This review of the Night Owl EA highlights some of the most interesting aspects of the Forex robot. We will also look at reasons why we don’t believe in Night Owl as the ideal expert advisor to invest in. First, it is priced at $250 per license, which is on the higher side considering that most expert advisors for trading Forex are priced below $200. On the other hand, the concept sounds quite promising as this robot trades in quieter markets as explained on the sales page. In fact, the Night Owl EA is a scalper that looks to trade during the NY close on the charts. The sales page also informs us that for every trade, the expert advisor uses strict stop loss mechanism to control losses. In addition to this, the Night Owl EA uses adaptive take profit and stop loss and trades up to 11 pairs in order to spread risk.
The vendor, who is called Forexeasolutions informs their audience that this expert advisor has shown its stability since the year 2007. It is important that vendors who make such statement should automatically provide proof to support what they are claiming through myfxbook or any other third party statement sharing websites. Without this proof, their claims hold no water at all and some informed buyers might even decide otherwise because there is simply no reason to spend $250 on a Forex robot that has no demonstrated results.
The only thing that they can produce as proof that this EA is stable is their back test with 99% tick quality. This is a very common marketing method among the Forex robot vendors in the market. The only thing that we liked about this robot is that the vendor is providing unlimited licenses on one purchase. However, they did not state whether there are frequent updates which are often done for free. Having said so, we would like to introduce you to our top Forex trading robots on this platform. These robots trading performance is verified and we have no doubt that they work as claimed by their respective vendors. If you are looking for a good Forex robot, our safest bet would be to sign up with any of those trading products.
Forex EA solutions is the company that is in charge of this Forex robot. They also have other trading products too which they are selling on their official website. These include Swing Trade Pro, Momentum EA and Advanced Scalper. It appears that they have quite some development experience in the industry as they have successfully managed to program a couple of other trading robots apart from the one we are reviewing now, the Night Owl expert advisor.
The developer is also focusing on providing other services as well which include expert advisor development, system optimization, EA testing, Market analysis and even trading signals. They also claim that their goal is to build EAs that will provide stable profits to their users. However, the developer does not say who they are or even where they are located. It would have been nice if they added this info on their website because a lot of buyers are always looking for this info before they can push the buy now button. It also adds credibility to their project.
Now, according to the explanation which has been provided on the sales page, the Night Owl EA works at night and it is a scalper. However, the developer did not go into the specific details such as how the robot makes entry and exit in the Forex market. They are also using a general trading methodology ”scalping” rather than going into the details to explain how the robot actually scalps the Forex market. Traders want to learn the mechanics of this robot and how it executes its business. Without this information, the robot will suffer low credibility as most consumers who are aware of Forex expert advisor also want to know how the product they are purchasing works.
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Also, for the price of $250, we expect to have full details of the product. This is somehow a challenge for most developers because most of them release trading products but fail to elaborate their trading strategy or the kind of algorithm that they have included in the trading software. The only information that we have at the moment is that this robot trades 11 pairs which include EURUSD, USDCHF, GBPUSD, USDCAD, GBPAUD, GBPCAD, GBPCHF, EURCHF, EURAUD, EURCAD and AUDCAD.
The developer of Night Owl EA is providing back tests of the robot rather than providing or linking their sales page with their myfxbook account. Back tests are not very reliable these days. In the old days, vendors could get by with back tests and even make a lot of sales. But things have since changed and vendors are required to use third party statement sharing platforms like myfxbook. It is easy to create an account here for purposes of testing a robot even on a demo account. So lack of verified trading performance is a big fat blow to the team behind this robot. They will need to come up with another strategy in order to convince buyers that the robot can produce similar results to the ones we see on its back tests.
There are no user reviews yet except reviews from industry blogs which discuss the robot in general. We would like to see real reviews coming from real users. This might happen when the robot becomes a popular product. At the moment, we just don’t see how sales will increase if real user endorsement is lacking.
We would have preferred that the developer elaborate the trading strategy of this robot in an in depth way. We also think the price tag is a bit high. And of course no trading performance has been offered. We believe this robot can’t join the league of good robots.
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