Wow, it has been much anticipated and long awaited but finally Forex Steam Six is here and I have the full review.
The longest running system I have ever used has listened to it’s growing user base and decided to give them some input on new features. There were many new features requested and this list is what made the FINAL CUT!
- Advanced News Filter
- Trailing Stop
- Hedging Function
- Break Even Function
- Daily Trading Function
It’s extremely rare to find a software that develops with it’s customers and Steam is doing literally that.
Forex Steam Six Video
I thought it would be a good idea to do up a video showing you these new additions and discussing how they could be used as well as providing some tutorials for the more difficult features.
I hope the video helped you get a handle on some of the new features that give Forex Steam even more power than it had in the past.
My New Test:
I have not started to fully use all of the new features just yet but I am going to be adding tests with them as well. I really want to increase the pips and test out the trailing stop first so hopefully I will get a chance to do that soon.
Forex Steam Review Conclusion
When it comes to Steam this is one product on the market 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
How did each test account set the size 0.33 with Steam 7 M5 Light Risk version ?
Yesterday on my OANDA demo account, all the default settings stay with lot=0.1 and mm=true and ECN=false. I recognized surprisingly that the first EURUSD trade got a size of 50, I said whoa, why ? How could the Steam 7 program set the lot size of 50 ? Is it a bug or a mistake ? Does your steam 7
program base on the demo account’s current balance of $1,000,000 ?
My last 3 trades on Forex Steam Light 6.5 have been losses and it looks like the current one will be a loser. Anyone else getting the same results? I have default settings.
Can Forex Steam be applied to other pairs as well other than EURUSD?
Do you have a prove with live account like in myfxbook?
would like to see that.. thanks
I have two test accounts in the post.
Don’t get me wrong, I love Forexsteam. Most of us here are getting the same Results. My LIVE account started at $2500, Highest $2900, Current $995:( It’s NOWAY both your accounts are running default without running into a 90SL. Last 90SL on both your accounts was January 10,2013. I won’t mind for a copy of your SET File from your test accounts email@example.com. PLEASE.. If I catch another 90SL I will shoot myself in the head.
P.S. ForexSteam put out a New Update Today.
I did look at two test accounts. Are they demo accounts with zero commissions ?
If you run any ECN live account, the broker charges you two commissions per round trip, correct ?
MT4 Live stat is running.
It seems that there are quite a few people got a few SL this week with the V63 EA. However, according to you live-stats, you’re still doing good this week. I wonder what “magic” you did on the EA to make it still profitable in such bad market condition? 🙂
Well, trying out the new V6.3. Uploaded July 9th.
Hi there. I’m running ForexSteam default settings on a live Activtrades account and I too had a 90 pips lost last Wednesday. Last June I had great results with this robot.
Hi Francisco, no problem. I had 6.3 installed 2 days ago and still had the 90 sl from yesterday
Indeed mine was same, three buy trades, two going to profit and the last hitting the 90 sl. When I checked forexrobotnation trades I saw that the 90 sl trades was avoided and I am amazed how that was done???
Hi There – Thanks for the new update – Just want to make sure about it. How will I know I am running v6.3 and not 6. Currently I only see version 6 Forex Steam light when I look at the EA in metatrader
It should say “ForexSteam Light Risk M5 EURUSD V63” with a smiley at the top right hand corner of the screen
Thanks Yes I removed the existing one and then I added attached the new one – now its working fine. Maybe my 90 pips lost yesterday was because I still had the old one active.
Hi There – Thanks for this great EA. I just want to know something
regarding yesterday’s trades. Yesterday 11th July 2013 my version
entered a trade to buy. I see on the results of fxsteam that they also
had 2 trades for a buy and both made good money for them. Unfortunately
my buy trade made a huge loss. Went the full 90 pips even after I
implemented the hedge. I then look at more settings today and saw that I
should change the Maxtrade value as well in case I want to make use of
the hedge function. Is this correct. Did anybody else had a loss
Anybody else get 3x -90 sl this week? 30% account gone, ouch!
Got the same results, even got a 90 sl after updating to version 6.3.
I contact steam with the results and screenshots, Paul from steam said he is not sure why it happened and he will get back to me after the team has looked into it. Will keep fellow steam users updated as it progresses.
Same with Me yes. Yesterday had a -90 pip lost. Rest of the month was great though.
I did. I’m running a small account but Steam should address this.
Hit the 90 pip sl twice this week. Using version 63
For your Forex Steam live-stats, how is your setting looks like? Would you please share your setting? Thanks!!
Hey Andy. Still using the default settings. Are you sure you are running the latest version of the software?
Hi, thanks for your reply. I have been using V6 for 3 weeks with the default settings on a FXCM demo account to trade EURUSD on M5. I didn’t get the trade patterns quite like yours. Also, this week is quite volatile and the trades went against the EA quite a bit. Not sure if there are anything wrong with my settings and if there is anything I can do to mitigate the risk.
