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Forex Steam Seven Review

Review of: Forex Steam
Version:
7.1
Price:
$117.99

Reviewed by:
Rating:
5
On November 27, 2013
Last modified:August 31, 2016

Summary:

After a major success with Forex Steam 6, the team is back with some new additions and market adjustments to guarantee more long term winnings.

Forex Steam is providing another free update, this upgrade is certainly one that I have been looking forward to a great deal. Coming this week.

Steam is a Forex robot that I have been using for over three years, I am overjoyed to be the first to announce the newest features of this long running automated Forex trading system.

  • Holiday Filter
  • Advanced Time Filter

Most trading systems are forgotten by their developers but not Steam. Over the years I have emailed them with many different ideas and they have always done their best to implement them.

With more than 60 updates since release the software continues to get better, and is a software I will be using until I retire from Forex.

forex steam

 Forex Steam Features

Here is a video where I explain the new features show you my personal results and provide some insider information.

Holiday Filter

holiday filterWhen activated will stop the system from trading on Holidays. You can customize by setting the days before and after the holiday you want to avoid trading for maximum protection. 
The holiday filter will monitor holidays for all currency pairs and only stop trading on holidays directly affected. This means of course that if you are trading EUR/USD the main pair the system will only stop trading on Europe or US Holidays. If you trade another pair that is not recommended by the EA the holiday feature will still work. Thus if you trade AUD/USD the system will only stop trading on Australian and US Holidays.
The image on the right shows the list that will be used as the foundation for this feature.

Advanced Time Filter

The time filter will allow more customization than ever before. Traders will now be able to set the exact times they want to allow Steam to trade. For Example: Set Monday trading to TRUE, you could set the hours of trading from 6 to 15 and then Steam will trade only between those hours.
This can be used for multiple purposes. For traders that monitor news events before the week starts they could set exact times to have Steam active. For traders that only want Steam to trade when they are available, they could set the software to trade around their hours. 
I plan on implementing this to avoid days I feel are too erratic where the market shifts quickly.

Forex Steam Results

My main test account continues to grow since 2012 and the Forex Steam test account is also showing great strength over this period as well.

Now let’s take a look at my new Test running Steam 7.

My New Test:

Older Tests:

Conclusion

Forex Steam continues to grow and develop into a better Forex robot update after update. With a 24/7 support team that actually responds to emails and a proven successful long term trading history Steam remains my favorite trading system on the market.

I recommend this software to any trader looking to grow their accounts.

For a limited time I will be providing a coupon in conjunction with the release of version 7.

Forex Steam 10% Coupon: FRN-8WX3-FRN

Try Forex Steam

106 comments

  1. Anyone trading this system needs to really evaluate the rules and think about if they want to take this risk to trade it. The odds of this system working long term is not good. The risk to reward ratio is a mess! Why would u risk 90 pips to only get 10 pips?

  2. hey i will like to know what is the minimum deposit one needs to invest in order to use forex steam seven sucessfully?

    • Hi Ian,

      As no one else has answered, consider this.

      MinLot size of 0.01 Lots, Risk = 10, SL = 90, $ / Pip / lot = $10.
      So with a MinLot of 0.01 you need to be able to Risk 90 x $10 x 0.01 Lots = $9 as 10% of your capital.

      That means you can start with $90 as long as your broker and account supports opening 0.01 lot trades. If the MinLot is 0.10 you will need $900 to start.

  3. Hi Patrick,

    Nice site and support videos. Well done.

    Steam support told me both of the Steam accounts on their and this web site are run on default settings.

    Is that correct?
    if not what setting are used?

    I assume they are both demo accounts on FinFx?
    Is that correct?
    If not what are the account types (demo or live?) and what are the brokers?

    Best regards,
    Phil

  4. I’m on a real hot streak this week. Looks like since the EURUSD situation is starting to calm the software is back to winning ways. Great to see.

  5. Best way to trade is with MM turned off. And you set your own risk and lot size.

  6. I’ve seen alot of bad things written on the web about ForexSteam. Unfortunately, I purchased it in the middle of a Forex storm because of US politics and just before a bad NFP report. I am also brand spankin new to Forex trading. I’m still on a FinFx demo acct for the next couple weeks at least, BUT….

    I must say I am impressed with what I’ve been seeing this week. Granted I’ve gone off to do things with other currency pairs that are tied to the JPY because it is a safe haven currency, but ever since I’ve tried pairs beside the EURUSD, I’m very profitable and it has only been a day.

