ForexRobotNation.com – Best Forex Robot & Expert Advisor Reviews Forex Robot, Expert Advisor 
Forex Steam, is one of my favorite creations. This trading robot is fresh and new with an update built to take profits to a whole new level. I’m proud to have put together this talented development team and today I’ll be telling you everything you need to know.
Just a few months ahead of our astounding ten year anniversary, the Forex robot that continues to grow accounts better than any other software on the market is providing a free update. Let me get started here by telling you what I’ve included in version 10 and what we can expect moving forward:
- Major Market Updates for 2022 and beyond
- Trailing Stop optimization for better usage
- Risk/Reward adjustments
- Max spread for avoiding bad trades
In this analysis of Steam, of which I am the owner/creator, I will be reviewing the features, results, client feedback and much more.
Current Forex steam members can go to the members area now to download the update for FREE. Non members, I have to tell you, this is a great opportunity, and a seamless way to create passive income.
Contents
Forex Steam 10 Review
It’s really quite surreal to me that the Forex steam robot has been successful for almost 10 years now. When this software hit the market I was extremely skeptical about Forex robots and never thought they would work for me. I’m happy to say now that 10 years later Forex steam has hit over $1,000,000.
It’s crazy to look around the Forex robot community and see how many robots have hit the shelves, failed and disappeared. Yet, our team at Forex Steam continues to provide free updates to make sure that the software is profitable for clients and proves to be both trustworthy and reliable in any market condition.
Strategy
As the software changes, so does the strategy and the techniques to use the software. Many traders now use Forex Steam as a time-restricted scalper, which is proving to be an easy and stable way to grow accounts. While many other systems attempt to over-achieve, Steam is always using a balanced risk profile to keep risk low.
There are many different parameters, all of which can be adjusted and tweaked to make the system fit your trading style. That being said, we prefer the default setup with very few changes.
If low-drawdown is an interest of yours, the EA only opens 1 trade at a time, so the max possible drawdown with default settings is 10%.
Indicators
While most scalpers rely on very few Forex indicators because they want as many trades as possible, the Forex Steam robot is much more specific. It is not reckless as most scalpers are, as it’s evolved over the years to include many different rules that need to be followed.
Here are a few of the Forex indicators used by the software:
- Standard Deviation – which helps determine future volatility.
- ADX Trend Strength – for ensuring the robot trades during ranging market conditions.
- Moving Average Convergence Divergence – utilized to help the robot follow the trend.
- Stochastic Oscillator – for momentum analysis.
- Relative Strength Index – used for technical analysis, measuring the magnitude of recent price changes.
- Williams %R – which is another momentum analysis tool measuring overbought and oversold levels.
With each indicator serving a direct purpose in conjunction with the other indicators, it’s a very complex trading strategy.
The robot also includes different proprietary indicators that have been added throughout the 10 years of development. Most of the proprietary tools are used to deal with small market shifts that happen frequently. The foundation of the Forex Steam approach is built around the core indicators.
Parameters
Forex Steam also comes with over 30 different parameters that can be adjusted by the client at any time. Most traders refer to these as the settings.
I’m not going to bother going into ever single parameter as they’re all discussed in details on the about page of the Steam website.
It’s just worth knowing that the software can be customized to meet the specific needs of each trader without much difficulty. The most common changes to these settings are in adjusting the max spread feature lower which helps avoiding volatility, and restricting the time the software trades to ranging markets.
Client Feedback
As is the case with any robot, there are going to be detractors, but over 90% of the comments and feedback for Forex Steam is positive. Every once and a while we come across a bad review, and these are generally from traders with little experience or little patience. We have also found many fake negative reviews from affiliate marketers with no trading experience just trying to compete and sell their product instead.
Just take a look at the rankings the Forex Steam clients are providing to see for yourself:
There are many Trustpilot reviews showing how happy the average client is with the EA.
This does not mean that every client is happy. In fact, there are complaints about how difficult the software is for new traders, and that there are not enough different set files provided. These are two aspects that have been brought up at recent meetings, and will be resolved.
No robot is perfect, but with the right customization, you can find yourself with a long-term winning machine.
Steam is rated incredibly high by it’s clients, and a big part of that is the fast response to all customer support questions. Don’t believe me? Email support yourself and see how helpful they are. By far, the best support in the robot marketplace.
Forex Steam Results
I’ve been very successful thanks to the Forex Steam software and the way it approaches entries is far and above any other software currently on the market. I truly believe that since the development team is so active that this ever-changing strategy will be fruitful for at least another five years.
Personal Tests:
This active test shows that our accounts are matching up with our clients which gives me the added confidence to deposit more funds on a monthly basis. The software can take a month or two to match up completely as there is a learning process in the software that makes adjustments based on the market, the leverage and the brokerage being used. This is a unique feature that no other robot on the market has been able to replicate (despite trying).
Forex Steam Conclusion
Forex Steam 10 is another move in the right direction.
I recommend this system to all of my readers 100%.
I trusted this robot 10 years ago, and I trust it still to this day. So much so, that we are now completely in control of the operation and using all of our knowledge, resources, coders, analysts and experts to make it better.
You really can’t go wrong with Steam, as it is one of the cheapest options on the market, and the longest running. I have full confidence in the EA, and know for a fact that we will continue to update the software for many years to come.
Forex Steam $117.99
- Pricing
- Strategy
- Trading Results
- Client Feedback
- Customer Support
Summary
A long running favorite of thousands of traders, the Forex Steam robot is known for being cautious and keeping a high win rate. The “light” version of the software is a steady gainer in both MT4 & MT5 with any brokerage.