Another huge difference maker is the broker you are using. Spread on EURUSD on ECN account is virtually non-existent. On most non-ECN brokers, the spread will be always at least 3-4 pips. That makes a huge difference. What could be a winning trade on FinFX or MyFXChoice could end up being a loser on other brokers. What turned out to be losing trade on other brokers could be winning trades on ECN brokers. 4 pip spread makes a huge difference in your trading.
Hi Jonny, I appreciate your feedback. That was what I suspected. So I guess the recommended type of broker for this EA should be ECN. Do you recommend FXDD with this EA?
The recommended Steam brokerage.
Version 6.3 is out, a little market update, came out a couple days ago, sorry for the delay.
Hi, is this update “version 6.3” available for download from the member area coz I don’t seam to find it
It’s there. At the bottom.
Hi, is this new update available for download at the members area coz i don’t seam to find it there?
I have been running steam light (updated to latest version 6.3) on 3 demo accounts with 3 different brokers and all of them pretty much open on the same time and close relatively at the same time. My question is, all 3 of my demo accounts hit the 90 pips stoploss twice this week. I did disable trading on mondays as suggested by steam. Other than that I have not changed any settings, using default settings. Did anybody else experience the 90 pips stoploss this week? My ea with default settings seem to trade more often than the results posted by forexrobotnation and steam above. Anyone have ideas how I can improve on my results?
I have the same problem! In the new test above I cant find any 90pip loss! Please help:)
i haven the same problem! in the new test i cant find any 90 pips losses. please help:)
For the result shown above on your account of FRNSTEAM, which broker are you using.
Thanks in advance
Using the Steam recommended.
Thanks forexrobotnation 🙂
Is there anybody here that is using a U.S. broker that is having success with Steam? If so, please comment or send me an email. Thanks for all your help!! Dale G. 🙂
I cannot recommend any US brokers with this EA. If you simply cannot afford the $10,000 deposit for the ECN Pro account at FinFX, at least get the ECN account at MyFXChoice. They offer 1:200 with ECN NDD and $100 minimum deposit.
Jonny–MyFxChoice does not accept U.S. accounts. Do you get same results with FinFx as posted here? Thanks! Dale G.
Can this ea be used with success on Alpari UK?
Thanks in advance
Yes Rauties it can. I have run some Alpari tests successfully in the past.
Thanks for the reply 🙂
Why have you not updated the last trades showing the 2 losses??
Updates should be done daily.
Hi all, any one running live. I had 2 losses in a row this week, one -90 pips and -20 pips. Not showing up on the Test MT4LIVE account.
anybody else get -90sl and -20sl ?
I just wanted to say that I find this product to be SOLID, SOLID, SOLID! I was running it on demo but after it doubled my account, I’m switching to Live.I’ve been using it on all default settings and it runs great. Lots and lots of small winners and a few losses then lots of winners….over and over. This EA is a money maker if you give it a bit of time. Love it!
I hear that Andy!
have you got any news yet about the other functions that you are testing. It would be great if you could post something on here. Thanks in advance
Not yet Paul, really sorry. I’ve been absolutely swamped.
I have tried all sorts of setting but cannot make any consistent profit with this
FRN said they would provide sets back in FEB …..still waiting
You didn’t run EA all times,did you? On 29 May, It should have 1 order that -91 pips!
You didn’t open EA all time, did you? On 29 May, It should have 1 order that -91 pips.
I would tell all you guys that forexrobotnation didn’t set the default setting for this EA! I bought it since 28 May and had 1 order that -90 pips in 29 May. But I can’t see this order in their statement.
How did you set your EA? Please tell me, my result is not the same as you!
Dean Giller • 27 minutes ago
Flag as inappropriate
Anybody get hit by the 90 pip sl today? I need to know so I can change brokers if necessary. Thanks all
Anybody get hit by the 90 pip sl today? I need to know so I can change brokers if necessary. Thanks all.
Yes, 90 pip loss is correct
did anyone use a real live account with forex steam verison 6? and got good results? 😀
Hi Rogelio, Still going very well for me on my live accounts.
Does this EA works to all major currency pairs? or is it only for EUR/USD?
It can work with other currency pairs. I test different pairs from time to time but they are no 100% recommended by Steam yet.
Check Out my Facebook profile pic of EUR/USD, This Morning.
Does anyone know the DST offset number on Finfx for the News setting in Forex Steam? I thought it was 0 but could be wrong.
Thanks in advance
Hey, just wanted to thank E-V-E-R-Y one for helping to answer my question above
I’ll answer it for you Mr. N. L……
Good Luck with that Buddy lol
hi guys, hope someone can help me here. I bought version 6 a few weeks ago and have reduced the stop loss to 80 and increased to take profits to 12 and so far it’s making good money. What I don’t understand is, most of the losses on the F. RN statement are 20 pips but sometimes they do reach the stop loss of 90 pips (not very often). Can anybody explain why this happens. I am completely new to trading and don’t really understand much about it. Thanks guys
Hello Paul, hope you are doing great with this system
I’m a user myself and it works quite conservative even though you can adjust the setting to take on more risk/faster results/ faster and/or bigger losses so it’s totally up to you.
regarding your question the EA is equipped with a feature call Pip retrace
the way I see it and it has happened to me a number of times if a trade goes against you by about 40 pips and then retraces back 20 pips from those 40 pips if the EA determines that the price is on a losing trend it will modify the Take Profit order and get you out with a 20 pip lost and it happens most of the times hope this helps
in my opinion system is pretty spot on
Couldn’t have said it any better myself. Thanks for chiming in Ulises.