    I am sure that I may have to change the times that trade these pairs as the Forex Market changes, but I’m pretty pleased with the trades thus far. I have a sneaking suspicion that more savvy Forex traders are using ForexSteam with other pairs as well. I hope to master this to a certain extent through trial and error with the demo acct. The comments on this page are pretty useful. Now I just need to become knowledgable enough to gauge the shifts in the market. The fxempire.com daily summaries are helpful so far because I am so new. Thanks for the endorsement a robot that doesn’t need a ton of money as margin.

    Keep the endorsements coming.

  7. Admin
    Is Forex Steam becoming a disillusionment and a money waster? If I look at the results of trading in August and October this robot was able to undo all that had been gained in the previous months and in September.
    I have two live accounts with Activtrades (standard and classic) and a demo account with FinFX all running with default settings and regularly updated . All three accounts have almost identical transactions in the same day and at the same hour and in all three accounts there are transactions that have hit the 90 pips stop loss in these days : August 12,15,20,22,29, October 1,2,9,14,15 .
    In your account and in Steam’s account, I think equally FinFX , there were no transactions in the same months and days that have hit the 90 pips stop loss.
    I admit that robots may have different behavior depending on the broker but I am amazed that my demo FinFX account shows so disappointing transactions whereas your account and Steam’s account keep having positive results and only rarely you can find transactions at -20 pips. If Forex Steam is a trend follower robot it should be less affected by the choice of the broker. Are there are other reasons to explain this so different behaviour between my accounts and your and Steam’s account? Any suggestion or help on this point?

  8. Ouch! I had the 90 pip loss hit my account on 30th of September, Moderator please which other settings apart from default do you have on your frnsteam.mt4live account cos my account seam to have same result as your except for the 90 pip loss???

  9. Ouch!! I had the 90 pip loss on 30th of last Month, does anyone here share the same result with me? My results with the posted results of steam.mt4live seam to look almost same except for this loss, please moderator, is there a mild setting apart from default that u are using to avoid this huge 90pip loss? I seam not to know what to do.

  10. V 7.1 is out…

  11. Can anyone help with settings for THV CaveManager? I still didn’t start to use THV CaveManager. But I see that my Steam Light stats are often different than Patrick’s stats, and I use default settings in Steam Light. Thanks.

  12. For steam, which is the best account type to use at the recommended broker: Micro or ECN account? And reasons?

  13. Hello guys, OANDA demo account set lot=0.1, mm=true, and ecn=false. It plays a deposit of $1,000,000. I waited for a first trade until I recognized
    surprisingly that the steam 7 M5 light risk program displayed the size of 50
    for the first EURUSD trade, I said wow , why ? Is it a bug or a mistake ?
    How did it set the size of 50 ? I expected to receive the size of 0.1 and

    profit 10 pips while the first loss of 90 pips…I have not yet seen it.

    Jon

    • If you want to trade 0.1 lot then change ‘mm’ to false. Or reduce the ‘risk’.

      • Look at the sample MT4 Live account with Steam 7, how did it initiate lot=0.33, mm=true, sl=90, tp=10, ecn=false ?

        If you lose 90 pips, will we have a loss of 20 pips next trade ?

        Jon

        • The key is Money Management and the percentage risk. Everything else is irrelevant to the lot size setting.

        • Older acccount:
          0.33 Lots = ($3,000 x Risk 10%) / (SL Pips * $10 / Pip)

          Newer account:
          0.33 Lots = ($1,000 x Risk 30%) / (SL Pips * $10 / Pip)

          • Hi FxPhil,
            Make it sense. Thank you for your help. Sigh, too long to wait for this reply. Forex steam support team wrote the poor user manual and did not hire the technical writer. It did not specify the lot size formula.
            John

          • Hi John,

            The formula given seems to be the way it is done. So the larger the SL in Pips, the smaller the open Lots and the larger the Risk, the larger the Lots.

    • Hi Jon,

      Lot size SEEMS to be determined by (Risk / 100) * Equity / (SL Pips * $ per Pip). That suggests your Risk was around 20?

      • Hi FxPhil,
        No, RISK still is 10. How can you figure out the lot size 50 based on the initial deposit $1M of that demo account ?
        John

        • Hi John,

          MaxLot is set to 50 as default.
          Without that it would have opened at 111 Lots as per the equation I gave earlier.

