ForexRobotNation.com – Best Forex Robot & Expert Advisor Reviews Forex Robot, Expert Advisor 
As they often do, the team at Forex Steam has released another update.
Arguably the longest winning system in Forex robot history continues to improve and I have all the details, as well as a full video explaining it and it’s most current results.
If you read through you might find a coupon at the bottom.
Forex Steam Video
Please watch this short 7 minute video all that you need to know about this new update.
So the video really covers it all but I will discuss now some of the things I covered in the video. First, I will go over the addition of the news filter.
This filter monitors medium and high impact news events and stops the EA from trading 30 minutes before and then resumes trading 30 minutes after. This feature can be customized by the trader to any amount of time before and after depending on preference. The filter uses data provided by looking at news specific to the pairs being traded at the time. I will show you a screen shot of the calendar below.
You can see the pair we are using here is the EUR/USD and thus the only news events monitored are for these pairs. The orange are medium, and the red are high impact. I believe it is best that both of these are monitored to avoid any potential losses and this is exactly what the purpose of the filter is.
At this point now, using the filter, there has been 23 straight wins. Now, I am not guaranteeing this type of success but it is no coincidence that the news filter has had this positive impact as it is an element that I have been telling the Steam staff to add for some time.
So it is safe to say here at Forex Robot Nation we are very happy about this latest update and hope for continued success with the light version.
Forex Steam Review Conclusion
Well this is one product I can say that I DO recommend.
I fully support the use of this product and believe in the development team and excellent support staff.
I will also be providing a 10% coupon for the next few weeks, so make sure to use this when you buy.
Steam 10% Coupon: FRN-8WX3-FRN
Hi
FYI, I used the AUDUSD and the EURUSD and I had it open up 12 x EURUSD on me. Plus the worst part was it didnt put in a TP/SL. Very scary. I cant run this with that kind of bug. AUDUSD might be a good pair but there is a bug in there. Its not a supported feature trading AUDUSD.
Admin,Can we leave our every day stats here so we can dicus and compare them, or that will be illegal?
Hi peter, I just enabled steam on AudUsd and it opend a trade in second on the price 1.02485.do you have this trade also?
Sell postion? Mine opened a sell at 1.02461 so if yours opened at 1.02485 you should hit your take profit before i do. Just make sure TP is 8
Or sl:)) But I hope not:)I left the steam enabled on EurUsd also.and well see how it will go.yesterday I had 3 trades on it. 2 profitable and the last one hit sl -20pips this morning.
My AUD/USD Results so far, from since I have started using it on my live account. 25 trades and 25 wins
Hi Peter, I just enabled EA on AudUsd and it open a trade in seconds. do you have a trade on 1.02485?
Top notch results peter
@Peter
yes, it trades way more often than EUR/USD ever did! I love it, thanks for the TIP!
Btw, how long have you been running this EA? Do you have any other tips for profitable success? I am finding that EUR/USD trades are really struggling these days.
When is the trailing stop coming about? Also, what is the new cave EA supposed to do exactly?
I have been running it now for over a year but only on the EUR/USD pair.
Yes, the EA has not been doing well on the EUR/USD this year so far. I’m still trying to recover from all the losses as I have had more losses that what the Forexsteam team are showing on there statement. Not sure when the trailing stop is coming out, just saw admin mention it. As for the cave ea I have never used it as you can only have one open trade, I normally have 2 – 3 open trades. As I try to trade manually along side the ea.
@Darin
Glad you are getting good results. That is exactly what I said in my previous post about the AUD/USD pair. This EA seems to love this pair, and when they add the trailing stop function to forexsteam we are going to make even more profit with this pair.
Hey Guys, 3 AUD/USD winners today seems to trade on this pair beautifully (better than EUR/USD) right now at least. Nice execution with quick results leading to profit almost immediately.
Does anyone know when the EURUSD pair will be fixed by the steam support. I have stopped using this pair.
Looks like they will have it released within 24 hours. I am excited for the trailing stop and hedging features but I believe they will come shortly after.
Hi Peter, I wonder do you currently have a trade opend on eurusd?
