The foreign exchange (forex) market can be an attractive yet challenging arena for traders of all experience levels. With its 24-hour accessibility and high liquidity, forex presents opportunities for potentially lucrative trades. However, the market’s volatility and complexities can also lead to losses if proper trading strategies are not utilized. This is where forex trading robots like Forex Steam enter the picture.
Forex Steam is an automated trading system that aims to help traders capitalize on forex market opportunities through algorithmic trading. Launched in 2011 by a team of traders, Forex Steam uses custom-built indicators and a statistical algorithm to scan the markets for high-probability setups. Once a trade opportunity is detected, the system can automatically execute the trade on the trader’s behalf.
In this comprehensive Forex Steam review, we’ll provide an in-depth look at how this expert advisor (EA) works. We’ll examine key features, performance statistics, pros and cons, and user feedback. Read on to learn if Forex Steam’s automated trading capabilities can take your forex trading to the next level.
How Does Forex Steam EA Work?
Forex Steam is an automated trading system designed specifically for the MetaTrader 4 trading platform. To use Forex Steam, traders first need to have MetaTrader 4 installed on their computer.
Once set up within the platform, Forex Steam will analyze the markets using a statistical algorithm combined with custom indicators. These tools help Forex Steam identify high-probability trading opportunities based on parameters such as market volatility, momentum, and trend direction.
Some key aspects of how Forex Steam works include:
- Scans for trading opportunities 24/5 – Forex Steam scans the markets and analyzes charts 24 hours a day, 5 days a week. It is programmed to identify trading setups and execute orders automatically.
- Focuses on the GBP/USD and EUR/USD currency pairs – Forex Steam is optimized to trade the British Pound against the US dollar and the Euro against the US dollar. These majors tend to see high liquidity and volatility.
- Targets higher timeframe charts – The EA places trades based on analyses of 4-hour, daily, and weekly charts. This aims to capture market swings and larger moves.
- Employs multiple trading strategies – Forex Steam has three core trading strategies coded into its algorithm – trend, breakout, and counter-trend. This diversification aims to generate profits in varying market conditions.
- Manages trades with a unique “advanced stop loss” system – Forex Steam uses variable stop loss levels that trail price action and adjust to volatility. This aims to maximize profits and minimize losses.
- Executes fully automated order entry and exit – Once a trade is triggered, Forex Steam handles the entire order execution process without requiring any manual intervention.
By combining these capabilities, the developers of Forex Steam aimed to create an “set and forget” EA that can continually scan for trading opportunities and manage positions on behalf of traders. The system is intended for use on standard or ECN broker accounts.
Key Features and Settings
Some of the standout features offered by the Forex Steam EA include:
- Automated trading algorithm – Forex Steam’s core function is its statistical algorithm that aims to detect high-probability trades. The algorithm runs 24/5 without requiring supervision.
- Multiple timeframe analysis – As noted above, Forex Steam analyzes the markets using 4-hour, daily, and weekly charts. This multi-timeframe approach aims to better identify trends and momentum.
- Three trading strategies – Forex Steam combines trend trading, breakout trading, and counter-trend strategies in one EA. Having multiple strategies helps adapt to changing market conditions.
- Variable “advanced stop loss” feature – A unique aspect of Forex Steam is its dynamic stop loss system. As trades move in favor, the stop loss levels adjust to lock in profits.
- Stealth mode – Forex Steam has a “stealth mode” that aims to hide stop losses from brokers to avoid hunts for stop loss orders.
- High winning percentage – According to reported backtests, Forex Steam wins on over 80% of trades by targeting higher probability setups.
- Low drawdown – Optimized settings that place tight stops aim to minimize trading losses and drawdowns.
In addition to these features, Forex Steam allows traders to adjust key settings and input parameters:
- Lot sizes and risk management
- Currency pairs
- Times of day to trade
- Indicators and filters
- Take profit and stop loss levels
This ability to customize settings helps traders optimize Forex Steam for their unique trading objectives and account conditions.
Forex Steam Performance Statistics
Extensive backtesting of trading systems allows developers to gauge an EA’s potential viability. The creators of Forex Steam report robust historical backtest results across multiple time periods and accounts.