  14. ForexSteam, Forex steam Light Risk M5 EURUSD V7 is in OANDA demo account. Bank_Holiday.csv is in Files. FFCal files are in Experts/Indicators.
    Misc.dll is in Libraries. Drag and drop the Light Risk M5 V7 indicator in the EURUSD chart, I checked all settings in the COMMON field. In INPUT field,
    I entered my usename, set ECN to false. Enabled Expert and there was a smile. BUT, the question message prompted,”Do you permit to call function
    ‘GetDIIVersion’ from ‘Misc.dll’ ?. I already emailed many messages to the Forex Steam support team. They did not resolve this serious problem immediately. Can you or any member help me ? Jon

  15. Please, how can i get support team of forexsteam to attend to my issue, they seam not to reply to my different mails. I am having difficulty in getting forexsteam v7.

  16. Just had a great week with version 7. I hope this keeps up.

    • forexrobotnation

      Looks great King. Should get stronger the further we get away from August. Historically I always have tough Augusts.

    • I can only congratulate you! But I wasn’t able to earn with Forex Steam even one cent from March. I tried different settings, but it was useless. 🙁 I don’t know what to do further, but I am glad to hear that someone turns out to earn.

    • FXKing,
      please upload the statement until the latest date. Also list down the adjustment setting beside the default, broker and VPS too. Help me and the others. Thanks.

  17. Will do. Thanks.

  18. Hi Johnny,
    Johnny like many users of “ForexSteam 7”, we are having many problems. I have read all the comments on this board and agree with most peoples say. Of course sadly “Mike” should of added his “BankHoliday CSV File”, but I am sure he has done that now. Saying that I am testing this software for a company called “FXBO” please do not Google it, it is still under development, so you will not see anything. Anyway 3 days in and 2 trades went the full -90 Pips loss. Now I have tested many EA’s / Robots etc and I have the settings at default and MM (On).
    I know this is a bit cheeky of me Johnny, but I know you are behind that “Independent Test” on this site and shown on ForexSteam’s website also. Could you list any changes you made on your EA, so I can view its full capabilities and it would help others on this website / forum also. Just so you know Johnny I use the same “Broker” as you and even have the same “VPS”. Sorry for going on a bit Johnny, but I do feel this will help many and this is not purely for my gain.
    All the best to you all at FRN.

    • Hi Admin,
      Sorry I stated in my first post that “Johnny” was behind the “Independent Test”, while I know Johnny is well respected within this website / forum, it was “Admin” that did the test, sorry Johnny.
      So please can “Admin” reply to my first post when you have time.
      Many thanks once more and all the best again to you all at FRN.

    • I am trading default settings as well, I trade three currencies EURUSD, GBPUSD and USDJPY, the only thing I have changed is risk down to 5% each, I get up to about 20 trades a week for the last two month and very few full stops. Works for me!!!

      • forexrobotnation

        Glad to hear you are having a lot of success Aldis, keep up the good work.

      • Thanks for your advice Aldis, but I want to show what this “ForexSteam” can do to the “Max”. Now you claim that you trade three currency pairs and that is great, but can you state what profits you are making and how much you started off with? I know you have the risk factor down to 5% a wise move as GBP/USD is a tough nut to crack and if I am write Johnny or Admin stated that you should be careful on the times you trade USD/JPY. Are you willing to state more about your account? Or better still I can add you to my companies Skype, but as stated we are testing many products right now, so the website is not live yet.
        All the best Aldis and take care.

  19. As soon as I posted my message yesterday, I got a trade on my FXCM account, but no trade on the FinFX Demo. v7 Light and Normal are operational at both sites. Both sites have traded 2 weeks ago. Any suggestions?

  20. Hi Admin,

    How do we set the start trading hours and stop trading hours on each day? Which tim should use? mt4 time or VPS time? let say i want to avoid trading after close of london until the next day london open. How to set that?

    tq

    • forexrobotnation

      You don’t need to set trading hours at all, by defaults they are all open. If you want to change them you can but this is not a requirement by any means.

      All customization is available for you if you need it, it is not required.

      Use MT4 time.

    • MG, if you have the V7.1 then go to the M5 input tab (press F7) and then for the London market put the following settings:

      TradeOnMonday = True
      TradeStartHourMonday = 0000
      TradeEndHourMonday = 1600
      (then repeat the same values for the other days of the week, till friday)

      Then set DSTOffsetHours = 0
      Because I’m in the London time table I put 0. Check your timetable zone hour, i.e. Madrid is 1

  21. Hi fellow steam 7 users, would really need an advise on my settings which I used all on defaults. The SL is 90 PIPS, but how do you get the robot to protect -20 pips? I have 2 trades made by the robot today and both hit the SL of 90 pips. Big chalk of my deposit was wiped out. Really need some help here.

