Forex Steam EA – A Detailed Review
Forex Steam is an automated trading system that has been on the market for over 10 years. It is designed to trade the EURUSD currency pair on the MetaTrader 4 platform.
Overview
Some key things to know about Forex Steam:
- Created by a team with over 25 years of forex trading experience
- Focuses on long-term gains in a low risk environment
- Available in Light and Normal versions optimized for different timeframes
- Includes 4 licenses for use on multiple accounts
- Provides free lifetime updates
The goal of Forex Steam is to provide stable profits over time rather than quick short-term gains. The developers continually update and optimize the system to adapt to changing market conditions.
Trading Performance
Extensive backtests available on the Forex Steam website show strong performance over a 10+ year period. You can see consecutive winning months with an average of 15-25 trades per week resulting in $150+ profits. Drawdowns tend to be minor, usually around $200.
Real account statements are also provided, showing consistent profits, albeit only on demo accounts. Independent testing would be useful to validate performance.
Users report the system generates steady gains but can suffer the occasional larger stop loss. Overall the trading logic seems robust for long-term gains if drawdowns can be minimized.
Trading Strategy
Forex Steam incorporates retracement technology in its trading strategy. It analyzes price action to predict potential turning points and direction for the next few hours or days. It then enters trades in the expected direction.
The system uses filters to avoid trading in unfavorable market conditions. These include spread filters, time filters, and holiday filters.
Risk management features are also built-in like trailing stops, break evens, and take profits. These help lock in profits and limit losses when trades move in the anticipated direction.
Ease of Use
One of the benefits of Forex Steam is it’s easy to install and use. The download includes guides to walk you through the setup process step-by-step.
The default settings are optimized for long-term gains so you can run it out of the box. But more experienced traders can customize parameters like trade times, stop loss, take profit etc. to match their preferences.
The EA is compatible with all brokers and account types. You can run it on a demo account to test it out before going live.
Customer Support
Forex Steam provides responsive customer support via online contact forms and email. You can expect a reply within 3-4 hours during regular business hours.
Support covers issues with installation, configuration, and optimization of the system. The developers seem committed to helping clients get the most out of the software.
Pricing
Forex Steam is reasonably priced at $117.99 for a lifetime license. This single payment includes:
- Access to Light and Normal versions
- Installation guides and video tutorials
- 4 licenses for use on multiple accounts
- Free updates for life
So you get full access with no hidden fees or upsells.
Forex Steam Pros
- 10+ years proven track record
- Low risk approach focuses on long term growth
- Fully automated trading system
- Easy to install and use
- Customizable parameters
- Comprehensive backtests available
- Free lifetime updates
- 4 licenses included
- Dedicated customer support
- Reasonably priced
Forex Steam Cons
- Live results only shown on demo accounts
- Can hit larger than expected stop loss
- Not enough independent testing
- Only works on EURUSD pair
Conclusion
This EA is a long running automated trading system with an impressive track record. The developers have continued upgrading it for over 10 years to maintain reliable performance.
While more independent testing on live accounts would be reassuring, user feedback and available backtests demonstrate great potential. For the price, Forex Steam provides an excellent entry point for automated trading.
The system focuses on steady long-term gains rather than quick profits. So if you’re looking for an EA with years of development behind it, Forex Steam is definitely worth considering.
