Hi everyone. I got a new commercial forex robot that I shall begin testing as of today. As you probably guessed the name of this EA is called Forex Over Drive . As with all commercial EAs this one too promises to make money while you sit back and sip margaritas. So the obvious question is, does it do what it promises? That’s what I intend to find out.
I’ve set this baby up on a demo IBFX (aka Interbank FX) account and let it rip. I’ll post a performance update as soon as the EA has accumulated a reasonable number of trades. Let’s see what it can do!
Here is some extra tidbits of information regarding this EA, in case you are interested to know. First off it appears this EA was designed to trade multiple currency pairs – always a good thing since it can help you to maximize performance. It supports the following currency pairs:
EUR/USD, GBP/USD, USD/JPY, and USD/CHF
However, for optimal performance the Forex Over Drive people recommend that you stick to using the EA on EUR/USD and GBP/USD only. In my forward testing I’ll be sticking to this recommendation.
The other tidbit of into that I want to share with you is that Forex Over Drive trades on the M5 chart. This leads me to believe that Forex Over Drive is a scalping EA, and all the backtests and trading statements I’ve seen on their website further strengthen this view. I’ll know for sure once I see it in action though.
By the way, those of you who are completely new to the to whole automated forex trading systems scene (aka EAs, or expert advisors) should be aware that Forex Over Drive requires the MetaTrader 4 trading platform. There is a plethora of forex brokers which offer the MetaTrader 4 platform, so you have a lot of choice.
OK, I think that does it for this post. As I promised I will keep you all up-to-date on how this EA performs. Most of the reviews I’ve found via Google seem to indicate this EA is a good performer so I have positive expectations. A bit of time will of course flush out this EA’s true performance.
I wish you all profitable trading!