Summary
Forex Steam is a fully automated trading expert advisor that was developed with the use of a trading strategy that aims to give long-term growth with low-risk settings. This strategy was used in the creation of Forex Steam. The development team working on Forex Steam EA is constantly working toward the goal of keeping the software current and one step ahead of the competition that comes from other forex robots. Forex Steam is an expert advisor for MetaTrader 4 and MetaTrader 5 that was developed specifically for the 5-minute timeframe chart. The primary purpose of this endeavor is to make an effort to design a low-risk system while keeping both the short-term and the long-term performance in mind. After following the instructions that are provided for installing the EA, users can be up and running in no time at all. Even though it is possible to use it “straight out of the box” with the settings that are preconfigured, it is entirely up to the discretion of the user to decide whether or not they want to make any changes to the settings. In this Forex Steam Review, we will delve deeper into its functionalities, strategies, and outcomes to better understand it.
Pros
• Capable of running on multiple currency pairs
• Settings that can be customized
• Compatible with the MetaTrader 4 and MetaTrader 5 trading platforms
• Forex robot that is fully automated
• Employs a one-of-a-kind form of advance retrace technology
• Comes pre-installed with cutting-edge holiday and spread filters
Cons
• Settings will need to be modified for optimal performance
• Doesn’t trade very frequently
• Unexpectedly significant volatility in the forex market might have an impact on performance
• The trader needs to be watchful, particularly during news releases and holidays
• It has to be updated on a regular basis
• There are no validated results
• There are no previous tests.
Strategy
The Forex Steam technique is, in all intents and purposes, a scalping system that functions on a time-limited basis across a number of different currency pairs. This combination has proven to be highly successful in backtesting when carried out in an ideal setting; however, it is important to keep in mind that the real-world conditions of brokers can often be very different from those seen in testing. This is because certain aspects, such the spread, slippage, and commission fees, aren’t always taken into account during testing. This is one of the reasons why this is the case.
Forex Steam does provide the user with power and flexibility, allowing them to either utilize the default settings or make their own unique set files based on their preferred trading style and level of risk. The software also has a variety of built-in filters that prevent it from trading in potentially high-risk or unfavorable scenarios. For example, it is prevented from trading during news releases and when spreads are particularly wide when it has these filters. This is of the utmost importance for a forex scalping method, which targets small pips fluctuations and typically relies on narrow spreads in order to achieve its trading objectives.
Features
The automated foreign exchange trading system known as Forex Steam operates nonstop. In order for it to look for potential trading opportunities in the charts, the MetaTrader platform on your computer needs to be active and functioning properly. If you are unable to keep your computer turned on at all times, you might think about getting a Forex virtual private server (VPS), which will enable you to use the MetaTrader platform remotely around the clock.
The following is a list of some of the most important features that the Forex Steam EA possesses:
Innovative Tracking and Tracing Technology
Advanced Retrace Technology is a type of retrace technology that has been integrated into Forex Steam. This functionality is a feature that will attempt to increase winning trades while minimizing losses. This cutting-edge technology has been incorporated into this forex robot ever since it was first developed, and it undergoes consistent revision to guarantee that it continues to be useful in light of the current state of the market. The retrace technology is combined with a trading strategy that involves a minimal amount of risk and is suitable for forex traders with varying degrees of experience.
Enhanced Filter for the Holidays
You have the opportunity to steer clear of holidays that are known to cause erratic market volatility thanks to the holiday filter that is provided by Forex Steam. The developers have pre-installed a list of holidays that they would prefer their customers not celebrate. This list is part of the software. If there is a specific day on which you do not want the software to trade, you can specify that day in the holiday file, and the software will refrain from doing so on that particular day.
Spread Filter
Because of the spread filter, the Forex Steam EA will not enter trades when the spread is very high. The gap between the bid price and the ask price is known as the spread, and when it’s high, it can lead to adverse trading conditions and immediately put a trade in the red for a large amount. Adjusting the maximum spread filter in this way is something you should do if you want to prevent this situation or if the spreads offered by your forex broker are unusually wide.
