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Forex Steam Review

Past performance is not an indication of future results.

Forex Steam is a fully automated forex expert advisor that was created using a trading strategy that aims to give long-term growth with low-risk settings. However, it is lacking in verified results and requires ideal market conditions.

Forex Steam Review

Summary

Forex Steam is a fully automated trading expert advisor that was created using a trading strategy that aims to give long-term growth with low-risk settings. The Forex Steam EA development team constantly strive to try and keep the software up to date and ahead of the competition from other forex robots. Forex Steam is a MetaTrader 4 and MetaTrader 5 expert advisor designed for the 5-minute chart timeframe. The major objective is to attempt to develop a low-risk system with both long-term and short-term performance in mind. Users can be up and running in no time after installing the EA using the provided instructions. It is entirely up to the user’s discretion whether they want to make changes to the settings or not, although it can be used “straight out of the box” with the default settings. In this Forex Steam Review, we will explore its features, strategy and results in more details.

Pros
  • Fully automated forex robot
  • Can run on multiple currency pairs
  • Customisable settings
  • Compatible with the MetaTrader 4 and MetaTrader 5 platforms
  • Equipped with the advanced holiday and spread filters
  • Implements unique advance retrace technology
Cons
  • Settings will need to be adjusted for optimised performance
  • Doesn’t trade that frequently
  • Unexpected high volatility in the forex market can impact performance
  • The trader has to be vigilant, especially during news releases and holidays
  • Needs to be frequently updated
  • No verified results
  • No backtests

Forex Steam Review

Strategy

The Forex Steam strategy is essentially a scalping system that operates on a time-limited system across several currency pairs. This combination has shown to be quite effective in backtesting in an optimal environment but this is not always realistic when you consider real broker conditions can be significantly different to testing. This is due to factors such as the spread, slippage and commission fees – things that are not always taken into consideration during testing.

Forex Steam Setup
Forex Steam Setup

Forex Steam does give the user control and flexibility to either use the default settings or create unique set files according to their own trading style and risk preferences. The software also includes a number of built-in filters that restricts it from trading in potentially high-risk or unfavorable conditions, such as during news releases and when spreads or very wide. This is especially important for a forex scalping system that more often than not relies on tight spreads as it targets small pip movements.

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Forex Steam Review

Features

Forex Steam is an automated forex trading system that runs 24/5. You will need the MetaTrader platform up and running on your computer in order for it to scan the charts for trading signals. If you cannot always have your computer switched on, you could consider a Forex VPS that will allow you to remotely run the MetaTrader platform 24/7.

Here are some of the key features of the Forex Steam EA:

Advanced Retrace Technology

The Advanced Retrace Technology retrace technology implemented within Forex Steam is a feature that will try to maximize winning trades will limiting losses. This innovative technology has been a part of this forex robot since its inception and is constantly being updated to ensure it remains relevant in todays market conditions. The retrace technology is combined with a low risk trading approach that can be used by forex traders of all experience levels.

Advanced Holiday Filter

The Forex Steam holiday filter allows you the option to avoid holidays that can produce unpredictable market fluctuations. The developers have included a pre-installed list of holidays they prefer their users to avoid. If there is a particular day that you don’t want the software to trade, you can include it in the holiday file, and the software will avoid trading.

Spread Filter

The spread filter will prevent the Forex Steam EA from initiating trades when the spread is too high. High spreads can cause unfavorable trading conditions and immediately put a trade into a significant loss due to the difference between the bid and ask prices. If you want to avoid this or if your forex broker has particularly high spreads, you can adjust the maximum spread filter accordingly.

Trailing Stop & Breakeven

The trailing stop function enables you to place a moving stop loss behind the trades so that you can lock in profits whilst giving them room to maneuver. This is a popular way that traders try to maximize gains from a particular market move. The breakeven function is similar, only it sets a hard stop loss at a predefined value that doesn’t move once the breakeven has triggered.

Easy Installation

The whole installation process should be easy and smooth. Its estimated to take less than 10 minutes to install Forex Steam on your MetaTrader platform using the provided instructions. All you need to do is purchases the software, and the Forex Steam download link is sent directly to your mailbox. Keep in mind that many traders who use forex robots, will often prefer to test them on a demo trading account to begin with to see how good or bad they perform.

Free Upgrades

By visiting the official Forex Steam website, you will see that the developers are quite active when it comes to updating the software. They perform constant research in an attempt to uncover methods in which they can improve the quality and functionality of their product. However, users are never asked to pay anything extra as they get free regular updates that the developers try to align with current market movements. The Forex Steam trading strategy is updated to adapt with shifting market circumstances.

Whilst we admire this dedication from the development team, we would prefer an automated trading system that remains consistent throughout all types of market scenarios as this can help to emphasize the reliability of a particular strategy, rather than one that needs to be constantly optimized.

Forex Steam Features
Forex Steam Features

Forex Steam Review

Results

Forex Steam Myfxbook

When it comes to choosing a forex robot, one of the most important things we look for is real verified results. Unfortunately, the developer has not provided any Forex Steam Myfxbook verified results for us to see how it is performing on a real trading account. We would therefore look for an alternative forex robot which is backed with verified performance over a sustained period of time.