You see, on Paul’s latest reply he noticed the same thing I did while checking your MT4live.com statement, your lot size starting with $ 1000 is 0.34 how come, you should be getting 0.11 on that balance based on the system MM of 90 pip stop and 10 % risk unless you were using a 30% risk or a 30 pip stop either/or
I often set my own lot size, I can stomach extra risk because I have used the system for such a long time.
thanks for the reply. Which settings do I need to change so that I get more trades with slightly higher risks. My demo account started at $2900 on April 2 and is now at $3134. The first trade, used a lot size of 0.36 and when I looked at the robot nations account which started at $1000 the lot size was 0.34. I thought it would be a lot less than that being as it was used straight out of the box. Anyone got any thoughts? Thanks
I only had one trade since 4/2/13 and it was a loser . What’s wrong?
did you guys has come with another set files for the EA new features
I am working on some settings for the new features. Hopefully I’ll have them done soon! It’s promising.
How can we get them when you’re done, will you post them here
I know the default setting are the safest way to go but is really slow
I would feel comfortable stepping up the risk a bit in order to achieve somewhat faster result without putting my balance at risk
Wonder what would be the best combination, withing the new feature
Anyhow thanks a ton for all your dedication and help
I will email about them and the likely post them in here or in a new post on the site.
Have you guys worked around the setting for the new features yet, not rushing, just curious
Thanks for sharing your knowledge
What broker is this working on? I have some diffrent results then all accounts(many more losers) Thanks!
Hello fellow traders.
Are any of you based in Australia, Brisbane in particular. I am new to trading Fx with a EA and would appreciate any advice and suggestions in order to achieve success with trading. You can always send an email as well as post here.
Im from the Sunshine Coast. I’ve just been demo trading this EA and so far results are really good. I’m using EUR/USD and AUD/USD with the AUD the tp is set to 8, and so far so good. Its turned 500$ into $1150 in just over a month on demo, the Risk is %20 it wouldnt trade at 10% because the lot size was too small.
Hi I wanted to know which forex broker to choose for steam and what are the best settings to use
I suggest using the defaults and their reocmmended broker.
hi guys i think v6 is an overrated version ever since it was updated i only get 2 trades eur/usd and aus/usd and both are losers.i tried using v6 on FinFx broker
and it does’nt trade at all and i’m using Tadawul also known as D’Liquid broker with a little bit success so far and all on demo account.
Hi. I had 2 as well. When I posted that, both my accounts were banned on forexrobotnation and all my comments deleted. Peter_ZAR
Hmmm That is bad. I really hope we are here to help each ohter to be fulltime trader or make some good pips.
Admin, I see you have no loser yesterday. I have 2 to full SL.? Do you have an Idea, why there is a difference.
Previous comment deleted and also login banned from commenting on the Forex
Steam Six Review thread. Another 90pip stop loss on the EUR.
Anyone else get the trade?
Are you guys using the default settings on Steam6 as shipped ?
Right now yes, I want to test some of the other functions still and hope to be able to provide some SET files for those.
That will be very useful as ther are some functions not clear to me (like retrace, trailing stop, hedge function)
If you watch my video above in this review I explain these settings in detail.
Hey Paul, You hit it right on the Head. We are on the same Boat. I’ve open a Live Account with a $1000 and My first Lot size trade was 0.11 and my second lot size trade was 0.11 also, both losing trades. That’s when I realized the results on FRN(ForexRobotNation) really meant $3000 Deposit not $1000 Deposit.
$1000= 0.11Lotsize, $2000= 0.22Lotsize and $3000= 0.33Lotsize etc. I Think
🙁 Yes I am Sad 2. Really Sad. But Its Okay I guess.
I use default settings, still do. Increasing or decreasing the lot size does no impact the entries or exit points. So not misleading.
in my post, I didn’t even mention anything about entry and exit points being changed due to the lot size. My point was that your initial lot size using default settings (this includes the risk setting), would have been a lot lower than 0.34 with a $1000 deposit.
In response you said that you used your own lot sizes because you are familiar with the robot and can accept more risk. That’s why, in my view your post was misleading. Hope this clarifies things for you
Would be great to have an update how the new settings are going.
i had one 20 pip loser Thursday as did Forex Steam. All in all good,however.
From Tuesday to Thursday I had a number of trades, all in the positive. No trades this Friday
That is correct, the system has been trading well thus far.
Do anybody have some results? not trade for me also.
If the system didn’t trade for you Tuesday to Thursday it is set up incorrectly.
Check the results in the post.
If hedging is enabled must the maxtrades be set from 1 to 2? As I have it enabled but no hedge trade was taken
I would suggest setting that to 2 yes.