Forex Steam Review: Things to Consider Before Investing

Forex Steam

Forex Steam is associated with long term growth in a low risk environment. At least, this is what the vendor wants us to believe. So, in a year, you can make about 5-10% profits and join its list of more than 1000+ active successful clients. However, do not be quick to trust this company. 

Forex Steam Inc. is the developer of this robot. The company is virtual and is based in different countries, with its developers spread all over the world. The team leaders include: Paul Demonde, Dmitri Kozlov, Julie Zhang, and Allan Brisebois.

Team leaders’ profiles
Team leaders’ profiles

The highlights of Forex Steam

Here are some features that according to the devs set Forex Steam apart:

Advanced holiday filter

This feature gives the trader the chance to avoid trading on holidays that create erratic moves in the market. There is a pre-installed list of holidays that clients should avoid. Also, you can add a day you don’t want the software to trade into the holiday file. 

Spread filter

This filter ensures that the robot only enters trades during perfect market conditions. According to the vendor, the technology is aware of these conditions at all times. Therefore, this allows it to adapt to them, hence trade successfully. 

Trailing stop loss and break even

The trailing stop enables the robot to set a moving stop loss behind trades so that they can breathe and pick up bigger wins. The breakeven feature works the same way, but it sets a hard stop loss that remains static once the trade reaches a certain pip value. 

Trading strategy of Forex Steam

The robot applies an advanced retrace technology strategy. However, the devs don’t say what it entails. We suspect that scalping is also used given that it trades on short timeframes (M5) and generates small winnings. 

Backtesting reports

There are no backtest reports for this EA. This means that the team may have failed to test the workability of the trading algorithm prior to releasing it to the market. So, it is highly likely that they are selling a product with flaws. Then, we are not shocked that it has produced disastrous results in the live market. See what we mean in the next section. 

Trading results in real time

Live trading results
Live trading results

We have a real USDCent account, but it is inactive, and its track record has not been verified. Anyway, between August 21, 2021 and September 10, 2021, the EA made a whopping loss of -$5062.37, which is equivalent to an absolute gain of -3.84%. These results were inevitable, given that the account made monthly profits of 1.50% against a massive drawdown of 47.11%. No wonder the account had to be closed before the capital ($131,830.02) was entirely obliterated. 

Performance of trades
Performance of trades

A total of 245 trades were carried out with 1457.49 lots. The profit factor (0.95) shows that the robot was not profitable. The long — 74% and short positions — 77% didn’t perform well either. We are told that the average loss was -25.98 pips, whereas the average win was 10.64 pips. This data definitely confirms that the EA made frequent losses. 

Account’s risk of ruin
Account’s risk of ruin

The high loss rate heightened the account’s risk of ruin. By the time the account was being closed, its value had deteriorated such that 42 consecutive losses would have wiped it out. 

Forex Steam price

Forex Steam is fairly priced as it costs $117.99. Once you purchase it, you will get instant access to all versions of the robot, 4 licenses, free updates, and free installation. 

Forex Steam’s price
Forex Steam’s price

Customer support

The company has a team responsible for providing customer support. If you have any inquiries, you can fill in the ‘contact us’ form with your details and questions. The contact email is [email protected]. You will receive a response within 3-4 hrs. 

Are traders happy with Forex Steam?

No. They are not. Most of the disgruntled customers talk about the robot’s disturbing losing streak.  

People feedback
People feedback

We have also learned that the team has resorted to using dubious means to portray their tool in good light. The FPA team says that it has noted large numbers of highly suspicious positive reviews submitted by the company. 

FPA’s warning
FPA’s warning

Forex Steam

Forex Steam
3 5 0 1
Forex Steam is not a good choice for any trader. Its performance in the live market is terrible. The robot earns peanuts and generates numerous losses, an undeniable proof that the strategy is not working. Unfortunately, instead of taking measures to improve it, the devs continue to market the product and even manipulate customer feedback on FPA to trick traders into buying it. Clearly, these are not people you can trust.
Forex Steam is not a good choice for any trader. Its performance in the live market is terrible. The robot earns peanuts and generates numerous losses, an undeniable proof that the strategy is not working. Unfortunately, instead of taking measures to improve it, the devs continue to market the product and even manipulate customer feedback on FPA to trick traders into buying it. Clearly, these are not people you can trust.
3/5
Total Score
  • Profitability
    2/5 Bad
  • Strategy
    2/5 Bad
  • Reliability
    2/5 Bad
  • Price
    4/5 Good
  • Customer testimonials
    3/5 Neutral

Advantages

  • Live trading results are available on Myfxbook.com

Disadvantages

  • No backtest report
  • High drawdown
  • Low profitability rate
  • Unfavorable customer reviews
Total
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