@Darin
Just make sure you set the Take profit to 8 pips, you can leave it on 10 but you will get a few more losses. Currently I have had 14 wins from 14 trades using a tp of 8.
Please let me know the results you get.
does anyone know what the changes were on the most recent steam update on 1-24-13?
i got it just needed to change the magic number for the AUDUSD pair. 🙂
Sorry let me explain in more detail, forex steam is fine with a happy face on EURUSD M5 but not when attached to AUDUSD M5?
Peter, when i attached the M5 steam light to the AUD/USD M5 chart i get a sad face. Is this normal and does anything else need to be done to make the EA work with this pair?
Hi Darin,
The sad face always means you need to tick allow live trading in the expert properties. Make sure you check that.
I have so a problem with the filter. On screen the indicator said that i have 4221 days for the next news. If anybody have the same problem. Have you a solution ?
Another update
Another two wins today on the AUDUSD and currently the EURUSD that steam has taken is going to end in a loss, hopefully not a full 90 pip stoploss.
I suspect the News filter is not working like it should as I got it set to an hour before and after.
I talked with Steam. Looks like a few users are getting News Filter error messages causing it to not work properly. I have seen what they look like in the email and as the Steam team looks to resolve this I am going to do the same.
Anyone using Steam on a US Broker, if so, which one? I am looking.
@Dean. I too picked up that trade and it closed in a loss, although if it stayed open longer it would of been in profit.
Ok Guys, below is that pair I was talking about. You can thank me later by sharing some of the profit that you now will be making. 🙂
After testing Steamlight on Demo accounts for a while and the outstanding results I was getting was more than enough to convince me to run it on my live account.
The pair that I find out performs the EURUSD is the AUDUSD. And on the 4th of Feb I started running it on my live account. Below are my results so far:
EURUSD – 3 Winners, 1 Looser
AUDUSD – 6 Winners, no losses so far.
I had a loosing trade at 08.23 GMT
Anybody else get a trade at 8:23 GMT? I thought the news filter would block that since there was EUR medium impact news at 8:15. Just need to check.
I believe I got a winner at this time but I think I have just High Impact news blocked.
hi admin, what is your setting about the time before and after the news released in your testing account?
Hi Peter
Thanks for your hard work. I look forward to see what pair you tested.
Peter S
I am currently running Steam light on another pair and so far my result are way better than the results I receive on the Eur/USD pair. I have tried many other pairs but after a while they end up loosing too many trades. I will let you guys know what pair it is as soon as I am finished finding the optimal settings. Currently I find a 90sl and a 8tp perform better than a tp of 10 pips.
My results so far for January, 23 Winners and only 2 loosers. The loosing trades where only 20 Pips each. I also ran a backtest for a three month period and no 90 sl was ever hit, the largest was a 22pip loss.
Just bought forex steam. Like what I have seen so far, but was wondering if anyone has used it live with MB Trading or FXCM? I prefer to use MB Tradings EXN but am not sure about compatability.
Yes! Got a couple wins today as well, things are looking up.
Looks like the bounce back continues with two back to back winners!
Same as Sal, I have attempted different pairs and I know Forex Steam is working on other pairs diligently. I would consider personally optimizing some settings for some other pairs but it would be difficult considering the news filter’s influence on active trades cannot be reproduced in a optimization or back test.
I’ve used Light with GBPUSD and USDCAD off and on. I have found success with these pairs for short periods but have not been able to get them to produce the long term profits I see from the EURUSD pair.
Hi All.
Above Jonny say that a TP off 20 pips is ok. But as I see it on FS results, they go for 10 pip
profit on every trade.
Is there anything I miss or dont understand.?
Peter
Has anyone tried the lite version with other pairs? I would rather to diversify the risk on several major pairs to see how this will function…your feedback is appreciated….
The Steam’s default settings are actually the best setting. I demoed SL of 40 pips and it hit a total of 31 times from Sept-Jan. On default setting of SL 90 pips, -90 pips SL only hit 3 times during the same period. That is a tremendous amount of difference. So do not doubt the default settings and get greedy or get fear driven. TP of 20 is also decent but that should be the max you should consider. And most people favor 60 minutes before and after news trading as to avoid trading for full 2 hours during the news release times.