Some of the performance statistics published for Forex Steam include:
- 10-year backtest on EUR/USD – 52% profit factor, over 24,000% compounded return across more than 5,000 trades
- 5-year backtest on EUR/USD – 64% profit factor, over 2,900% compounded return across more than 2,300 trades
- January 2014 to September 2015 test – 71% profitable trades, largest win of 550 pips, largest loss of 180 pips
- Demo trading March to May 2015 – 1,500+ pips profit, largest win of 315 pips
These statistics suggest Forex Steam has the potential to generate sizable profits over the long run if its algorithms continue performing well in live market conditions. As with any EA, however, past performance does not guarantee future results. It’s important to trade Forex Steam conservatively and manage risks.
Pros and Cons of Forex Steam EA
Let’s examine some of the key advantages and potential disadvantages of using Forex Steam for algorithmic forex trading:
Pros of Forex Steam:
- 24/5 automated trading – Trades are executed systematically without requiring ongoing analysis or intervention.
- Long track record – Forex Steam has been available to traders since 2011 and has years of backtest data.
- Customizable settings – Traders can optimize inputs and settings to align with their preferences.
- Potential for scalability – Automated trading allows running the system across multiple accounts and currency pairs.
- Cuts down on emotional trading – May reduce tendency for impulse trades or emotional decision-making.
- Requires MetaTrader 4 – Forex Steam only works on MetaTrader 4, limiting broker choices for some traders.
- Past results don’t guarantee future success – Despite robust backtests, live trading results may vary as markets change.
- Monthly subscription model – Traders have to pay a monthly fee for a license key to keep using Forex Steam.
- Over-optimization risks – Extensive optimization for past data could lead to poor results when markets shift.
- Complex software – Traders without programming expertise may find it difficult to troubleshoot issues.
Overall, Forex Steam aims to offer an accessible automated trading solution for forex traders. However, as with any EA, it’s important to use proper risk management given the risks involved.
Forex Steam Pricing
Forex Steam is available under a monthly recurring subscription model. Licenses need to be renewed each month to keep receiving updated license keys that allow the EA to continue functioning.
Here is a breakdown of the pricing options available as of October 2023:
- 1 License – $97 per month
- 3 Licenses – $177 per month ($59 per license)
- 5 Licenses – $297 per month ($59 per license)
- 10 Licenses – $497 per month ($49 per license)
Additional discounts are sometimes offered on purchases of larger multi-license packages. The pricing is in line with the monthly fees charged by similar expert advisor services that provide ongoing license keys and updates.
Traders should factor in the recurring monthly costs when evaluating the potential profitability of Forex Steam. With a disciplined trading approach, it may be possible to generate sufficient returns to offset the subscription fees.
Some of the best ECN brokers that support Forex Steam include:
|IC Markets||ECN model with low spread EUR/USD ~0.1 pips|
|XM||Ultra-low spreads from 0 pips, commission per lot|
|Pepperstone||Fast execution, award-winning ECN broker|
|OctaFX||Competitive pricing, micro lots available|
Traders should research brokers carefully and check reviews to find a reliable partner. Factors like execution quality, spreads, commissions, and server uptime should be evaluated.
Using a broker that offers a demo account is recommended to test Forex Steam initially before going live. The EA can be run in a simulated environment to gauge functionality and performance.
How is Forex Steam Support?
The developers of Forex Steam aim to provide responsive customer support via several channels:
- Email – Direct email contact form and support email on their website
- Forum – Active user community forums for discussing issues and EA use cases
- Help guides – Detailed user manuals explain installing and configuring Forex Steam
- Video tutorials – Step-by-step video walkthroughs cover using the trading system
- Remote access – TeamViewer support sessions to troubleshoot issues one-on-one
- Updates – Regular improvements and modifications to enhance performance
Reviews of Forex Steam customer support are generally positive. The developers seem responsive and several traders report receiving prompt, professional assistance when facing technical questions or issues.
Forex Steam EA User Reviews
With over a decade in the market, Forex Steam has accumulated numerous user reviews. Feedback from traders using the system spans the spectrum:
Positive reviews and testimonials:
- “It takes the emotion out of trading. I have tried manual systems and always seem to let my emotions get the best of me. Forex Steam has none of those problems.”
- “I’ve tested over a dozen EAs, and this is by far my favorite. I love set-and-forget automation. Forex Steam just works in the background.”
- “I’ve used it on my live accounts for over 3 years now. Slow and steady gains. As long as you use proper risk management, it performs.”
Negative reviews and complaints:
- “Maybe it worked years ago, but the markets have changed. I’ve been using it for 6 months with losses.”
