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ForexSteam.com Review Expert Advisor

Overall Rating: (3.231)
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Total Reviews: 59
Last Updated: 2014-09-21
Special Notes:

September-November 2012:  Large numbers of highly suspicious positive reviews submitted for this company.

 

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FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2011-02-13
Review: We haven't tried the MT4 EA from ForexSteam.com. If you've let this robot trade forex for you, please leave a review here.

R. Schroder, , Australia

Rating:
Date of Post:2014-05-09
Review: I have had the product just under 4 months now, I've had some big losses (as others have mentioned) but it seems to crawl back. It has just ticked over 400% as of today, the draw downs scare me at times but will re-assess at the 6 mth mark and hopefully it will be around the 800%. I run the 5m and 30m with filter. Cheers all.

Aleksandar Jovanovski, Skopje, Macedonia, The Former Yugoslav Republic of

Rating:
Date of Post:2014-04-16
Review: Since I've been working with Forex products for 2 years now, I would like to share my view on Forex Steam. I've been using Forex Steam for almost six months and the results are very solid. What I like about it is the documented and detailed performance through MT4Live. Another thing that makes Forex Steam interesting is the website's design. I got used to check forex products and sites that have cheap design and zero functionality. It's a completely different story with Forex Steam. They are also offering a light risk version but to be honest I've never tried it.
What I find especially useful is their refund policy. They are one of the rare providers of these services that offer 30 day money back guarantee. Of course you must follow their policy in order to be able to get the invested money back and by that I mean using the system for the right activities. Once you have tested the product for over 15 days you can apply for money refund. This is something that makes Forex Steam pretty reliable. There are only few other paid services that are offering this.
One thing that looks like a disadvantage about Forex Steam is the price. It is very high especially for those who are looking to invest smaller amounts of money. Although you might try to compensate this with the refund policy after a while they will only return your money if you have followed the rules.
Overall in my opinion it is a worthy investment.

yuji, Burnaby, Canada

Rating:
Date of Post:2014-04-08
Review: I don't want to repost a long post here. Please see my post here:
http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/18207-forex-steam-forexrobotnation.html

Basically, the results posted by Forex Steam and their affiliate, Forex Robot Nation are questionable. Most of the users are using exactly the same broker the recomended, the default setting and VPS but no ones can achieve what they have. We all hit many big SL in the past few months but in their results, they didn't have any SL at all.

Also, the recent Forex Steam results screenshot posted by FRN (aka Patrick Ross or PatrickFX) was fabricated. Anyone can easily identify the screenshot was edited with cut-and-paste. You can check the screenshot in their forum (http://a.disquscdn.com/uploads/mediaembed/images/918/9771/original.jpg). FRN and Forex Steam belong to the same group of people and promote their product with fake results.
 
Comment: Added by Forex Steam on 2014-04-16 09:55
  We searched our entire customer database. There is no Yuji. This is not a member of Forex Steam. This customer likely is using a bad copy of the software not purchased from us and is not getting the desired results. This is very common, there are a lot of people selling discounted copies of our product that simply don't work. Be careful guys. As for the screen shot I looked all over the forum and can't find it anywhere. This could have been posted by any member of disqus to any website on the internet.

StefanFX, , Germany

Rating:
Date of Post:2014-04-01
Review: Me and other Forex Steam Eight users are not able to match developer and FRN Forex Robot Nation by Patrick Ross published results without hitting full stop loss on recommend broker. Both use manipulated accounts and send only once or two times a week only the "good" trades. Me and other users post comments at FRN Steam Eight review about hitting full SL and why these trades are not appear in their faked results and after a few hours FRN moderator deletes the comments. Also these days they post a screenshot about a successful month and iff you check the pic you see it´s edited with copy and paste. Sadly that an so cold independed service like forex robot nation is involved and helps to cheat. So i rate forexsteam.com and forexrobotnation.com as scam / scammers.
 
Comment: Added by Forex Steam on 2014-04-16 09:49
  This is conspiracy. There are no "faked results", we have 100% transparency in all our disclaimers on our web-site and have been serving this market for over 3 years.