Overall
4.2Pros
10 years active Proven performance record Multiple EA’s in one package 4 licenses Very low price
Cons
Risk reward ratio Untested on additional pairs
Do most use the default settings even with small accounts under $1k?
Yes Dwayne.
I run Steam on a $500 account, and I tripled it within the first half a year.
That’s light V9, on M5, EURUSD.
Hi, what is the difference between Steam light and the normal one, if there’s any difference at all?
There’s an explanation on the web-site in the FAQ section. They are very different EA’s.
I’ve been testing a lower TP at about 7, everything else default.
I’ve found this is making the trades very short, and I’m getting more trades because of it.
Sometimes it will hit the TP so fast that it will fire up another winner within minutes afterwards.
Right now I have 14 wins in a row like this, and I’m starting to believe it’s viable.
Good idea Hornq, I’ll give it a shot for the next month.
I just purchased the EA and am running it under demo. I cannot figure out the exact meaning of PipStick and PipsRetrace.
So If I set PipsRetrace to 27 as someone suggested, does it mean it will stop loss at 27 pips? Is it a trailing figure or hard stop ?
How is Pipstick used?
Hornq sets TP to 7, once TP is reached the EA opens new trades in the same direction. Why is it so? Hope the manual can explain about the settings with more examples, as most new comers will be guesting and asking many repeating questions.
Tkx.
It is explained in the guide, but it could be explained better. Pip stick is the number in which the EA will attempt to cut it’s losses and set a loss at the retrace number.
What account type is recommended for this ea?
And thanks a lot for your effort in showing us these helpful results.
Any account type, I recommend whatever gets you the lowest spread.
Hi! I purchased the EA earlier but I havnt received any log ins. What am I suppose to do?
Check your junk mail, email support.
Hi Hornq,
My biggest streak so far is 51, but would have been a lot more if I hadn’t messed things up!
Wow, very nice Paul.
Hi Paul,
I’m testing Steam V9 on TickMill Demo for a week and so far it did not open a single trade… using the settings you suggested on 7 pairs on Asian session only.
Can it trade with another EA on same account? if not that is the problem.
Broker time set maybe? Can’t figure whats wrong.
Can you help me? thanks bud!!
Try setting your news filter to false.
Ok… will try!!!
Thanks Admin.
I have had the same issue and have set my news filter to false, temporarily.
I’ve spoken to support and they have confirmed that there is an issue at the moment, and Steam appears to be treating every news item as high impact.
Hi Paul,
Thanks for your reply… thats good to know that I’m not the only one having this issue… at least I can confirm to myself I’m not doing something wrong…lol
Will the support let us know when such issue will be fixed?
Thanks to both you and support.
TBH I didn’t ask, but I believe theres a new version due out soon, so hopefully it may be fixed in that.
That said, I periodically turn on the filter and watch the news settings to check to see if the issue is sorted, as I’m sure it must have something to do with FFCal, seeing as Steam hasn’t changed.
It would appear that the news filter issue is currently resolved.
I think the real issue is either the FFCal indicator or possibly the news file created at forexfactory that FFCal relies on.
This would make sense as nothing else has changed.
I’ve re-enabled my news filter now.
Isn’t the original TP set to 5?
How is it going so far? What date did you start with 7 TP?
Paul how do you set trading time. The trading time in imputs are they GMT. Or to your brokers time. Or to my time EST.
I have never set this, but I would assume it’s based on broker time.
I can confirm that they are broker times.
Steam hasn’t place any trades since last week any news????
I’ve had a couple trades Hector.
I will have to check my settings then…..
Steam is really rounding into form.
I wasn’t sure after my first couple weeks when I bought it, but it seems to be getting better every day.
I wonder, do they update the software without us knowing?
Thanks
dear PaulDV
i appreciate your assistance with fast response
thank you very much
dear
1- could you pleas share us like download for ALR which you are using … please
2- through checking your myfxbook i found some trading opened in uk and us market … what is your answer???
3- i made same sitting on demo … made 2 treads closed positive and opened 5 position at 5:30 GMT that negative running now (by the the way as per your instruction i disconnect the auto trading at 6 GMT)… so what will do with that negative trading
thank a lot
Steam is the best! ๐
I agree.
I am looking at getting an EA. I have watched some videos, but there is not a lot out there on the light or the steam EA. Which one should I get? Also, what kind of results have people had? I am thinking of a VPS as well. ANy info would be amazing!
Hi Kansas, not a lot of videos I imagine, but there are thousands of client reviews over the past 6 years. Forex Steam comes with Steam Light and Steam Normal, there is no separate product, or separate charge. After you signup you will have access to all the files, and a VPS recommendation in the members area.
Dear Admin,
Hello i just buy this forex steam recenly. and i apply to my demo account on alpari with balance $100, my question is it is can use for small balance like $100? please share your experience to me.
Yes you can, I recommend a micro account with a deposit of this size.
Thank you for your prompt reply.
and a question more. they just give us 4 licence maximum, it’s that mean, 4 online account together ya. or just 4 registered account, if i want to change one of them, how to change it? example i already registered account “a”, “b”, “c”, “d”. but i want to change account “a” to account “e”. could i do that? or just 4 licence on the first one i registered.
i’ll wait your reply.
Best Regards.