    • I trade default settings and so far successfully, if it is this Thursday you are talking about then it was French and Italian bank holiday, robot was not supposed to trade this day. I had my robot switched off. Have you put the holiday csv file in to the right folder?

    • Aldis is correct. The holiday filter stopped these losses. Make sure you installed it correctly. Solid job by Steam 7 to add this in the latest free upgrade.

    • The same thing just happened with me.

      Installed it 5 days ago, had 8 winning trades and today, the eurusd & gbpusd both stopped out at 90 pips. Wiped out my profits and put me in the hole. Using default settings.

      Mike [or anyone], have you made any changes in your settings to prevent this? Like maybe change the SL to 40 or 50 tops?

      • I don’t recommend trading the USD at all on any system right now with the US Govt shut down. The market is acting extremely erratic.

        • Well, I did notice a news event alert when I woke up late morning central US time and it looked like I may have been stopped out at the news event.

          Since I will be sleeping during the US morning hours, would you suggest to be aware of the next day news event and manually close any open trades the evening before the news?

          OR just let it trade as normal?

          Is it your impression that most everyone is using the 90 pip SL?

          Thanks for the quick reply and the suggestion although I didn’t think the govt. was still shut down.

  22. The video snapshot of Forex Steam trading results for the USD reveals impressive gains for the past year. Which currency was the USD paired to?

  23. everything has been going really well until today is there a maximum length of time to let a trade run mine has been running since last night and it is now losing badly as it was a buy trade and there has been a huge fall in the market today
    thanks

  24. I am trading EURUSD, USDJPY and GBPUSD, USDJPY in fact pulls in twice as many trades than EURUSD.

    • forexrobotnation

      If you’re going to trade USDJPY try and find a time when the market is calm and set the software to only trade during that time.

  25. Admin,

    I need your help. at this time I comment this, my MT4 broker time is 11.45 p.m. while my VPS PC time is 1.45 p.m. so the differences time between them is 10 hours. so I set EA properties [DSTOffsetHours] setting is 10, but the minutes before & after news (located at top left side of chart) are not tally with the real time. already try -10 also not solved. BUT the indicator [FFCal] news time is correct. (located at top right side of chart)

  26. Congrate to my robot. he makes 1st trade today after installed on last Friday. and give me 10p profit. here’s my comparison time & price with the admin.
    Admin stats:
    OpenTime Price S/L T/P CloseTime Price
    2013.08.05 02:24 1.32754 1.31854 1.32854 2013.08.05 10:22 1.32854

    Mine:
    2013.08.05 02:12 1.3278 1.3188 1.3288 2013.08.05 10:23 1.3288

  27. steam is nt trading as says news but the news is the CAD BH how do I remove that from chart?

  28. Admin,

    Is my statement are right?

    [PipsStick=40; PipsRetrace=20]

    When price goes opposite 40p from initial order, it will create 20p as a new TP to minimize the losses. Will hit it if price reverse back, as a result you will lose only -20p. If not it will hit your set SL. e.g. -90p

  29. Admin,
    what setting did u use for before & after news filter?
    Include high news only or both with medium news?

  30. thank you Ive sorted it

  31. it definitely says no holiday today help!

  32. I put the bank holiday file in the experts folder is this right?
    thank you for your help

    • forexrobotnation

      This is from the members area, right underneath the download:

      Take the bank_holiday.csv file, put this in the experts/files folder.

      It also says this in the Updates.txt file.

      Put it in the right folder fast.

  33. Why no option to eliminate news beside EUR&USD inside robot? Robot mostly show “no trade, news time” although there is no EUR&USD news. Is that the reason robot no trade today?

  34. I have V7 and it took a buy trade this morning but the take profit was below the entry ? Ive only just started but this has me worried

    • Hi Julie
      I have no trade running for today, but my experience with steam is not that great either. I had 5 losing trades in a row last week. I am using the default settings with finfx broker and I am not getting anywhere the same results as some of the members here. I am happy for them but this is not working for me so far. It has been a month of trading and my account is down by 25%. I have now disabled trading on mondays and fridays, will see how it goes, but for now, there is no way I will put steam on a live account. All the best to your trading

      • It was going well for me prior to today I will just keep running my demo account but yes wo nt be live trading yet!

    • forexrobotnation

      You shouldn’t have any trades today if you installed the bank holiday file properly. Today there are no trades because it is a holiday, V7 saves the day.

      Holiday from :
      Italy, Switzerland, UnitedKingdom, Germany will effect to GBP,EUR,CHF
      Australia will only effect AUD
      Japan will only effect JPY
      Singapore will only effect SGD
      HongKong will only effect HKD
      and UnitedStates will effect all that have USD

  35. Hi,
    this robot also won’t trade if there is news for other than usd & eur news.
    setting is news_filter=true but no option to eliminate other than usd&eur news.

