Hi everyone, hope you are enjoying your holidays! I want to talk about a Forex system that has been around for quite some time now. This is called Forex Steam. Apparently from the webpage they have just released version 5.2. which now has a
news filter!
The Facts:
>This trades the Eur/Usd
>Take profit is currently set at 10 pips
>
Stop loss is set at 20 pips.
>Tries to follow the trend!
>The light version trades M5 and the normal version trades M30
.
You get 4 licenses which can be used for either Demo or Live Accounts (these can be changed and updated at any time)
I saw this excerpt on the webpage.....very nice to see indeed
"Make sure not to trade on Holidays. Historically our EA’s have had difficulty in the trading period between December 16th to the 1st of January. We are hoping this year that our recent updates, including the news filter will thwart any potential losses. We advise all our users to take extra precaution and potentially suspend live trading."
"The strategy for Forex Steam is based on market matching. Which means the EA calculates the current trend and then attacks it looking for sharp entry points at the start of the trend and build upon this as it rises. With this in mind we recommend that you use DEFAULT settings. We will change the settings and email you updates when needed. If you feel comfortable enough with the EA we do urge you to test and tweak it to the best of your abilities."
The are a couple of things I really like about this EA. For one the system trades with a tight SL and a realistic take profit. The risk to reward is not as good as say
FGB(which is a different strategy altogether), but for a scalper it is quite good. Also the new version contains a news filter and should help keep DD to a minimum.
The vendor account was doing quite well but I could not verify if it was a demo account or a real money account.
The cost of this system is $117.99. This includes a licence for use on 4 accounts.