Hi Gusti, you get 4 licenses in total. If you are using 4 licenses you don’t have any available to add. If you stop using one of those accounts, then you have another license. The licenses are automatically added back to your account, once you pull it off the chart / close the chart.
dears, admin, PaulDV, kelvin
i have persuades fury and i am planing to buy now Forex Steam
i sow in your comments that you wrote different sittings
so what is the conclusion
what is the best to follow
default sittings or your new sittings
if your answer the best sittings that you found new sittings
please let us know that if it is better than default
thanks
how do you know if forex steam works bud
Hi A.A.
I’ve progressed to using Steam on a live account, and my results can be seen here:
https://www.myfxbook.com/members/PaulDV/forexsteam-custom/2129112
I’m using SL=60, TP=6, and restricting trading to between 00:00 and 06:00 GMT (basically the Asian session), and trading the following pairs:
AUDUSD
EURJPY (long only)
EURUSD
GBPJPY
GBPUSD
USDCAD
USDJPY
Hope this helps.
Enable history bud! Your TP is 6 but your best trade is 150pips?
Yeah, I had a couple of open trades when there was a raft of speeches due and I should have closed for a small loss but didn’t, and the trade went against me and stopped out, but I also use a second EA in conjunction with Steam that kicks in if it hits the SL and attempts to zero out the loss – hence the 150 pips (and the big spike on the P/L graph).
Does it mean the ALR prevented the loss in a way? Has the ALR been so effective so far and would you mind sharing with the FRN family?
Your contributions have been really wonderful Paul.
Also I’d like to ask when exactly you started using the ALR alongside Steam on the live account? I’m kind of noticing its handiwork in a way. Next is why exactly did you stop Steam from trading after 6:00 GMT when some of your good wins came after that time? Lastly, do you still allow Steam to trade the EURUSD and GBPUSD pairs 24hours like you used to, since their results where near excellent?
Sorry for being too inquisitive. Lol.
Yes i see that now you have enabled trading history. The performance is simply brilliant! Thanks for this transparency
The second EA you use, is it CaveManager?
Hi Juhl, no, I was using Advanced Loss Recovery (ALR) but I’m now using Loss Recovery Trader (LTR)
PaulDV are you still using the 5M timeframe?
Yes I am.
Keeping track of your results so far and they are noting short of amazing. I’ve updated my demo account to match yours this week so will see what happens.
Hi Paul
I have been following your comments on the platform
What are your settings for Loss Recovery Trader?
Also, where or how do you see broker time in order to limit trades to Asian session?
Thanks
Hi M-Tiz,
If you open the Market Watch window on MT4, the broker’s time is shown at the top. You can then do the maths to work out the time difference to GMT and adjust your settings accordingly.
For LRT, I am currently using Range=60 and Exit=30 on my live account for all currencies, but I’m also back-testing the individual currencies now as it has become apparent that some would benefit from larger settings and others smaller. I’ll let you know when I’ve tested the new settings for each currency.
Hey Kim hows your trading progressing? been a while since you gave an update
Hello Paul,
Have you thought of going short only for the gbpjpy and usdjpy pairs using your TP=6 and SL=60? Having followed your myfxbook results I perceive the above settings might produce a stellar 100% performance of Steam on your basket of pairs. Just my thoughts though.
Also, do you still recommend the ALR?
Happy trading!
Hi James,
The losses on the GBPJPY and USDJPY pairs are not due to Steam, rather they were due to errors caused by me inadvertently using some incorrect settings and cutting the SL down too much. If I hadn’t caused those errors, then it would, indeed, be a 100% win rate to date!
I’ve reverted to using SL=90, but increased the risk slightly to 12.85 to offsett some of the reduction in profit.
It’s still early days for ALR, and I’m planning on giving it a thorough test on a demo account, and try to lose money and see how it performs. I’m happy to report back on it once I have some conclusive results one way or the other.
I also use RetraceExit=false.
I use another EA in cinjunction with Steam (called ALR – Advanced Loss Recovery) to manage the trade if it hits the SL, reducing what would normally be a 10% loss to virtually zero.
This means my trades have 60 pips in which to ‘breathe’ and will either win or result in a zero loss.
im using steam light now after testing normal for a bit and im liking it a lot more than normal.
steam light is consistent, is see other people using that word and i think thats the case for me too.
What are some of your results?
Hi Admin/Friends,
I installed Forex Steam in Tickmill ECN A/c last Thursday. I have a few doubts which i hope you will clear.
1) Should we use all the 4 EA’s on 4 different charts with different time frames or only the light V9 Version?
2) By turning of the news filter will the EA trade more frequently?
3) Is it ok to turn on the hedging feature, with the maximum no of trades put to 8 or 10?
4) Assuming an account of 2k what is the ideal risk% to be used?
5) When does the EA trade? i mean time in GMT
Thank You & Best Regards
Hi there
Thanks for this great website, your willingness and ability to share and help others is greatly appreciated!
I also just bought steam ea and I wanted to know with your live accounts have you been using the default settings or do you have your own?
Also what risk have you used, because the lots with the default risk are less than what you guys started with.
Thank you again,
Hi Maria, I’m currently running default settings, Light v9.
Been monitoring comments for a while now Im thinking of buying this EA, does it work with $50 on micro account & XM as broker not running on VPS?
Hi Tygo, yes this will work for you. Let me know if you need any help.
If i want to add more currency pairs, should i change the maxtrade setting to more than 1 ?
No, that setting is based on “per pair”. If you change it, it will take more than 1 trade on a pair. Basically you will need to load the EA on your new pair and that’s it.
Hello,
What is the best settings to use for the lite version
There are quite a few comments here with different options. The default settings are still excellent though, if you want to just trade the software out of the box.
