Forex Steam is a popular Forex EA designed to cater the needs of present-day Forex traders. Equipped with a myriad of amazing benefits and 100% automated trading solutions, Forex Steam won the hearts of millions of traders around the world.
Forex Steam has been around for more than 25 years, providing unparalleled solutions to the trading community.
We’ve put together this Forex Steam review to highlight some of the amazing benefits of this software. Also, we’ll have a quick look at the latest V10 update of the software and the advantages that come with this update. But, before diving into the details, why not first have a quick look at the basics of the Forex Steam EA.
What is the Forex Steam Robot?
Forex Steam has been designed and run by the team of Canadian developers whose mission is to provide value-driven and consistent support to the traders. What sets Forex Steam apart from others is the commitment of the developers who have left no stone unturned to improve the trading approach of both novice and experienced traders. They offer updates from time to time so that their trading approach can get aligned with the fluctuating market conditions and remain on the top.
There are thousands of active Forex Steam users and hundreds of positive reviews listed on the Forex Steam website. Affordability is yet another prominent reason why many traders prefer Forex Steam over other expensive and less-effective Forex EAs. In order to purchase the product, the traders are needed to pay the one-time license fee of $117.99 which includes instant download/installation, access to all 4 versions of the product, free updates for life, and 4 licenses.
How to Use Forex Steam Properly?
It doesn’t require any extensive computer or trading knowledge to get started with Forex Steam. In fact, anyone with basic computer skills can start using Forex Steam without any difficulty. You can install Forex Steam free of cost once you pay the one-time license fee. Also, you get access to all the 4 licenses that you can use on both demo and live accounts. We would suggest you to use demo accounts first for at least 3 months and go live once you see growth and positive results.
While there is no requirement that you modify settings when you start using Forex Steam (which again is an added perk as beginners can instantly start using the product without making adjustments), there’s always an option to customize settings if you have a unique trading strategy or you want to experiment with your trading approach.
As far as the features are concerned, Forex Steam offers some amazing benefits to the traders. Some of them include:
Forex Steam boasts an effective Retrace technology which is a proven way to secure wins. This feature has been a part of the software for 10 years and been updated multiple times by the developers to remain in line with the changing market conditions. Forex Steam’s PIP retrace technology is perfect for the traders who want to achieve great results in the shortest possible time and limited investment.
Advanced Holiday Filter
Avoid holidays that create ambiguous and uncertain market moves using the Advanced Holiday Filter offered by Forex Steam. Forex Steam features a list of holidays that traders must avoid. Also, you can include your own holiday file containing days you don’t want to trade on.
Trading Accounts & Results
Being a trader, it’s your utmost right to know about the previous performance of your chosen EA. Forex Steam’s 10-years real-life trading record is accessible to examine, meaning you can see how well this software has worked with other trader’s strategies. Apart from that, you can also assess myfxbook accounts to track the real performance of the software. The website includes a number of reviews and testimonials and you can also check out other independent websites to see what other traders have to say about the product.
The much-awaited Forex Steam V10 update is now accessible and current users can easily download it using the official member’s area.
Forex Steam is not compatible with both MT4 and MT5 platforms.
Another great addition to the software is the inclusion of Maxspread. As the Forex market continuously fluctuates, the spread also varies with the changing conditions and many times it becomes too high. The software inhibits transaction placement during those specific hours. This way it will become easier for the traders to avoid unfavorable and uncertain market conditions. Traders however may have to carefully monitor their account throughout the day to examine the average spread.
Continuous market updates is another significant feature which will enable traders to keep pace with the fluctuating Forex market conditions. According to the Forex Steam team, they sit together and based on the current market trends, forecast pairs that work in collaboration with the pre-built Steam strategy to provide better trading results.
Removal of the News Filter
The News filter is no longer accessible in the current V10 updates as according to the website it was apparently disturbing the overall process.
Forex Steam can seamlessly work with hundreds of different trading strategies. One of the most effective ones is a time-restricted scalping technique which has proven to be extremely profitable using different currency pairs and customized TP/SL settings. Traders can change/modify settings at any time to make them compatible with their unique trading style.
Because of Steam’s proven and customizable settings, it has gained immense popularity and fame among beginners as well as seasoned traders. The V10 update is particularly beneficial for the traders who want to optimize their trading results while sticking to the limited investment and low-risk environment. Experienced traders can easily adjust Take-Profit, currency pair and hedging settings to keep them in line with their current trading strategy.
Last but not least, Forex Steam boasts an automated strategy that comes with a systematized evaluation system which immediately starts working as soon as you input required credentials to the software.