[email protected], Singapore, Singapore

Rating:
Date of Post:2014-03-11
Review: Please DON'T BUY THIS/ FOREX STEAM,they are really Cheating your money & wasting your time. important thing is, its not a software & don't know what is it because its not working and no any trade at all further more no contact No Address..no Person to talk, Only Email support,but waiting for reply like waiting for Christmas... The person Call Paul its really disgusting and his email shows very unhelpful & not genuine. very IMPORTANT, they said they can help to install it for you.they do but less than 10second said everything ok your computer.. this all abut cheating your money,MY ADVICE IS DON'T THINK TWICE/REJECT DON'T BUY..(LEARN & TRADE)one more thing they give you lot of reasons but no solution..dragging & dragging everything..Actually this is a group this all the good review come from them so please don't get caught if you really think wisely you will never end up like me... Think all the successful traders never use Robot..they LEARN & TRADE..
 
Comment: Added by Forex Steam on 2014-03-16 09:44
  We connected to this customers computer free of charge. The customer was using the wrong timeframe. The system runs on the M5 and they had it on the M15 so the software wasn't trading. We resolved this issue the customer claimed the software still did not trade, we offered to connect again free of charge to see what else the customer missed in the installation process but the customer no long responded / wanted help any longer. With over 1000 active clients a 1 star review by a customer who was unable to follow the process / let us install it for them is not truthful or representative of our software at all.
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Bob Alexander, British Columbia, Canada

Rating:
Date of Post:2014-02-28
Review: 37 consecutive positive trades with Forex Steam!

First off let me be absolutely clear about one thing: I know next to nothing about forex trading. Around the time Alan Greenspan described the dot com bubble as “irrational exuberance” (Dec ’96) I was playing around with stock options to the point where I didn’t get burned … just slightly singed. My friends who were day trading got more than singed so I considered myself lucky to get out when I did. My wife and I then decided not to play around with our money when we didn’t know what we were doing.

A couple of years ago a friend of mine said he’d been forex trading for quite awhile and asked if I had any interest in it. After looking into the websites he sent me I told him it seemed a lot like having a real job and I was already staring at a monitor 4 - 5 hours a day. I couldn’t write and follow the market at the same time so I passed.

Then last May he emailed me about a new approach to trading. He had found … a robot. He said there were plenty of automated trading systems around and he had tried a number of them that over time ultimately didn’t work. But he was very excited about the one he’d been using because it consistently made winning trades. It’s name? Forex Steam. He had opened up an account with $300 and using FS made $300 in three weeks.

It sounded great and sounded Too Good To Be True. I told him to let me know in a couple of months if it was still working and then we’d give it a shot. He did … it was … so we made the plunge in late July. We started with Forex Steam 6 and since upgraded to 7 and now version 8.

Using FS out of the box with its default settings led to a Lemony Snicket's Series of Unfortunate Events. A few 8-9 dollar trades were wiped out with a $90 dollar losing trade. Then we’d get a couple of good trades and WHAM … another $90 dollar losing trade. Very soon we were hundreds of dollars in the hole.

Since you get four licenses when you buy FS we turned off the live account and concentrated on reconfiguring Forex Steam’s settings in 3 demo accounts. Our mistake was we didn’t do that right off the bat. We should have run FS on a demo account to see how it would perform instead of going “live” right away.

That said … I don’t know if we would have stuck it out with FS had our losses been only paper losses. We might have just said, “This doesn’t work” and left it at that. But being hundreds of dollars in the hole is a great incentive to try to see if we could get the damned thing to work. Desperation might not be pretty but it’s a great motivator. And besides … we weren’t throwing good money after bad. We were throwing Monopoly money at the problem to try to fix the problem.

We trial and error tweaked the settings on the demo accounts and waited weeks to see if they worked. It’s not that there are zillions of variables to set … there are really only 9 settings we fooled around with. But it took time to see how they could best work together. On the demo accounts FS averaged 7 good trades out of 8, and that one loss wiped out 4 of those good trades, leaving a net profit of 3 trades. Finally it looked like we had a good dependable system and incorporated the tried and true settings into the live account … and turned it back on.

Since January 23, 2014 we have had 37 consecutive positive trades.

We’ve dug our way out of the hole and have made serious (to me anyway) profits.

