I’m only new to forex but i don’t see how it’s possible for a forex bot to be so profitable when highly qualified forex professionals can only get say 75%? Profit. There’s no explanation on their website on how it determines which trades to make. And i’m assuming fundamentals aren’t considered, so it just seems impossible. And wouldn’t people who had it running with such large profits be singing their praises on their website? I want it to be real but can only conclude that steam and fury are a scam. Happy to be proven wrong.
Its interesting to read everyone’s different experiences
Well, it depends on what params for risk you actually use. My testing of Forex Steam has shown quite consistent result with a small account ($300). I have been testing it since mid-January 2018 and on average I make about 60-85% per month. Hope soon I will be able to shift to a more feelable deposit size =) The params I used were:
MM = false;
Lot size = Deposit/3000 (manual calculation, not automated with MM feature);
TP = 10;
SL = 50;
Risk = 10;
Retrace exit = true;
Max trades = 1;
Mins before news = mins after news = 15;
Sometimes at the periods with high volatility I enable hedge (enable_hedge = true) and hedge 0,01 pips
This set up has made quite some result for me multiple times. But the biggest thing here is to keep the risk strategy as is! No SL moving, no SL disabling, no more than 1 trade (without hedge). My experience shows that SL is pain in the ass, but this SL can be recovered within 1-2 days. And, of course, it works only with VPS (terminal is up and running 24/5). This is my honest review and if you have questions, you can email me (I will provide the address upon request)
Ok cheers. I appreciate the detailed response.
You mentioned you had a winning strategy with Forex Steam. Would you be willing to share the setting that seem to be working for you?
I just bought the EA last month but haven’t been able to avoid the 90 pip draw downs that are killing me. Any suggestions would help.
Interesting strategy - I’ll give it a back test and see how it goes. I presume you’re running 24/5, yes?
Regarding your risk calculation, you’re actually risking around 17% per trade…that’s pretty high, which is why you’re getting the return you do, but having used Steam (unsuccessfully) for a couple of years now, I can’t help but think that a major loss is just around the corner. But I’ll defer until I do a back test.
Yeah, we called it the Asian strategy, as it was based around trading a basket of currencies just the first few hours of the Asian session, but we’ve gone on to tweaking each individual currency pair.
Our testing and tweaking hasn’t been completed yet (back testing Steam can take a loooong time!), and I am also forward testing the existing setup at the same time (look me up on MyFXBook).
It’s been working well apart from 2 HUGE mistake I made: had a major loss on the 28th Feb (I forgot to turn off trading for the last day of the month - so my fault) and this week some unexpected news caused a huge 20% loss (again, due to Brexit, I should have stayed out of the market for the whole of this week - so again, this was purely my fault).
- Unfortunately it is not possible to back-test Steam =(
- If you do not have a habit to move SL, then stop out will not happen anyway. The most I’ve had was 2 SLs in a row which was painful, bit not lethal and was reimbursed within next week in full. Breaking the strategy with moving SL may and will cause trouble the other day. However, moving SL is a bad idea for 2 reasons: a) you do not know whether the move against you is short or will be 300+ points; b) you are waisting time sitting and waiting for smth like 10-20 points of profit. Useless. It is much smater to acknowledge that you are having a no-longer good trade, rather then sitting and waiting for the price to get where you want it. Long moves and many-points wins need different MM.
Yes, it is possible to back test Steam - you can’t back test using the news filter, as that doesn’t work historically, but Steam itself can be back tested.
I never mentioned anything about moving the SL - I never do that anyway, so I’m not sure what your second point is.
I’ve run a two year back test using your strategy and, yes, there are periods where it works very well (at one point it quadrupled the account), but then it slowly loses over time until you’re back to your starting capital (or less). Over the two years it took just over 900 trades but ended 9% down on the starting capital. Max drawdown was a whopping 87%.
If you’re confident of your strategy, then by all means, carry on, but it’s not one that I will be using.
Thanks Paul. I’ll check out your MyFXBook.
Would you care to share the settings you’ve been using an on which pairs? I’m new to Forex Steam, so any help on settings would be great.
I wanted to email you but couldn’t find an email to take off the forum .
I been using it for a while , it goes really well one week (make 500-800) and then I lose it all the following week .
I wanted to get some pointers from you .
Iam not using VPS ( running off pc ) ? Does that matter if it’s on all the time ?
Does the broker matter ? Their recommend one does not give U.S residents accounts .
Also , which pairs are you using ? All the same parameters?
Hulo traders. Am rashida I would like u to help mi on how to run the steam before I put in my money. I have ever lost money before. So I would like to try anEA that’s friendly. What do u sujjest. Please I need ur help dear ones. How profitable can it be.
I tested this EA for about a month. The developers promised good results, but in fact, the EA brought only losses.
Hi jake ,
What pairs have you used this setup for .
I have been in the cycle of doom , I make money and then few trades take all the profits back .
Max trades =5
Also does the broker matter ?
I don’t use vps, I just keep my pc on . Does it make difference ?
Listen guys, you have to understand that it’s just a robot. You kinda have to tell it whats going on and where to look. When to trade and when not to trade, etc. The same way that oscillators and indicators give false signals, this thing can also get tripped up on a false signal and lose BIG. You have to constantly look out and guide the robot to take high-probability trades. This goes for all robots, not just Steam. If you can do this, Steam will definately work for you. I dont have any evidence to show because I dont care to prove anything, but try it out for yourself and see. Good luck.
Broker def matters. You have to find a broker that keeps the spreads low. This is a scalping robot so spreads must be tight. I would go with Traders Way
Is this successful setting to use?
Since i am new to forex and bought ForexSteam EA just before 3 days, i want any suggestion of the best settings… Do i leave the defaults or anyone can tell me a better strategy setting. Thanks
I stopped using it , my account drained from it . I have tried many setups for the last year and overall it did not work for me .
I recommend you run it on demo with time restrictions to test . Do not leave on default .
Check with your broker for offset time.
Lower your profit pips .
Hopefully you get better results than me .
What pair was the trade ?