Hi Admin,
Understood from your comment on others that this EA does not trade on Friday. However, when I check on the setting on Friday trading, it is set to true on the default setting.
So, which one is true?
It won’t trade Fridays Wong.
Hedging Analysis
I am a programmer in my โdayโ job, and so, to test out the effect of the various options available to the hedging function, I wrote my own simulator for it and tried out various scenarios in order to determine how much (note: not how frequently) they lose in comparison to a full 90 pip stop and the lesser 20 pip stop. The results are as follows:
DEFAULT SETTINGS (SL=90, TP=10, PipStick=40, RetracePips=20, HedgePips=20)
Average loss incurred: 2.75% – 2.9% depending upon how many times the price changes direction before continuing,
Comparison: 90-pip Loss = 10%, 20-pip loss = 2.22%
HIGH-FREQUENCY SETTINGS (SL=60, TP=6, PipStick=40, RetracePips=20, HedgePips=20)
Average loss incurred: 3.75%
Comparison: 60-pip Loss = 10%, 20-pip loss = 3.33%
From these results, it would appear that hedging is a good thing to do, however, although the hedging function stops you from experiencing a major 90 pip loss, it also results in losing trades more often. Not only that, but it also โholdsโ onto currency pairs for a long time while the price ping-pongs between the two opposing trades until one stops out and the other reaches target, and doesnโt take any additional trades for that currency pair until they are all closed.
The upshot of all of this is that the account balance has a tendency to โflatlineโ.
It struck me that using the default hedge settings, Steam would initiate a hedge trade way before it reached the PipStick point (the point at which Steam decides to give up on the trade and try to take a small loss). This means that, when using hedging on the base settings, Steam actually loses more frequently! It makes sense to only initiate a hedge (and thereby losing) trade only when Steam has decided that the trade is going to lose. So I tried the simulation with a HedgePips setting equal to the PipStick settingโฆ
HEDGE ON LOSS-ONLY SETTINGS (SL=90, TP=10, PipStick=40, RetracePips=40, HedgePips=40)
Average loss incurred: 4.9%.
Comparison: 90-pip Loss = 10%, 20-pip loss = 2.2%
This larger setting, gives the trades the room to work with, so hedge trades wonโt kick in as frequently. This should result in more wins, however once a trade reaches the point of no return, and hedging kicks in, itโs simply a matter of time before the trade finally ends with a 5% loss. How long that takes can vary considerably, and while the succession of hedge trades are running, no other trades on that currency pair will be opened, potentially missing out on further winning trades. This has to be weighed up against the likelyhood of a trade having a small (20 pip) loss or a large (90 pip) loss, and the effect on the account.
Consequently, Iโm going to be using the Hedge on Loss Only settings and see how that goes and will report back on what happens.
Wow Paul, your contributions to this conversation are tremendous!
Thanks! Just sharing the love! ๐
Correction:
HEDGE ON LOSS-ONLY SETTINGS (SL=90, TP=10, PipStick=40, RetracePips=0, HedgePips=40)
==> RetracePips=0, not 40.
Just to note I have been trying SL=5 and TP=7. You may ask why the SL is so small? One of the main reasons for failure is when people hold onto losing trades. Just like in the default setting of Steam where SL=90 which makes recovery from this loss so difficult. So far account is slightly up and will see how this goes.
hey Auther, i hope you dont mind me putting in. i’ve been using steam a while now, and i can assure you, it will run more than 5 pips offside atleast 50%of the time before coming back to take the win. often it will stray up to 15 pips offside, but its just doing its thing. i’m a full time forex trader, and i can promise you, 5 pips stop loss is super tight, unless your scalping the 1 min chart. Fact is, the pips retrace works very well, and although sometimes it can appear that steam is getting its self into trouble, the 90 pip total loss happens about as often as a lunar eclipse. i hope you have success with that setting, but worry that your account will diminish, and youll loose faith in this great little EA. I have to turn off MM for mine to work, but never bet more than what would be 5% of the account value in the case of a 90 pip loss. that way, i sleep well, and dont stress. happy hunting dude
Hi Kelvin,
What is your T.P ? default or 8 for EUR/USD ?
Thanks.
Hi Paul, how are you friend?
I’m new on Steam and been reading your comments as well as kelvin’s comments
and at this point am a bit confused regarding the best pairs and respective setting
you are currently using succesfully… Would you mind sharing them with us one more time? I really appreciate your time and effort optimizing and tweaking this great EA and making our lives much easier for all of us!!! You guys are awesome… Thanks in advance.
Hi Pitt,
Iโm using Steam on a live account, and my results can be seen here:
https://www.myfxbook.com/members/PaulDV/forexsteam-custom/2129112
Steam V9 Settings:
stoploss=90, takeprofit=6, risk=12.85, retrace_exit=false
Asian session only (00:00-06:00 GMT), Monday-Thursday only (although Steam is hard-wired not to trade on Fridays anyway)
All other settings are as per default.
Pairs:
AUDUSD
EURJPY (long only)
EURUSD
GBPJPY
GBPUSD
USDCAD
USDJPY
Hope this helps.
Thanks Paul,
Really appreciated!!! I’m testing on TickMill Demo…
Let’s see how it performs… If you have any suggestions regarding brokers, please let me know… Cheers.
I’m using frozen.co.uk
They’re FCA regulated (I live in the UK), are a true ECN broker (so there’s no price manipulation and they don’t take the other side of your trades, so don’t profit when you lose), and have very tight spreads.
They do charge a large-ish commission on every trade, but given the above benefits, I’m happy to pay that.