Breakeven point and trailing stop
You may secure profits while still allowing the trades some wiggle room by using the trailing stop feature, which lets you to set a moving stop loss behind the trades so that you can do so. Traders frequently employ this strategy in the hope of maximizing their profits from a given market shift. Once the breakeven function has been activated, the hard stop loss is fixed at a predetermined value and does not change. The similarity ends there with the breakeven function.
Simple Setup Requirements
The entirety of the installation process ought to be simple and uncomplicated. It is predicted that the installation of Forex Steam on your MetaTrader platform will take less than ten minutes if you follow the instructions that are provided. All that is required of you is to purchase the software, and a link to download Forex Steam will be delivered to your inbox immediately afterward. Bear in mind that many traders who use forex robots will want to test them on a demo trading account to begin with in order to assess how well or poorly they perform. This is a common practice among traders who use forex robots.
Free Upgrades
If you go to the website for the official Forex Steam client, you will discover that the creators of the software are very active in terms of releasing new versions of the program. They conduct ongoing research in an effort to discover new ways in which they may enhance the functionality and quality of their product in order to better meet customer needs. Users, on the other hand, will never be required to pay anything additional because they will always receive free regular updates, which the developers will attempt to synchronize with current market movements. The Forex Steam trading technique is regularly modified so that it can accommodate the ever-changing market conditions.
While we applaud the dedication shown by the development team, we believe that an automated trading system that is stable across all possible variations of market conditions is preferable. This is because such a system can help to highlight the dependability of a particular strategy more effectively than one that is required to be continually optimized.
Results
Myfxbook Forex Trading on Steam
When it comes to selecting a forex robot, one of the most essential factors that we take into consideration is whether or not it has real results that have been confirmed. Unfortuitously, the creator has not supplied any Forex Steam Myfxbook confirmed results, therefore we are unable to evaluate the product based on how well it performs on a live trading account. As a result, we would hunt for an alternate forex robot that is supported by verifiable performance over an extended period of time.
Forex Backtesting Using Steam
In addition to the absence of results that have been confirmed, there are also no Forex Steam backtests available. These backtests would have provided us with a general notion of how the software had performed in the past. This is of utmost importance for a forex scalping EA because the success of the strategy is dependent on minute price shifts. Those of you who are familiar with the MetaTrader Strategy Tester have the ability to always optimize the EA across historical data covering numerous currency pairs and timeframes. This will allow you to determine how well the EA performs in a range of different market situations. Personally, we think that a forex robot that has validated results is the best option.
Conclusion
Despite the fact that the Forex Steam EA has been available for a significant amount of time and that it is supported by a committed development team, we believe that it is weak in certain areas. To be more specific, it is a scalping robot that requires favorable conditions from both the broker and the market. When it comes to live trading, it is extremely usual to see scalping methods perform well on backtests and demo accounts with unrealistic circumstances, yet fail miserably. There is a lot that can be improved upon by the fact that we do not have tick data backtest or verified Myfxbook accounts.
Having said that, the expert adviser includes a number of cutting-edge capabilities, and since it is entirely adjustable, you may be able to configure some settings that are suited for your needs provided you have the necessary amount of time and expertise. Support is available to assist you with any questions you may have regarding the software, and the frequent updates are provided at no additional cost.
If we were thinking about using Forex Steam for an extended period of time, we would want to perform backtests with a modeling accuracy of 99% and test the software on a small live account over an extended period of time to get an idea of what kind of results we can anticipate. Despite the fact that nothing in trading can be guaranteed, we believe that there are better forex robots out there, such as the Forex Flex EA, which is supported by real results. If you’re looking for some ideas, feel free to peruse our robot ratings.
FAQ
What is the current price of Forex Steam?
The price of Forex Steam is currently $117.99. You can purchase it here.
Where can I find the Forex Steam to download it?
You can get the Forex Steam client by downloading it from the official website.
What kind of assistance is available for customers through Forex Steam?
