FOREX OVERDRIVE YOUR GUIDE TO RESIDUAL FOREX INCOME Forex Overdrive

Transcription

1 Forex Overdrive

2 Step 1: Open A Forex Account After purchasing and downloading Forex Overdrive your next step is to open a forex trading account if you don t already have a brokerage account that offers MetaTrader 4. As Forex Overdrive is only designed to work on the popular MT4 platform this is a necessity. If you already have a live or demo account skip to Step 2. There are many brokers whom offer the MetaTrader 4 platform, so choosing the correct brokerage can often be difficult. However, it s important to pick the right broker for you for a number of reasons including customer support, spreads, reliability, and accessibility of funds. For all those reasons and more we recommend going through an introductory brokerage, Back Bay FX, with any of the following brokerages FXCM, FXDD, Forex.com, CMS, or FX Solutions. Again, this is just a suggestion and you are free to use whichever brokerage you choose. Once you ve obtained a copy of the MT4 platform you will instructed to either log in to an existing account or create a demo account. Unless you ve already created your live trading account, and even if you have it s a wise idea to start off with a demo account to learn how the robot works and trades. Step 2: Setup Forex Overdrive Now that you ve setup either a live or a demo account it s time to setup Forex Overdrive on your MT4 platform.

3 1.) Open MetaTrader 4 Platform after running the Forex Overdrive Installer. 2.) Expand the Expert Advisors tab on the lower left-hand side of your screen within the Navigator. Find the entity labeled Forex Overdrive. 3.) Your next step is to open the appropriate chart for Forex Overdrive to trade on. From the file menu select New Chart and scroll to select EURUSD. You should now have a chart taking up a large portion of your screen. Once the chart is open you must select the proper timeframe for the chart, which for Forex Overdrive is the 5 Minute chart, or M5. To do this you must simply select the M5 from the upper portion of your screen, see the screenshot accompanying. Also, note the Expert Advisors button is depressed. 4.) From the Navigator click and drag the Forex Overdrive entity onto the chart we just opened (EUR/USD M5). Upon dropping the file on the chart you should receive a popup box. On this pop-up box make sure to check off the appropriate checkboxes according to the follow example. Once finished, click on OK to close out of the pop up box. 5.) Repeat steps 1-4 with the desired currencies you wish to trade on, those compatible with Forex Overdrive include: USD/JPY, GBP/USD, USD/CHF.

4 6.) Now, the final step in setting up Forex Overdrive is to open up the Options menu under Tools Options or by pressing CTR+O. Click on the Expert Advisors tab in the middle of the menu and select the following options identical to the accompanying screenshot. Forex Overdrive is now properly setup - you should see a smiling face in the top right hand corner of the chart. Added Note: The default risk setting for Forex Overdrive is set at 15%, this however can be modified by the user. Once Forex Overdrive is properly setup on the correct chart, follow these steps. 1.) On your keyboard hit the F7 key to bring up the input settings for forex overdrive. 2.) In these settings you will see a setting entitled RiskPercent. Adjusting this value will permit you to control the balance-risk Forex Overdrive will trade with. Higher risk means potentially higher returns but also potentially higher losses. We recommend values less than 15% to be conservative. It s important to note that risk level only sets per trade, if multiple trades are opening the risk setting is per trade, not overall. 3.) Other settings with the ability to be changed are Take Profit, Stop Loss, and Trailing Stop Loss. Changing these settings will allow you to set

5 where Forex Overdrive places the respective settings, Take Profit, Stop Loss and Trailing Stop. Step 3: Let Forex Overdrive Make you money Forex Overdrive will now make trades when it sees opportunities in the market, in order for it to place trades however, you MUST leave MetaTrader4 running on your computer at all times. For that reason many traders find it beneficial to invest in a VPS program, or virtual private server where they can leave their MetaTrader 4 application running 24/7 on a remote desktop while they remain in control from their own desktop, not having to worry about power failure, viruses, or internet connection issues. Although Forex Overdrive is designed to work on several currency pairs, USD/CHF, EUR/USD, GBP/USD, USD/JPY, we recommend for best performance to only place Forex Overdrive on one or two pairs at a time. The most stable pairs being the EUR/USD (if only going to place Forex Overdrive on one pair) and GBP/USD and EUR/USD (if placing on two pairs). As noted, the Stop Loss is a variable that can be defined by the user. Things to consider when setting this value: The first chart depicts a larger stop loss (roughly 10 times the size of the second) where the second depicts a much smaller stop loss. Although values may be difficult to see in these images, the top image made more than 1.5 times the bottom one.

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