Correction: fxopen.co.uk
Blasted autocorrect!
Hedging Update:
Oops! ๐ It would appear that I did not fully understand the functionalisty of the RetracePips setting!
Setting it to 0 effectively bypasses hedging, and causes the trade to close at the PipStick value – in the default settings this would be a 4.44% loss.
Setting it to 40 will move the TP to the open price (i.e. the StickPips value plus the RetracePips value) and allow hedging, but in all scenarios I have tried where HedgePips=PipStick, the loss exceeds 4.44%
So…in conclusion, the hedging function, in its current form, isn’t really effective enough to use and should be turned off.
I recommend either accepting the possibility of a full 90-pip loss (i.e. the defaults), or set RetracePips to 0 to limit the max loss to the PipStick value.
hi paul. Yes, i totally agree. I’ve been testing the hedge function, and on the whole, it gets you into trouble. the only time it worked really well was when steam was in a trade from over night, and traded into NFP , where upon, the max 90 pip loss was take, but hedge opened up around 12 trades or more over a 20 minute period, winning every one, and actually taking it into profit, but apart from that, its not something i’d recommend using.
I want to ask. What difference in steam and steam light?
I use Light only. I find that’s what everyone else uses, and normal seemed a little risky for my liking.
It’s difference EA or difference setting?
I just purchased the V9 and noticed the EA only has EUR/USD, my question is can I use it on other pairs as well? Another thing worried me is when I purposely put the wrong username in my EA set up it did not show ‘Access denied’ like in the video guide set up, I tried this after my username is authenticated. And, when I put the correct username it EA does not show anything else apart from smily face, is this normal?
You can use this with other pairs, but I only use it on EURUSD. Likely you are not seeing any authentication, or on chart data because you have yet to allow dll imports. This is part of the setup process, and won’t take you more than a minute to change. If you aren’t sure how, just go through the step by step members area video and you’ll be set.
Fixed, thank you Admin for the prompt responses.
My EA only works if I set news filter to false, I have contacted the support but try to find the answer in meanwhile, anyone have the same issue?
Try downloading a new FFCAL file from the internet to see if that resolves it. I actually prefer without the news filter for a while now.
Hai. Voucher code not working. Can you give me code again.
It’s working Hery, try copying and pasting it to make sure you are entering it correctly.
Hi, the voucher didn’t work, return error message “entry.error.invalid.coupon” IO had use copy and paste to ensure I enter them correctly.
You are correct Chris, the coupon hit it’s max use, so another was created. Use FRN-KIQQ-FRN.
It’s not working again
I just tested it successfully Hery, make sure you are using the new coupon FRN-KIQQ-FRN
Hi, i just thought i’d share some test results. ive been running steam on a demo account using some extra pairs for around 2 weeks, although it was off for 2 of those, due to bank holiday and election day. using V9 5 min, TP=6 SL90 on EUR/GBP GBP/USD USD/JPY and EUR/USD TP=8, 24 hrs a day, its taken 52 trades, with 4 losses, 1 x 90 pip on EUR/GBP due to election volitility, and 3 x 20 pips, 1 on each of EUR/USD, EUR/GBP & GBP/USD.
On the asian session only, using USD/CAD EUR/JPY NZD/USD USD/JPY its taken 18 trades, with 18 wins, TP = 6 SL = 60
im putting these onto my live account today, all trading at just ยฃ1 a pip, will keep you updated
Wow Kelvin, sounds like you are really testing some unique settings here. Thanks for sharing.
You can also use this on instead: SECR-NHGO
Thanks Kelvin!
I think I’ll set this up on another account and see how it performs ๐
You can active the Hedge Setting and change the numder of trade at 10 for more trade , it’s a good thing when the market go againts the open trade ,ForexSteam open a trade in opposite direction of the principal trade
thanks Pierre, i’ll look into this over the next few weeks. there is so much about steam that doesnt get explained, its a shame it doesnt come with a small guide as to its full potentials
I’ve not managed to get the hedging function to work, and have sent some info to the developers, but still waiting on a reply.
Have you managed to get the hedging function to work? Are there any settings other than enable_hedge and hedge_pips that need to be set to make it work?
Hi Paul I have enable the hedge function with default settings and I have change the number of tradre for 2. How the hedge function work’s is explain in the User guide .
But have you seen it create a hedge trade?
I’ve enabled it on my test account and it steadfastly refuses to create a hedge trade when it reaches the specified number of pips in the wrong direction (20 as is the default).
I have maxtrades=1…does this need to be changed to enable hedging?
Yes Paul change the maxtrades=2
hey paul, for sure it works. i saw it work this week. i set max trades to 8, enabled hedge, and left setting at 20. EUR/USD opened a trade 90 mins before wednesdays big news event, was short, then as you know, the dollar tanked, EUR rose around 100 pips, stopping out the trade with max loss, however, the hedge kicked in at minus 20 pips, and over the next 20 mins, took a total of 9 winning , fast trades, totaling ยฃ810, ofsetting the 90 pip loss.very impressive
Thanks Kelvin and Pierre.
The manual doesn’t make it clear that you need to set maxtrades to be greater than 1, and I’d assumed that simply turning on hedging was all that was required.
I set maxtrades=2 and hedging is now working, however it did mean that one trade took a second trade in the same direction, and then proceeded to turn around, so I was in the situation of having two losing trades running! Thankfully, the market turned and one closed for profit, and the other is still running in the red, but it was touch and go there for a while!