Email is the preferred method of communication with Forex Steam’s customer service team. You can also contact them by typing your question into the customer support section of their website and submitting it directly. After you have paid for the robot, you can access the members’ area of our website to get in touch with our customer support team.
In addition, their website contains a blog section, in which you can navigate through posts that cover tutorials on how to set up the software as well as other trading tips. The Frequently Asked Questions section addresses some of the most frequently asked questions regarding the configuration and use of the Forex Steam EA. However, if you have questions that are not addressed in the Frequently Asked Questions section, you can get in touch with the support team, and they should be happy to assist you.
Which brokers are the most effective to use in conjunction with the Forex Steam?
To operate this particular forex robot, you can make use of any broker that supports MetaTrader 4 or MetaTrader 5.
What is the lowest amount that must be deposited in order to trade with the Forex Steam?
To begin utilizing this trading software, you are not obliged to deposit any certain minimum amount. Due to the inherently risky nature of any manual or automated trading strategy, you should never trade with more money than you can comfortably afford to lose.
Where can I find the Forex Steam policy regarding refunds?
The return policy for Forex Steam is valid for a period of sixty days. In order to qualify for the refund, whether on a genuine or demo account, you will need to produce documentation that you have traded for a total of thirty consecutive days. We believe that there should be no conditions attached to a refund because the user’s circumstances can change at any time.
Is Forex Steam a fraudulent operation?
Despite the fact that we do not think Forex Steam to be a scam, we cannot promise that it will deliver satisfactory results. There is always some degree of risk involved in forex trading, regardless of how reliable the trading robot may be.
Is a free version of Forex Steam available to me?
Even though you might see a free version of Forex Stream being shared online, the company does not provide a free version of their product, and doing so would violate their terms and conditions of use.
Which currency pairings are available for trading on the Forex Steam?
Trading major and minor currency pairings has become much easier thanks to the development of Forex Steam. You have the option to engage in forex trading based on the pair(s) of currencies that most interest you. When dealing with currency, it is frequently simpler to focus on mastering one or two pairings of currencies rather than attempting to keep track of several currency pairs at the same time. Bear in mind that some currency pairs are correlated, meaning that they can have similar movements, which may effect your overall risk exposure if you are not careful.
Where can I get the optimal settings for Forex Steam?
The finest settings for Forex Steam are probably going to be those that are offered by the creator, as they should understand how it works better than anybody else. However, you are free to explore with the external inputs as much as you see fit. This flexibility is at your disposal. If you are an experienced trader, you might find success with this strategy. On the other hand, if you are new to this, it is recommended that you begin by practicing with a demo account and adjusting the settings there.
Is it possible to adjust the settings for Forex on Steam?
You are able to adjust the settings of the software to suit your individual preferences, that is correct. Experimenting with your own settings, such as lot size, stop loss, take profit, and other parameters, is permissible if you have sufficient knowledge and experience in the subject matter. In the MetaTrader strategy tester, users have the ability to test how their own settings have performed historically in the past.
What do I need in order for the Forex Steam to work properly?
In order to use Forex Steam, you will need to have a trading account as well as the MetaTrader 4 or MetaTrader 5 platform. The majority of forex brokers will allow you to register a free demo account and provide you with free downloads of their MetaTrader platforms.
What is the maximum amount of money I can make using the Forex Steam?
When you apply the strategy of any robot, there is no assurance that you will end up with a profit. There are no guarantees. It is extremely dependent on the conditions of the broker as well as the behavior of the market. Even while the majority of forex robots have safeguards in place for unpredictable markets, those safeguards cannot avoid all trading losses.
How many deals are executed in a single day by Forex Steam?
Because it is contingent on the state of the market at any given time, there is no daily trade quantity that is predetermined. On the basis of the information that has been provided, we may anticipate that it will take between one and four trades every day.
When do you recommend using Forex Steam for trading purposes?
Because of increased volatility and decreased market liquidity, the developer does not advise trading during holidays or around times of high-impact news events. Using the “Auto Trade” button found on the MetaTrader platform, the Forex Steam robot’s on/off switch can be utilized at any time. Additionally, it is dependent on the user’s preferences.
