Forex Steam is an advisor that has a simple and unprofessional presentation. The motto is “10+ Year Proven Track Record. Relied On By Over 6000 Clients. Free Updates For Life And No Upsells. Active On More Than 10000 Accounts.” So, we’re going to check if this is true.
Forex Steam Trading Strategy
- We are not allowed to know what the strategy is behind the system.
- It can trade EUR/USD only.
- The time frames vary from M5 to M30.
Forex Steam Features
There are some features and other details explained:
- The system is designed to execute orders automatically for us.
- Clients are around the world – in over 100 countries.
- The developers have over 25-year Forex-related experience.
- The robot was published with a user manual provided.
- We can rely on free updates and upgrades for life.
- We can use the system on four accounts.
- There are over 10-year of trading results.
- The company has over 6000 clients.
- There’s an advanced Holiday application.
- The Steam retrace technology is the most effective way to secure wins and limit losses.
- This tech in conjunction with our low-risk trading approach, is perfect for any level of trader, with any level of expertise.
- There are High Spreads and High Slippage filters sewed in the system.
- It can be used on ECN brokers.
- There’s a Trailing Stop feature to make more profits for consistent market moves.
The company has no headquarters. It’s completely virtual.
The robot has a trading frequency in the middle of the pack, among other advisors.
Forex Steam package costs $117.99 for a lifetime license. The package is featured by instant access to the EA, all versions of Forex Steam, free updates for life, four licenses, free installation, and no upsells.
Forex Steam Backtesting Results
There’s a backtest report introduced on the site.
The developer noted that these are real trading results. They are liars. People who have millions on the account don’t need to sell the robot for hundreds. The deposit was $1000. The balance is $11,272,540. If this was true, they would provide us with investor access.
Forex Steam Trading Results
Myfxbook knows about many Forex Steam accounts blown between 2015 and 2016. There’s no sign of them in the presentation, of course.
This is a Demo (USD) account working on LQDFX automatically. The leverage was 1:300. The account had a verified track record as well as verified trading privileges. It was created on March 19, 2021 and deposited at $1000. Since then, the absolute gain has become -32,55%. An average monthly gain was -21.27%. The maximum drawdown was 39.71%.
Forex Steam has traded 45 deals with -299.9 pips. An average win was 10.01 pips when an average loss was five times deeper -58.22 pips. The win rate was 76% for Longs and 75% for Shorts. An average trade length was thirteen hours and four minutes. The Profit Factor was 0.50.
The robot works with EUR/USD only. Both directions were lost.
The most traded day was Wednesday – 15 deals. Friday was the less traded day among others – 4 deals.
As we can see, there were significant losses of $70 and $80, when the highest win trade was $7-$8.
The robot has ruined this trading account.
Forex Steam Reputation
As we can see, the Forex Peace Army robots have noticed that there were too many positive reviews posted.
The presentation has many fake positive reviews.
The system wasn’t profitable.
So, nothing works correctly, and developers pay for these reviews. It does sound promising.
Forex Steam Review Summary
- Strategy – score (3/10)
- Functionality & Features – score (4/10)
- Trading Results – score (2/10)
- Reliability – score (3/10)
- Pricing – score (6/10)
Conclusion
Forex Steam is a scam advisor that burned a Demo USD account. The developers didn’t disclose strategy, settings, money-management, and other details. There are many fake or paid comments on Forex Peace Army, which the site’s robots fight with.
