The Forex market is a market filled with opportunities enabling traders over the years to amass fortunes through profitable trades. However, the level of expertise required to achieve this feat is not present in the majority of forex traders in the market. A class of software programs, called expert advisors or EAs has since been developed to aid novice traders. One such EA is Forex Steam which is the focus of this review.
In-Depth Forex Steam EA Review
Owned and operated by Canadian based Steam LTD, Forex Steam EA is an Expert Advisor designed for MetaTrader 4. The company has been around for more than 20 years in the market, with proven trading solutions being provided consistently throughout the years. IT is aimed at providing traders a chance to earn high returns in a relatively low-risk environment.
The website looks professionally designed with all the relevant details included. It has an interesting interface as well. The latest version available is version 9 with two versions available; the light version and the normal version. According to the stats, the light version is favored more by users, which has been updated close to 60 times, in the past five years, allowing it to achieve an impressive winning streak.
|Broker Compatibility: MetaTrader 4|
|Price: $117.99 (one time payment)|
|Two Versions Included|
How Forex Steam Works
With an automated strategy and a programmed system for evaluation, the product comes with a 90% guarantee. It includes all the features present in other Forex Expert advisors with some additional useful features included, such as
- Advance News Filter: This feature allows filtered news, which is then provided to the traders who are using it. A Standout feature of this software is that it can target both high and low impact news events.
- PIP Retrace: This feature protects users against any losses incurred due to any major market shifts.
- Advance Holiday Filter: This feature ensures that the EA does not trade on some specific holidays.
- Trailing Stop and Break Even: An added feature which can be activated and implemented on a customized strategy by the user, allowing them to make their own decisions.
A prominent area of concern for this EA is the lack of any information related to the trading strategy being used. The website mentions that they use an automated strategy along with a programmed evaluation system, but does not further elaborate on the specific strategies. For customers looking for EAs, a transparent explanation of the strategies implemented is a contributing aspect to their final purchase decision.
The Forex EA provides its users with details of past trades from 2016. It also boasts an impressive number of verified trading results (1162) as well as 362 independent trading results. A Separate section is also included where they include screenshots of the latest trading results for all to see. However, these trading results are not verifiable and no links are provided to any myfxbook or fxblue account, which is almost a staple in this market for similar EAs.
Pros: Reliability, Fully automated, Responsive Support Team, Multiple Licenses.
Cons: Lack of Transparency in Trading Results.