The last time I couldn’t be self-employed and had to go out and get a crummy job … it paid $2,291.66 a month. This month (February 2014) FS has brought in $2,770.58. When we bought FS my wildest dream was it that it might duplicate what I earned from that terrible job without any of the hassles: loss of autonomy, commute, office politics, boredom, and having 10 hours of my life shredded Every Single Day. I don’t know how long this run can continue, but at least for this month … FS has performed waaaaaay better than I thought possible.

Until we bought Forex Steam the only other software that's made me money was MS Word. And it cost more and is much harder to use. There's no such thing as a writing robot. Or if there is I bet it's really expensive. I think Stephen King might have one.

Here are the settings we’ve used. Use at your own risk. Or better yet, try them out on a demo account and see what happens.

mm = false
Lot size = 0.2 - 2.34

Since November we’ve been slowly bumping up the lot size as our balance increased.

Risk = 3.0
max trades = 1
SL = 50
TP = 8
RetraceExit = true
PipStick = 40
PipsRetrace = 45

Our next project for the demo accounts is to de-mystify trailing stops.

This is just a distillation of our 7 months of experiences using Forex Steam and I just want to add I’m not a FS shill, though I’ve recommended it to a couple of friends and family members. But with this disclaimer: Buy FS and use it on a 30 day free demo account before putting one real dime into play. Then it’s possible to make an informed decision on exactly how much money to risk. If it works … fine. If it doesn’t they’ve only spent the amount of money they’d spend over a couple of month’s they couldn’t remember what they spent it on anyway.

Douglas, Singapore, Singapore

Rating:
Date of Post:2014-01-14
Review: DON'T BUY!! Small wins BIG LOST!!. Don't be too happy when you see few wins at the start. Trade a little longer and 1 lost is enough to wipe out your few small wins. Guide/Manual is so poorly written and support sux until you blog here. The guy at Forex Robot Nation who advocate Steam is probably the scam gang. Who would go to this length of promoting, testing, and even video recording without any benefit in return ? The fact that Steam does not provide you a refund tell you a simple fact that they don't stand behind their EA. They just want you to buy and don't come back. Your funeral now.

2014-01-05 2Star Please read my experience with Forex Steam on post #13 of
http://www.forexpeacearmy.com/forex-forum/forex-software/13832-forexsteam-com-2.html.

Is a lengthy one so I will not retype it on public review site. Hopefully some existing users who has successfully used it or someone from Forex Steam could help.
 
Comment: Added by Forex Steam on 2014-01-16 02:45
  We are certainly here to help all our customers. With the recent release we have been able to cut out the probability of these large losses and our win loss ratio is now 2:1 which is much more effective. This came out in version 8 over a month ago. We wish Douglas all the luck in the world with his trading and welcome him to contact us at any time. We have had customers in the past who have had issues with our software but we always resolve them.

Stefan Mantha, Bronte, Canada

Rating:
Date of Post:2013-12-30
Review: This is my favorite robot.I like use steam with manual trading on side. I will use it for a long time. I notice filters make smart trades so very low risk. Light version is best by far because it has all the filters and it also has trailing stop and hedging which I like to use.

Time to time I use normal version too but only when I'm feeling more risky and want bigger pip winners. I think both system can be changed some but I usually just use the eurusd with their normal .set file.

In December I've increased my account 16% and they say normally not a good month so I'm excited about 2014. I'll add more to review as I watch it trade more but good so far in 6 months.
 
Comment: Added by Forex Steam on 2014-01-21 01:50
  Thanks Stefan, glad to see your results are in line with ours as well. I really hope that you have continued success and if you ever have any suggestions or requests our support staff will be more than happy to discuss them with you.

Victor, Chelsea, USA

Rating: No Rating
Date of Post:2013-12-24
Review: Since 12/20/13 4 trades, 4 wins. This EA is the best in the Forex World without hype.

2013-12-23 No Rating I bought the Forex Steam v8 on 12/20/13 and I start it to run it on 12/23/13 in a 100 dollar live account and in just one night it has produced 3 trades and 3 wins. I think this expert advisor is the real best Forex Robot in forex. Like any system it will have its losses but in the long run will provide you with huge profit.
 
Comment: Added by Forex Steam on 2014-01-21 01:51
  Thanks for your honest opinion Victor. I hope that our software performs to your expectations well passed the holiday season and that you can depend on the EA to bring you profits for years.
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