- “Support was slow to respond when I had installation issues. Took over a week to fix my problem.”
- “Runs fine in backtests but doesn’t seem to translate well to live trading. I don’t trust it.”
As with most trading systems, individual user experiences can vary quite significantly. It seems Forex Steam may work well for some traders, while others struggle to generate consistent profits in live markets.
Verdict: Worth Trying With Caution
In summary, Forex Steam is an established automated trading system with a long track record dating back over 10 years. The combination of statistical algorithms, robust backtest results, and ease of automation make it appealing to traders looking for hands-free forex trading.
However, as with any EA, success is not guaranteed. It will be vital to use prudent position sizing and risk management given the inherent risks involved in forex trading. Having realistic expectations and applying solid trading principles remains essential.
Forex Steam seems a worthwhile expert advisor to cautiously try out, but traders should keep a level head and not assume automated trading is a magic bullet. Managing risks and analyzing performance across a sample size of trades will determine if this system can work well within a trader’s plan.
The recurring monthly costs are reasonable if consistent profits are achieved. Starting with small position sizes and being prepared to halt trading if losses accrue is advisable. Robust broker selection, risk control, and technical troubleshooting also require due diligence.
Overall, Forex Steam warrants consideration for traders interested in algorithmic trading. Backtest and user results showcase potential, but exercise caution and discretion when evaluating any forex EA for live account usage.
Frequently Asked Questions
How do I get started with Forex Steam?
Getting started with Forex Steam involves a few key steps:
- Sign up on their website for an account and purchase a license subscription
- Download the Forex Steam files and user manual
- Import the EA files into the MetaTrader 4 platform
- Configure settings based on instructions and your trading preferences
- Run initial backtests to optimize parameters and inputs
- Start demo trading to evaluate functionality before risking real capital
What account type is needed to run Forex Steam?
Does Forex Steam allow hedging?
Yes, Forex Steam supports hedged accounts. It can place both buy and sell orders simultaneously allowing traders to run multiple strategies.
Can Forex Steam be left unattended?
Forex Steam is designed for automated trading without active supervision. However, the general best practice is to always monitor trading systems in case issues arise.
What currency pairs can Forex Steam trade?
The standard settings focus on EUR/USD and GBP/USD but it can be configured for other currency pairs if desired. Performance may vary across different pairs.
What timeframes does Forex Steam use for analysis?
Forex Steam looks at the markets using a combination of 4-hour, daily, and weekly charts when scanning for trading setups.
Best and Most Trusted Forex Brokers
Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:
|No||Broker||Regulation||Min. Deposit||Platforms||Account Types||Offer||Open New Account|
|1.||RoboForex||FSC Belize||$10||MT4, MT5, RTrader||Standard, Cent, Zero Spread||Welcome Bonus $30||Open RoboForex Account|
|2.||AvaTrade||ASIC, FSCA||$100||MT4, MT5||Standard, Cent, Zero Spread||Top Forex Broker||Open AvaTrade Account|
|3.||Exness||FCA, CySEC||$1||MT4, MT5||Standard, Cent, Zero Spread||Free VPS||Open Exness Account|
|4.||XM||ASIC, CySEC, FCA||$5||MT4, MT5||Standard, Micro, Zero Spread||20% Deposit Bonus||Open XM Account|
|5.||ICMarkets||Seychelles FSA||$200||MT4, MT5, CTrader||Standard, Zero Spread||Best Paypal Broker||Open ICMarkets Account|
|6.||XBTFX||ASIC, CySEC, FCA||$10||MT4, MT5||Standard, Zero Spread||Best USA Broker||Open XBTFX Account|
|7.||Vantage||ASIC, CySEC, FCA||$50||MT4, MT5||Standard, Cent, Zero Spread||20% Deposit Bonus||Open Vantage Account|
|8.||FXTM||FSC Mauritius||$10||MT4, MT5||Standard, Micro, Zero Spread||Welcome Bonus $50||Open FXTM Account|
|9.||FBS||ASIC, CySEC, FCA||$5||MT4, MT5||Standard, Cent, Zero Spread||100% Deposit Bonus||Open FBS Account|
|10.||Binance||DASP||$10||Binance Platforms||N/A||Best Crypto Broker||Open Binance Account|
|11.||TradingView||Unregulated||Free||TradingView||N/A||Best Trading Platform||Open TradingView Account|
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Monthly Expected Profit is 20% to 200% with very Less Drawdown.
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