It would be nice to be able to enable hedging without allowing ‘normal’ trades to open additional positions though.
Just wondering where you are trading from as it seems hedging on accounts here in the USA is not prohibited.
Hi Kim,
It’s not really a question of where you are in the world, rather it is down to the individual broker and/or account: some brokers don’t allow hedging and there are others that allow it but not on certain types of account.
In my case I am using two brokers and one allows hedging and the other one doesn’t.
just a quick update, i’ve removed EUR/GBP from the list, as from all the loosing trades ive had over the last few weeks, this pair accounts for over 50%, so its gone.
also, i’m finding that the Asian session is flawless, while the european and US sessions are extremly volitile and unpredictable at the moment. i’m considering put more focus on the 11pm to 4am times.
the most reliable pair is actually GBP/USD over the last 3 weeks, with a 100% win record, followed by EUR/USD in all day trading.
these are prob the only 2 pairs im going to stick with for the time being, trading all sessions, but will be putting alot of research over the next month into the Asian session, more pairs, and learning more about different ways of using steam
I agree Kelvin – I tried and then removed EURGBP, lost lots!
My basket now looks like this:
AUDUSD
EURJPY โ Long only (seems to lose a lot of shorts)
EURUSD
GBPUSD
USDCAD
USDJPY
All Asian session only, with SL=90, TP=7.2, PipsStick=42, PipsRetrace=27
I’m also trying the same basket on another account with your suggested settings of SL=60, TP=6 and the results are impressive, countered only by a few lagging trades from the previous settings spoiling the results, but will post up the differences here in a while.
Hi does your both tests include the news filter? Thanks for your answer
hi Beto, yes, i do use news filter
Hi Beto,
Yes, I always use the news filter, but you must still remember to manually stop Steam from trading during periods of high volatility such as major news events, first and last day of the month, etc.
hi Paul. i think this basket of pairs are a good group, and trade well during the asian, australasian session.
i’m actulaay considering only using steam at night for the time being, as it just never seems to loose, and the trades are usually fast. no swap. i activated the hedge feature yesterday, on demo account, and it worked. EUR/USD was short, and got caught in that huge spike, took max loss, but the hedge feature kicked in, and too i believe 10 trades over a 40 min time frame, all fast wins, which pretty well covered the entire 90 pip loss, so really good feature.
i have this set on all pairs now, and will think about lowering the trigger to maybe 15, as this would work well with the AUD and JPY pairs i believe.
Thanks Kelvin! Yes, Asian session only for me from here on in. Using your settings makes a huge difference to the profitability, so I will be updating both accounts I’m testing on to them and see how they get on (different brokers with hugely different spreads).
I’m really frustrated as to why the hedging function doesn’t appear to be working for me. I have tested that hedgin on my account is permitted, and that’s fine, and I have hedging turned on on all paris but it still doesn’t trigger for me. ๐
…and I wish we had a forum for this! ๐
Try setting maxtrades to 2.
Thanks, I’ll give that a try.
Hi, in the Asian session what setting do you use for a maxtrades of 1 or more?
Hi,
Do you set it trade on Friday
Hi Quang,
I don’t, I specifically stop it from trading Friday from 08:00 GMT onwards.
Update:
In case you hadn’t already figured it out: Steam doesn’t trade Fridays regardless of the settings you use for Friday, because on Fridays, liquidity is exiting the market, making the markets rather erratic.
I just purchased Forex Steam. I have 3 Charts up running V9 – 5min, V9 – 30min, V51 – 5 min on the EURUSD. I was wondering how long before the first trade. It’s been running for about 12 hours with no trades yet.
Thanks, James
Hi James, it never trades on Fridays, but if you have any concerns just email support and they will fix you up.
Had a couple 20 pip losses this week, first time in a long time, but Steam’s already made up for it.
By the end of the week I expect to be up +30-40 pips, and I’ll be happy with that.
Same here overall the performance can’t be beat.
I just bought the Forex Steam EA, what settings do you recommend for the Lite version to improve performance?
Hi Jay, I generally stick with Light V9 default settings. With the 4 licenses you get with Steam though, you can certainly test different options.
Admin
Stream open order buy only or both?
Both Kaka, this can be seen in the results page.
Congrats to everyone!!
I think it would be really helpful and beneficial if anyone that has a winning strategy after tweaking the settings, do a screenshot and post your settings so everyone can benefit and decide if they want to choose that strategy, that way it cuts down on time spent trying to figure things out. Just a thought!!
Hello i have just purchased the forex steam ea but i have not receivied any information to login into the members area to download the ea and activate it. Does anybody know how long it takes to get the information>
It’s automatic Surjit, check the junk mail of the email you ordered with.
Hi, does anyone here use steam eur 30 minutes? how are the results and which parameter you use?
Thanks
Yes,use it. I have used the V9-M5, AND V9-M30 on EURUSD,GBPUDSD on a demo account of $100000 with the default settings , 24hours/5 days my laptop on.The results are 7executed trades ,wtih 100% win,no loss. Regarding the FFCAL error message,I just ignored it, I set the news filter to “TRUE”. I don’t use VPS,just changed the settings off my laptop to “NEVER STOP”,when it is not on battery.
When you use default settings,here is what the EA is doing:
SteamV9-M5, V9-M30 EURUSD executed one ,and the EA based on your account balance size selects the appropriate volume.In this case, the EA selected standard lot size (12.06), and won $1222.89 for one executed trade. If you set max trade to 1,the Robot focuses on trade volume. So, you don’t need to have many trades a day,instead increase your account balance in order to get huge profit in just one trade a day.The less the maximum of trade,the highly is the Robot is effective,because , it is analyzing the market and execute the best winning opportunity.
