Forex Steam, now in its 10th year of development, is a seasoned expert advisor (EA) designed to operate on the MetaTrader 4 platform. This review delves into the various aspects of Forex Steam, including its development, package options, trading pairs, timeframes, strategies, and more, to give traders a detailed understanding of what to expect from this trading tool.
Key Features of Forex Steam
Development and Packages
Forex Steam offers a lifetime membership for $117.99, which includes instant access to all versions of Forex Steam, lifetime free upgrades, four licenses, free installation support, and a promise of no future upsells.
Trading Pairs and Timeframes
The EA is most effective with several major currency pairs, including USD/JPY, USD/CAD, GBP/USD, GBP/JPY, EUR/USD, and AUD/USD, running on M5 and M30 timeframes.
Trading Strategy
Forex Steam provides two versions: Light and Normal strategies, both utilizing trends but on different timeframes. The EA includes customizable settings to tailor trading to individual preferences, and it supports simultaneous use on the same broker account.
Advanced Features
Notable features of Forex Steam include a news filter to avoid trading during significant news events, a holiday filter, pip retrace, spread filter, trailing stop, and break-even money management functionalities.
Backtesting and Live Results
While Forex Steam offers backtesting results for the EUR/USD pair on a demo account, comprehensive backtests for other major pairs are not provided. Similarly, live results shared on the website are based on demo accounts, which cannot fully validate the EA’s effectiveness in real-market conditions.
Client Feedback
Forex Steam has received positive feedback on Trustpilot and Sitejabber, with scores of 4.2/5 and 4.83/5, respectively. Users praise the EA’s ease of use and the responsive support team.
Conclusion
Forex Steam positions itself as a consistent and user-friendly EA, backed by a supportive community and positive client testimonials. However, potential users should be cautious of its reliance on demo account results and the absence of comprehensive backtesting data for a broader range of currency pairs. The promise of free updates, a money-back guarantee, and accessible developer support are significant advantages for those considering Forex Steam.
For traders seeking a reliable EA with a long history of development and community support, Forex Steam presents an appealing option, though it’s advisable to weigh the benefits against the limitations of demo-based results and drawdown risks.