Excellent, I just looked over the guide. Looks great, really simplified the process and added the news filter process as well. Got quite a few wins in a row now starting to rack up pips again. My New Test is really matching up with the Steam vendor results as well.
Thanks Kathy. I just went and downloaded the latest update, looks like some minor tweaks to the EA’s and also a full update to the instruction manual. I actually requested they update the manual because I was having a hard time installing so I am really happy that they listened to my advice. I emailed them about that just a couple days ago. I’m impressed how quickly they took action. Really look forward to some more top notch results! Great 2013 so far.
Hi Yangos, no I am not using a vps. I’m currently running this ea with Hotforex. Had good results last year with it.
The team at Forex Steam has updated the EA for download again – 1-24-2013.
Hi Peter, Thank you for your respond. Can l ask you who is your broker and if you are
connected with a VPS.
OK, I suspect they are editing their results after the 90 pip loss. I have the exact same winning trades as they do but the loosing trades that I have they seem to have missed. I have also compared my results to others they to had loosing trades on the 14th, 17th and 22nd January.
It looks like maybe the news affected the Eur with the FOMC meeting. I just bought this bot but shouldn’t it have shut down for this. Not sure how the news filter works.
It will shut the EA down 30 minutes before, during and 30 minutes after the news event. The time before and after can be increased or decreased depending on what the user prefers. There was a recent loss that was affected by the EUR FOMC meeting but the trade occurred a few hours after. If the minutes before and after were higher this could have been avoided. It is something I will be watching closely so that I can avoid any potential losses.
What I like about steam is if I compare my results to the results on the above mt4 account, I have the exact same number of trades, number of wins and losses. An the trades get opened and closed at more or less the same time. Very few robots can do this.
Why new trades are different from older trades? They are both run on the new update.
Thank you.
A 3-pips spread broker can affect the result of the robot?
Thanks
It is back trading actively now that the holiday period is over.
like very good
Appreciate it Jonny; Since I still slave away at the old 8-5(rat race), I’l probably have to pass on it this year. I’ll also have to miss the obvious uptrend in EurUsd the day after EVERY Christmas since forever also….
It depends on how risk averse you are. I love trading through the holidays. But generally Dec. 15th through Jan. 2nd is ideal if you want total stoppage.
Considering the news filter added to Steam, when should users stop/pause trading around this time of year? Or does that not make any difference at all?
Happy trading Folks
10% risk on 1:100 accounts and 5% risk on 1:50 accounts is quite moderate. Even an aggressive 20% risk on 1:100 accounts is manageable with this EA. And even today, there is not one single EA vendor that dares to attach their EA to a Publisher EA and have the trades verified by a genuine 3rd impartial party. That alone tells us a lot about Forex Steam. People immediately dismiss the published trades as being fakes when all you have to do is stare at it for just 15 minutes to see that every single trades are verified real. A steady 10% risk trades on this EA will make your account go to $1,000,000 within 2 years as well. Just stick with it through the inevitable losses in trades. It still amazes me how infrequently -90 SL actually hits. That is just amazing to me.
Amen to that Jonny. A good message for those who keep chasing the flavor of the week and falling on their faces. I have talked to way too many traders who jump in and jump out on so many different systems.
There is this new idea out there that have people testing software for 2 weeks and if they get a loss they get their money back or they give up. Real systems, real winning systems like Steam are for the long haul.
As for the occasional 90 SLs, it happens but I do believe with less irregularity now that the news filter has been introduced. I am hoping they add some sort of holiday shut down that is automatic as well which would limit these types of losses even more.
Thanks for the comments guys, I really couldn’t say it any better myself.
This is an incredible EA long trashed by idiots and long forgotten about but only one that actually performs consistently. I think now it only needs better ways to deal with breakouts and resuming trades after -90 pip SLs on occasions they do hit.
Quick clarification,
Do we have to add the News indicator to the chart?
Or will the EA be able to use the indicator even though it’s not on the chart.
No, the EA will automatically access the filter.