Forex Steam Backtesting

In addition to a lack of verified results, there are also no Forex Steam backtests available which would have given us a rough idea of historical performance. This is especially important for a forex scalping EA that is dependent on minor price fluctuations. Those of you who have experience with the MetaTrader Strategy Tester could always optimize the EA over historical data across multiple currency pairs and timeframes to see how it stands up across various market conditions. Personally, we would prefer a forex robot with verified results.

Forex Steam Review

Conclusion

Although the Forex Steam EA has been around for many years and is backed with by a dedicated development team, we find it lacking in certain areas. Specifically, it is a scalping robot that depends on ideal broker and market conditions. It is quite common to see such scalping systems perform well on backtests and demo accounts with unrealistic environments, but fail when it comes to live trading. The fact we do not have tick data backtest or verified Myfxbook accounts leaves a lot to be desired.

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That being said, there are some innovative features implemented within the expert advisor and it is fully customizable so you may be able to configure some suitable settings if you have the time and experience to do so. The frequent updates are free and support is on hand to help you should you have any questions regarding the software.

If we were to consider using Forex Steam long term, we would want to conduct 99% modelling quality backtests and run it on a small live account for a sustained period of time to get an idea of what we can expect. However, whilst nothing is guaranteed in trading, we believe that there are better forex robots out there such as the Forex Flex EA which is backed by real results. Please feel free to take a look at our robot ratings for inspiration.

5Expert Score
Forex Steam Rating

Forex Steam is a fully automated forex expert advisor that was created using a trading strategy that aims to give long-term growth with low-risk settings. However, it is lacking in verified results and requires ideal market conditions.

Features
7
Strategy
6
Results
2

Forex Steam Review

FAQ

What is the Forex Steam price?

Forex Steam can be bought for just $117.99.

Where can I download the Forex Steam?

You can download the Forex Steam from the official website.

What kind of customer support does Forex Steam offer?

Customer support of Forex Steam can be reached via email. You can also reach them by directly submitting your query to the customer support box on the website. Once you have purchased the robot, you can also contact customer support from your members’ area.

In addition, there is a blog section on their website where you can scroll through posts covering tutorials on how to set up the software and other trading tips. The FAQ section covers some popular questions regarding configuring and using the Forex Steam EA. However, if your problems have not been answered in the FAQ area, you can contact the support team who should be happy to help.

What are the best brokers to use with the Forex Steam?

You can use any MetaTrader 4 or MetaTrader 5 broker to run this particular forex robot.

What’s the minimum amount required to trade with the Forex Steam?

There is no specified minimum amount required to start using this trading software. You should only ever trade with what you can afford to lose due to the risk nature of any manual or automated trading system.

What is the Forex Steam refund policy?

Forex Steam comes with 60-day return policy. You will need to provide 30 days of trading evidence in order to qualify for the return, whether on the real or demo account. We think that a refund should not be conditional as user circumstances can change.

Is the Forex Steam a scam?

Whilst we do not believe that Forex Steam is a scam, it cannot guarantee to produce good results. No matter how good any forex trading robot is, there is always a level of uncertainty.

Can I get the Forex Steam for free?

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Officially there is no Forex Stream free version although you may find it being shared online, that would be against the terms and conditions of use.

What currency pairs does the Forex Steam trade?

Forex Steam has been developed to trade major and minor currency pairs. You can choose to trade the currency pairs that you have an interest in. It can often be easier to master one or two pairs, rather than trying to follow multiple currency pairs at the same time. Keep in mind that some forex pairs are correlated so can have similar movements which may impact your overall risk exposure.

What are the best Forex Steam settings?

The best Forex Steam settings are most likely going to be those that are provided by the developer as they should know how it works more than anyone. However, you have the freedom to experiment with the external inputs as much as you like. If you are a seasoned trader, this may work for you. On the other hand, if you are a beginner, you may wish to first test customized settings on a demo account.

Can I change the Forex Steam settings?

Yes, you can configure the software settings according to your own preferences. If you have enough knowledge and expertise, you may experiment with your own settings, such as lot size, stop loss, take profit and more. Users can test the historical performance of their own settings in the MetaTrader strategy tester.

What do I need to run the Forex Steam?

You will need the MetaTrader 4 or MetaTrader 5 platform and a trading account to run Forex Steam. Most forex brokers will let you open a free demo account and download the MetaTrader platforms free of charge.

How much money can I make with the Forex Steam?

There is not any guarantee that you will make a profit by applying the strategy of any robot. It is highly dependable on the broker conditions and market behavior. Most forex robots have restrictions in volatile markets but that will not prevent all losses.

How many trades does Forex Steam take in a day?

There isn’t any fixed trade quantity per day as it depends on the market conditions. Based on the information provided, we can expect it to take between 1-4 trades a day.

When is the best time to trade with Forex Steam?

The developer does not recommend to trade during holidays due to market liquidity or around high impact news events due to volatility. The Forex Steam robot can be turned on or off using the “Auto Trade” button on the MetaTrader platform. It also depends on user preference.

Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.

Forex Steam Review
Forex Steam Review
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