In order to get advantage of hedging,just put the max trades to “2” or “3” ,and enable standard hedging settings.By doing so, I will get only winning trades.Highly recommend max trades to”2″
My advise to traders, is the less the max trade is , the highly the STEAMFOREX is effective.Also, use one of the pairs:”EURUSD or GBPUSD for all markets,New York, London, Sidney,Tokyo.
The 90pip stop loss is good i,because,there are cases , where the price goes against you, so in order to avoid being kicked out of the market with a loss, this stop loss will keep in the market,because the price direction may change in your favor,and will keep you wining in conjunction with Hedging enabled with standard settings.The price movement is not linear,so , it goes up, down …
I
What you all think about Forex Steam?
Is it that good what you about it?
Hi Rinalds, for me it’s the fact that they’ve been around for over 6 years. You just don’t see any other EA companies like it.
Hi Rinalds,
To be honest, at first I was sceptical about Steam and expected it to blow the account, but I’ve been testing it myself on a couple of different brokers, and the results far exceed my expectations. I’m going to continue testing for a couple more weeks, and if it continues in the same vein, then I will be running it on my live account.
Hi ADMIN,
I just purchased the forex steam ea from what I read on this site. I hope I get similar result. And am a new member to the FRN group. Which folder specifically should I install the Holiday Csv file that came with the EA expert folder or files ?
You can ignore that file now Isabella, it’s built into the EA.
Ok. Thank you so much for quick response. I have installed the EA and it has picked its first trade already which is a positive trade. I increase the risk to 15% using it as a trial before I add more fund.
many thank FRN.
I’ve been running steam on my live account since Friday 5/19/17 with ECN set to false (which I assume is ok…I am with Forex.com). It took its first trade on Sunday, I’ve had 7 profitable trades to date and they were all profitable! I have a small account so the gains are not much from a money perspective but 700 pips in 5 days is not bad at all especially with nearly 40hrs left in the trading week. I must admit that I’m very impressed and am excited about my trading future. Thanks for the recommendation Forex Robot nation…Forex Fury EA is next!
My pleasure Dwayne!
What pairs are you trading?
Just EUR/USD 5min chart
Dear friend,
What setting did you use, was it default setting or otherwise? I just installed the EA today, should I optimize it or I should just attach the file?
Thank you.
Isiaka A.
Everything was default
Ran the optimization test with Forex Steam and found out TP10 and SL60 yielded the best results…
I am going live next week….see what happens..
Admin
I purchased the steam but i think they give me the wrong version
The newest version is always found in the members area. Try there.
Hello Admin
Can I use Forex Steam with MT4 on my IPhone?
Hi Jay, you will need either a VPS, PC, MAC, Laptop etc.
John, is the SL60 with the 40/20 retractment SL?
I changed my to 60 also but looking at the historical results I see the SL are at 20, 21 , 23 mostly so I just changed mine to 21, will see how it goes.
That’s the retrace, not the SL. Read more about it in the PDF guide that comes with the software when you get a chance.
how your results been?
hello admin, i always watch your site, and waiting your third reccomendation EA :-), i had bought the forex fury a couple week ago and it do good for my trade, i just bought forex steam yesterday, i do like your reccomendation for just use the default setting, on default setting on ECN option it choose option true, but my account is standard, am i must change it to false or just let it be select true as the default ?
Hi, leave ECN to TRUE. It’s just left to TRUE for all 5 digit brokers now. Actually testing a 3rd EA but in the early stages.
This. Is. Insane.
Buoyed by the results so far on just EURUSD at a TP of 10, I decided to expand Steam to use a basket of currencies, but set all of these to a TP of 7…
OMG! I woke up this morning to find it had taken 20 trades overnight, and had won every won of them! It’s turned into a veritable scalping machine! 8% up in one night!
Time to fund my real account…
Very interesting Paul!
Can you please share on which pairs did you use it besides EUR?
PaulDV
What’s pair you run stream?
I’m currently running on:
AUDCAD
EURJPY
EURUSD
GBPJPY
GBPUSD
USDCAD
My stats show that EURJPY has had the most losses to date, including one major, so I might drop that one. Also, all of the losses incurred were during London and New York sessions, while most winning trades are taken during the Asian session, so I may also set it to only run during the Asian session.
Hi how is it going on your account?
It was going great until the last day of the month (Wednesday) and the first day of the month (Thursday) and the Friday (Non-Farm Payroll).
I did this on purpose to see how it coped, and as expected, it didn’t go very well.
So, I now know not to trade the first/last day of the month (liquidity is always low on those days, causing erratic behaviour) and I’ve now set it to not trade Fridays (again, liquidity issues, but also to avoid NFP!).
Testing continues… ๐
Just in response I’d like to add that I’ve also been testing steam on other pairs, and agree, the Asian sessiosession seems best. In the last 2 nights, it’s taken 13 trades, Inc EUR/USD, and won all 13. I’ll keep testing and see if this continues
Thanks for the confirmation Kelvin.
I’ve added some more pairs to my basket at the suggestion of a friend and Steam really didn’t like it, lol!
I’ve analysed the results (I let it trade straight through the election) and am now paring down the list.
I now have:
AUDUSD
EURJPY – Long only (seems to lose a lot of shorts)
EURUSD
GBPUSD
USDCAD
USDJPY
All Asian session only, with SL=90, TP=7.2, PipStick=42, RetracePips=27
Now need to let it run for a while to assess new settings.
