Forex Steam EA – A Detailed Review
Forex Steam is an automated trading system that has been on the market for over 10 years. With a track record spanning more than a decade, it is one of the longest running forex robots available. In this comprehensive review, we will analyze its features, performance statistics, client feedback and more to determine if Forex Steam is a worthwhile investment for forex traders.
Overview of Forex Steam EA
Forex Steam is an expert advisor (EA) built specifically for the MetaTrader 4 and 5 trading platforms. It trades on the M5 timeframe for the “light” version and M30 timeframe for the “normal” version. The goal of Forex Steam is to provide a low risk automated trading system that generates both short term and long term profits.
Some key aspects of the Forex Steam software include:
- Instant download and easy installation
- Ongoing testing and optimization with regular free updates
- 4 reusable licenses for demo and live trading accounts
- Free installation guides and video tutorials for getting started
The company behind the software has over 25 years of forex trading experience. Their team includes traders, developers and analysts who continuously work to improve the EA based on client feedback and changing market conditions.
Performance Statistics and Returns
According to the developer, Forex Steam has achieved an average monthly return of 5.95% over its 10+ year track record. However, it is difficult to independently verify these claims as no detailed performance reports are publicly provided.
The only account statements available are from demo accounts showing positive results but without additional context. So potential buyers need to take the advertised historical performance with a grain of salt.
On Forex Store, the developer reports a 0% profit level and 0% maximum drawdown for Forex Steam during a recent live demo trading period. But again, these statistics can’t be validated without access to the underlying trading statements.
More transparency around audited backtests and real-money trading results would lend greater credibility to Forex Steam’s purported track record. As it stands, clients mostly have to take the developer’s word regarding past and expected trading performance.
Trading Logic and Customization
According to the product website, Forex Steam analyzes market conditions during certain trading hours and determines the likely price direction over the next few days. It then places trades automatically based on this analysis while managing risks and targeting a profitable risk-reward ratio.
The EA is pre-configured to trade the EUR/USD currency pair on the aforementioned timeframes. But more experienced users can fully customize the trading logic, indicators, times of operation and various other settings to match their preferences.
For newcomers, the default settings provide a “set and forget” solution that can run unattended once properly installed and configured on the trading platform.
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Costs, Guarantees and Support
Forex Steam is available for a one-time fee of $117.99 which includes lifetime membership and access to all software versions. The purchase also includes 4 tradeable licenses, free installation support, video guides for getting started, and free updates for life whenever new versions are released.
Notably, there are no tiered pricing levels or upsells for access to additional features. And the developer offers a money back guarantee in case clients are not fully satisfied with their purchase.
Ongoing customer support is provided via email and a contact form on the Forex Steam website. According to user reviews, response times are generally prompt during regular business hours in the United States. But there have been some complaints about receiving delayed responses to support inquiries.
Client Feedback and Reviews
Forex Steam currently scores a respectable 4.2 out 5 stars on Forex Robot Nation based on 59 reviews. On the whole, client sentiment seems to be positive – especially regarding the consistent performance and longevity of the software.
Many reviewers also praise Forex Steam as one of the best values in the market given its reasonable pricing and inclusion of free updates for life. And most users report positive experiences with the level of customer service and technical support received after purchase.
However, some users felt the lack of audited trading statistics makes it difficult to judge the credibility of the advertised backtests and performance claims. A few others noted frustration with sporadic gaps in trade execution and responsiveness which they mainly attributed to connectivity issues rather than any deficiency in the software itself.
Forex Steam Conclusion
In summary, Forex Steam is one of the more affordable and long standing automated trading solutions available to retail forex traders. It provides a relatively simple “set and forget” system for those seeking passive income from forex markets over the long run.
However, interested buyers may want to demo trade the software first and scrutinize recent customer feedback before committing real capital. Some transparency issues around historical trading performance and a mixed track record with customer support suggest proceeding with cautious optimism rather than blind trust in the developer’s claims and advertised track record.
But for traders seeking an inexpensive automated trading system with a decade long commercial history, Forex Steam remains a reasonable option to consider. Just be sure to manage risk appropriately and independently verify performance rather than relying entirely on the vendor’s statements and advertised backtests when evaluating this EA.