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The Forex Night Trader is a product that is sold under the autofxpro.com brand. The developer has also created a MQL5 account where the product is currently selling for $499. The sales page has 1 review and many comments where users basically inquire about the expert advisor. The developer seems to be very active in this forum as well, answering every question that is thrown to them by the inquisitive trader.
The Forex Night Trader is of interest because of its unusual price tag and also the fact that it has attracted a fair attention on the MQL5 platform. It is also important to know that this expert advisor can be ordered directly from the developer’s website.
For the best Forex expert advisors on the internet, visit this list for more information.
The developer of Forex Night Trader tells us that rather than design the algorithm of this EA to follow trends and volatility, they opted to design in such a way that it would detect and trade range-bound markets. That is to say that when the markets are quiet at night and there is not trend or significant volatility in place, the Forex Night Trader will try to identify good entries to make profits.
The developer tells us that 80% of the time the market is always moving in a sideways manner especially at night and that this can give us an excellent way to trade if we have a good approach. The other critical explanation which they are giving is that the Forex Night Trader only trades when there is low volatility and that means it is not affected by sharp price swings.
It can also trade multiple pairs on a single chart at the same time. To earn more consistently over the long haul, the developer has incorporated an advanced price and timing analysis into the algorithm of the robot. However, this does not tell us what trading methodology the robot is using to open positions. Yes, we know that it is looking for low volatility markets at night to try entering the market for quick profits. What is not clear is the kind of trading strategy that it uses to generate these returns.
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Since we are curious and this developer knows that their customer is curious to know more information, they decided to post a couple of screenshots showing how the robot has been back tested since 2010 using real ticks with modeling quality of 99%. The developer believes that the Forex Night Trader passed the hardest market conditions in the last 6 years.
Other than the back tests which we have in plenty on this site, we also have a myfxbook link to confirm whether the back tests are giving the true picture of what would happen if you traded the markets with this Forex robot.
There are a few alleged advantages to using this EA. The developer lists them down as follows:
These are Smart signals detection system, fully automated trading, Smart exist strategy, wide spread filtering, ability to trade multiple pairs at the same time, no conflict with other EAs, compatibility with the MT4 platform and automatic future updates.
A full license goes for a one time payment of $499 but customers can also pay in monthly installments or as a subscription product. If you opt to subscribe, you will access a license for the price of $119 per month. If you opt to subscribe for 3 months, this will cost $249. If you opt for 6 months of subscription, it costs $379.
In addition to that, the developer tells us that the Forex Night Trader can also be used for free if you refer a customer to them. However, the condition for utilizing the Forex Night Trader free of charge is that you have to maintain a $10,000 account balance. This is quite restrictive because most traders who are just starting out don’t have this kind of money at their disposal to trade with.
The Forex Night Trader is not a cheap investment in any way. That means all traders who want to consider it must do their own due diligence to try and determine if it can be the right investment for their needs.
Apart from the back tests that the developer is showing on the homepage, there is a link to their myfxbook account. This is what we want to analyze to see if the Forex Night Trader is able to cope with the demanding nature of the Forex market place.
This myfxbook account has been active since February 2018 and the overall gain is just 20%. Between June and August, this account had been blown up and it appears the developer just had to top up the account in order to continue tracking the performance of this Forex robot on the myfxbook account.
The maximum draw down for this account is 47.77%, which is extremely high and even explains why the robot ruined this account at some point. Clearly the Forex Night Trader isn’t worth the price because in terms of performance, it struggles, and returns are quite minimal besides risking to blow your account.
While it has been making minimal profits across the months, it took a big hit in the month of June where it set back the trading account by some -33% in losses.
We might not necessarily say that it is a scam. However, after analyzing its myfxbook results, we feel that this is a rip off given that the cost of a license as a one time payment is $499, and yet its performance cannot measure up to the promises which the developer is making on the sales page. But we certainly appreciate the transparency that this developer has treated the trading community to. Most developers simply ignore this part because they want to make quick bucks out of a bogus app.
The Forex Night Trader isn’t giving us the kind of results that we want. So we will conclude this review by recommending these Forex trading EAs.
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