Please share your basket.
TLDR: Use a broker with small spreads!
Having had several full stops on a demo account, I went over the losing trades and found that in all cases, the trades came within a fraction of a pip of the target before the market turned against the trade. I started to wonder if the stops had anything to do with my broker (Oanda) and the spreads they were using, so I set up steam on a new broker (FXOpen) and ran the two side by side.
The bot entered the same trades on both accounts, as expected, but on the broker with the small spreads (FXOpen), one trade closed 38 minutes BEFORE the same trade running on the larger spread account (Oanda). That’s a full 38 minutes in which the market could turn against the trade and stop it out (it didn’t in this case, but again, the trade came within a fraction of a pip of the target at the point where the FXOpen trade had closed).
So, although FXOpen have quite high fees per transaction, I think it’s fairly safe to say that in the long run, they will save me money as fewer trades will stop out compared to running Steam on Oanda.
There are also traders that will lower the TP 1-2 points to ensure these trades win as well when they have a higher spread brokerage.
Agreed, although that isn’t clear from the documentation, and I was hoping to forewarnin new users so that they don’t make the same mistake.
Although most of the settings are self-explanatory, it would be great if the developers could include a proper manual on the settings and how they can be tweaked – especially for those who are not completely au fait with forex terminology – with perhaps some examples of when it would be advisable to change them (as in this case).
Thanks to my testing, I’ve found this out on a demo account. I would have been rather devastated if I’d suffered this loss on a real account!
But I’ve now reduced my TP to 7 (as I’ve seen mentioned in the comments below), and it has transformed the EA – I got 20 winning trades overnight! ๐
Let’s keep all the wins coming here.
I need a vacation ๐
Won my last 9 in a row.
anyone got any trades this week?
Yess Darrell – had 9 wins last week!
I had a trade trigger Friday last week (probably a good idea to stop Steam from trading Friday, as it then went over the weekend – never a good idea!) which then resulted in a major stop on Monday. That hit my account hard (see my comment above as to why I think this happened), but have had a further 3 winning trades this week, making inroads to my previous loss.
I start this week and 2 amazing trades, my question is, where i can find a good place to know went i need to stop the EA. To avoid losses.
The EA will stop trades on their own. If you are uncomfortable with a trade running long, you can certainly intervene though. There’s nothing wrong with learning and growing alongside the EA.
I mean about the holidays because the EA panel say in you not trade in holidays, and i read they share on some place in members area this info but i can not see.
Thx
There are none coming up. They specify in the members area at the top if a day or period should be avoided. Many traders like to monitor different types of events on their own as well.
I bought a bot and I will test it. I greet other users
Hi I just buy this EA to start, i am happy next week start to put trades. ๐
Is there anybody here running both Forex Fury and Forex Steam in one live account? Please share what was your experience doing that.
3 wins this morning, perfect way to start my week!
Yep, let’s keep the party going.
Hi do you have the standard settings because I have and me EA only had one trade.
Thanks for your answer
I had 3 also!
Trading like crazy now after setting TP to 7 risk to 10 and news to false,MM on all other settings default. 6 straight wins this morning after weekend shut down.
Great to hear that Roger.
Hello all, tell me what are the best settings of this robot, I want to buy this robot? thanks for the answers
Hi Egidijus, I recommend running the default settings that come with the software.
So glad I found your site and spent some time reading through your reviews and watching the videos. After reading all the positive comments on Steam I decided to purchase. Will keep you posted with the results when some.
Sounds great KimJ.
About 15 minutes after I set it up it took its first trade and closed in profit!
Perfect!
hi admin. i notice from your live account that steam traded twice yesterday, however gave me no trades on the light. i did get a trade on the m30, however. why would this be. what settings are you using, if i may ask. cheers
Hi Kelvin, running the default settings. Is yours a small account? Maybe the lot size is trying to open too large with the default risk setting. If it continues, contact support, they are much better at trouble shooting than I am.
running on demo account. 10k. so should be no problem. i’ve tried it on a couple of other pairs, and it has traded, but not on EUR/USD
Look like another hot streak is starting, I can see 25 straight wins coming. I’ve seen market like this before and it work out so well for Steam Light in past.
Thank you for this.
I think your right Reaume, the market is lining up well for Steam for the next few weeks.
Hi I am a traditional trader but I decided to give a chance to automated trading, specially forex steam after read all your comments, I just bought the EA and I want to ask if anybody has placed different setting in maxtrades positions, obviously reducing the risk, let’s say maxtrades 3 with 3% risk or 2% risk?
Thanks for your comments and a lot of success.
Hi everyone. since loading version 9. 7 days ago steam has not traded once. i have tried ECN No ECN risk 10 and risk 15. MM on and off lot sizes .01 .05 & .1 everything seem to be ok but no trades.
previous version traded like crazy. VERY FRUSTRATING
Hi Roger, contact support and they’ll resolve the issue quickly. Probably just need to set your news filter to false and leave everything else to default.
I haven’t lost a trade with Steam in over 2 months.
This thing is beautiful lately.
Hey Gord
Show us some results I’m eager to take the plunge on this EA.
Hello people,
Do you keep your computer on 24/5? I’m just curious, if I turn it off, what’ll happen? Thanks
I don’t because I use the VPS from the members area. If you turn your computer off, it won’t trade. That’s all that will happen.
Ok, Thanks Admin
Hello,
The discount coupon is invalid, can you offer another? Please… Thanks.
Hi Barry, just tested it. Still works. Try copying and pasting it.