  36. can someone please tell me do I have to uninstall v6.5 before installing v7
    also have there been any trades today ?

  37. Hi, I am still using the Forex Steam V6.4 sysytem. It trades very well but every day, my MT4 platform will clash several times. This problem happens whether I use IC Markets (Australia) or Axitrader (Australia) platforms. This problem is becoming quite a nuisance as there are times when I need to go out and when
    I come back, I will see that the platform has been shut down (clashed) and I
    might have missed some trades. I have checked all the entries but can’t find
    what is wrong that will cause the MT4 platform to clash. Can admin or anyone
    else help to enlighten me on what I can do to rectify this problem? Grateful
    for any advice. Thanks.

    • forexrobotnation

      Make sure you computer has enough resources to run MT4. This isn’t a Steam specific issue. This is an issue with your computer not being able to run that software. Do you have an old computer? Maybe you should try a VPS.

      http://forexrobotnation.com/best-forex-robot-and-expert-advisors-top-3-tested/stop-trading-forex-on-your-computer/

    • Hi Dyee! Do u still hv problem with Axitrader? I’m thinking of using Axitrader. Pls advise.

      • Hi Daniel, it is not AxiTrader that is at fault. It is due to my computer’s OS which is Windows 7. Apparently, Windows Vista & Windows 7 has issues with complex EAs and will clash frequently. I tried the Forex Steam EA on another computer which has Windows 8, also using AxiTrader, and it has none of the problems I encountered on my Windows 7 computer. So you can use AxiTrader, no problem with this broker. Just make sure yours is not Windows 7 computer. If yours is, use a VPS as Admin suggested.

        • Thx Dyee. From the +ve comments, I will give Forex Steam 7 a try. Do u think 2 – 3 weeks test on demo account is sufficient? Can I just use d default settings & go straight on real $ account trading? Any tweaking needed to optimise it or just leave all settings in default? I plan to use VPS as I cannot hv my pc on 24/7, but still need to know hw to do it as I’m new to Forex. Btw, hw is yr Steam 7 doing so far?

          • Hi Daniel, it is better to use a demo account first and adjust the settings to suit your own risk appetite. For a start, try on default settings first and see whether you are ok with it. If not, you can make changes eg. if you can’t take 10% risk, change it to 5% and the lot size will be smaller, or you can off the MM and have fixed lot sizes. You can also adjust SL and TP if you want to. Do all this on demo until you are comfortable before you switch to a live account. Happy trading.

          • Thx Dyee. R u using UltraHosting VPS? If yes, any good? What package? If no, what VPS r u using? Btw, hw is yr Forex Steam 7 doing? How much yr account hv grown? Appreciate yr advice.

  38. forexrobotnation

    Version 7 has officially been released by Steam.

  39. forexrobotnation

    You can but they are not tested or supported. If you are going to test them I suggest being cautious and using the knowledge you have gained using Steam in the past.

  40. Hi,
    Could you tell me what is the recommended deposit for trading with Forex Steam? Also, is it possible to change the initial starting lot size?
    Thanks

  41. What broker are you using for testing?
    Is it real or demo account?
    Are you using default Steam settings?
    Thanks

    • forexrobotnation

      Using ECN FX Broker: http://bit.ly/J9J0MN
      I run both. I use default settings but I test other settings as well from time to time. There are many options available to customize the system to fit your trading style which is important.

  42. Can a non FX trader use this Steam robot?

    • forexrobotnation

      Yes Hugh. You can learn as you go with Steam. Depending on how fast you want to jump in you can watch it trade on demo and learn while you prepare your live account.

  43. This just proves that Forex Steam developers are actually making big money from their own EA, not by selling them. Forex Steam was trashed and long forgotten about by the easily frenzied crowd. And that is great for us really.

    • forexrobotnation

      I agree with that. The easily frenzied crowd are focused on what’s new bright and shiny. The flavor of the week.

      • Not all are after Bright and Shiny. Some are disable and looking for a small source of income. When saving all you have in the bank and watch it come from $2500 to $995 in a week. While Forex Steam and ForexRobotNation accounts grows. Its hard to believe, we all are using the same EA on Default but different results. You can delete my comment now since nothing is real these days.

        NO DISRESPECT, JUST CLEARING THE AIR.

  44. I don’t see 7 but I see a new 6.5 is that the new 7. Thanks again

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