Verdict
Check forums for up to date reports but to date this product comes recommended.
Forex Over Drive (ForexOverDrive.com) REVIEW - What are real traders saying?
But you're not sure where or how to start and you certainly don't want to be risking too much money.
What you need is an expert advisor...
And in this business, expert advisors (or EAs) don't come cheaper than Forex Robots.
Forex Over Drive is one such system - essentially a piece of software that will do your trading for you, whether you are working or sleeping or out having fun.
An automated forex trading robot that does all the work for you.
Now as soon as you scratch even the surface of this business you'll realize that there are many forex robots out there and they all make claims to being the most profitable, reliable, consistent etc.
So it's important too look carefully at features, results, customer support and user comments before you 'sit back, relax and make money.'
Forex Over Drive claim that their product has been developed recently, using years of research and development from professional forex traders.
And their website allows you to download a free forex trend indicator to 'alert you to developing trends in the market'. The software will scan price actions and determine when trends stop and start - so that you can make profitable trades.
Well free software is always welcome - and it will give you an idea of the quality of product created by Forex Over Drive.
So what is different about Forex Over Drive? Well, the designers say that their system is based on dual trading - so you can set it to 'money management mode', which makes careful and solid trades to slowly build up your wealth with very few losses. If you choose, you can set the robot to 'make more money mode' by raising the risk rate, which then creates an opportunity to make more money by increasing the lot sizes.
Forex Over Drive works with currency pairs, primarily EUR/USD and GBP/USD.
It works by using an innovative trading algorithm 'used by the pros' and is based on 'thousands of hours of forex market analysis and hundreds of back and forward tests'
'A proven moneymaker,' they say.
'Safe and steady returns without any input on your behalf.'
At $97 and with free updates and unlimited customer support, what's not to like?
So, the crucial question - does the reputation of Forex Over Drive live up to its marketing?
Well the great thing about forex robots is that there are lots of people out there using them, so if they are useless or don't work as promised then someone will be shouting about it.
And my research indicates that Forex Over Drive has a remarkably good record in the market.
'I've personally owned the software for 2 months so far. It has performed in terms of making a lot of winning trade, but they're mostly 5-25 pip trades,' said one user.
So small trades, but consistently profitable.
Another was very impressed with the customer support - which is not something I read about often in this market.
'In terms of software satisfaction, I give four stars, but the fact their support staff does answer emails within a day, I've got to give them five.'
There were a few users who had mixed feelings: 'My experience with this EA is mixed,' said one. 'It wins a lot of small trades and but some it gets it wrong.'
However these comments were in a minority.
'For me, Forex Overdrive has been a unbelievable!' said one trader.
And another agreed that profits were consistent using this Expert Advisor.
'The bot is consistently profitable,' he reported. 'I use the money management option - set at 5%.'
Another had tried raising the risk level and was still impressed.
'I have only had the software for a week and have been raising the risk level. So far, it looks better than any other robot I have seen.'
One person advised on which currencies are most profitable: 'The EA trades best on GBP/USD alone,' he advised. 'Don't trade other currencies like EUR/USD which caused losses from time to time.'
And another suggested using the trial period to test the robot on a micro-lot (i.e. pennies not dollars), live (i.e. not demo) account.
So notwithstanding a few wobbles over the Forex Over Drive strategy this product comes recommended.
And noted especially for its 'excellent' customer support.
Visit the official site for Forex Over Drive Expert Advisor Robot
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