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Night Owl EA is a Forex platform that trades during the quietest times of the market. The program trades in the Asian session where the markets are ranging, and this makes it perfect for scalping systems looking for small market movements. During this time, any large fluctuations result in drawdowns and stop losses.
The night owl scalper is a product of the Forex EA Solutions company and was developed by Wim Schrynemakers. The company promises Night Owl EA survives strict high-quality backtests with the real variable spreads, commission, and random slippage at 99% tick quality.
With these robots, members should expect to get a high success rate than using manual traders or even crypto trading brokers.
Records indicate that the recommended cryptocurrency trading robots make over 85 percent in ROI.
And that means the robots will hit the set target with ease unlike humans who are prone to errors and performance issues.
These recommended robots are best in class and offer investors the best way of investing in crypto and volatile markets.
The robots have been tested and proven to offer the best in terms of accuracy and overall efficiency in terms of crypto trading.
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Want to get the best out of crypto trading? You need to get support from reliable staff members all the time.
That’s why our recommended list of forex trading robots have without a doubt offered users the much needed 24/7 support.
By processing immense amount of market information, users get a more accurate setting of the market prices and product status. The bots identity market conditions such as volatility and help traders make informed decisions.
One of the key benefits of using automated bots is time. The trading process is completely automated thus making it hands-free. You can also set your preferred parameters before moving on. Traders don’t have to constantly conduct market analysis.
Traders can run multiple accounts using robots and thus, increase the trader’s portfolio diversification. You get to run multiple accounts and strategies and benefiting from robots that do all the heavy lifting.
Manual trading creates a lot of errors especially those related to currency pairs, execution price, and position size. Algorithmic trading helps keep such issues out of bay as the bot have a more accurate sense of taste for the market.
Additionally, the system has proven live results with several different brokers. It trades on 11 pairs to spread risk and is fully automated. On top of that, it uses to take profit and stop loss management to minimize losses.
This company seems stable. However, they do have a few worrying loopholes, and this makes it hard for us to trust the product and recommend it to you wholeheartedly. Our advice is that you stick to the tried and tested Forex trading systems that exist.
You should only use the best Forex robots in your financial ventures. They will give you the best environment to safeguard and grow your funds.
Night Owl EA Review
As mentioned, Night Owl EA is a night scalper that trades during the quietest times of the market. The process is automated to ensure traders do not miss out on trades. Additionally, the platform trades in all currency pairs to ensure profitability.
Forex EA Solutions claims that the program has proven to be stable since 2007. Additionally, it has survived strict backtests, making it ideal for traders.
The parameters considered in this Forex robot include max spread, max slippage, range size, trailing stop loss, take profit, break-even, time filter, and many more.
These are very many parameters to consider. It is left to the users to figure out what works for them. They can modify the system to fit their needs.
The program was first published on 26th May 2017. Its last update was on 20th April of 2018, and this is a cause of concern. Market setups are always changing. Therefore, a trading robot must be regularly updated so that it is up to date with market strategies.
Scalping is generally an effective method of trading as it happens when markets are slightly stable. The price often moves with a narrow horizontal channel, which lies at the Forex robot’s principle.
However, a 99% accuracy level rarely happens in the market. Volatility is always present, no matter the time. Therefore, we feel this is a very high accuracy level the company promises. They have not left room for the occasional losing trades, and this might be a marketing strategy meant to attract clients onto their platform. Ensure you always do thorough research before trusting a company no matter what they promise you.
Night Owl EA Product Analysis
The Night Owl EA robot is developed for the M15 time frame. It shows the best results with the EURUSD, GBPUSD, and the AUDCAD currency pairs. However, it does work with other currency pairs.
This Forex robot is priced at $290. It is one of the most expensive Forex robots that exist. Additionally, clients can access the product every month. The price for a 1-month license is $50. Moreover, you can pay $100 for three months and $150 for six months of usage. None of these subscription prices makes any sense as they are very close to the lifetime price.
Potential clients can test the system on a free demo account. Always take this option as it gives you an insider’s look at the working of an order.
How Night Owl EA Works
Each trade is given an initial stop loss and take profit. Additionally, the EA uses advanced stop-loss management algorithms to evaluate the strength of businesses and closeout early if necessary. It ensures the robot minimizes losses for the clients.
Night Owl EA works on all pairs that have stable spread and quiet moves during the night. But, it is programmed to handle more significant ranges without too much loss of performance.
Additionally, the robot has a spread filter and slippage filter to prevent trades being opened in markets that are moving too volatile.
This approach is exciting. However, it would still require perfect execution for it to work. Clients always need to set up the working parameters, and this might be the hardest part. Therefore, this strategy is no guarantee that you will be profitable.
Customer Support and Regulation
Customers can contact the company by filling out a contact form found on the Forex EA Solutions website. The firm does not reveal how long it takes them to respond to customer complaints.
In terms of regulation, the company does not feature any regulatory license. There are many risks involved in investing in unregulated companies. Regulatory bodies keep companies in check to ensure they are not running illegal operations.
Moreover, it is a legal requirement that a firm provides details of the bank they will use to safeguard the client’s money. Unfortunately, this firm does not provide this information, and this means that the firm cannot assure you of your fund’s safety.
Furthermore, it means that this firm has chosen to ignore regulatory laws. You cannot trust a company that operates in this manner because if they are closed by the law, you will fall with them.
Trading Results
With regards to trading performance, the firm provides several backtests showing the production from 2014-2017. While these results are impressive, they do not share much information about the robot’s performance in 2019, and it is a cause of concern. The company is lagging in terms of providing recent results.
Past performance is never a guarantee for future performance. Therefore, this firm needs to provide results showcasing the recent performance of the Night Owl EA robot. Even more so because the company rarely updates the bot. It might be outdated in terms of new strategies emerging in the market.
Customer Feedback
The Night Owl EA software has several customer reviews on MQL5. Most of the customer feedback is positive. However, some of the clients have complained that the robot was losing too much that they stopped using it. This just goes to show that past performance cannot be taken as a guarantee for future performance.
Ensure you only invest in trading software that has a positive performance even in recent times. Additionally, make sure you are using a Forex robot that is updated regularly. It is the only way to ensure the robot maintains a positive performance record throughout.
Final Verdict
While this Forex robot might be legit, it has a few loopholes that make it hard to recommend. First, they have not provided any licensing from a regulatory body. It means they are operating illegally.
Moreover, this bot is rarely updated, which may lead to losing trades. There is no justification for high charges; this firm asks for this robot.
For these reasons, we do not recommend this robot to you. Our advice is that you stick with the best Forex trading robots that have proven performances and operate in full transparency. Only such companies can give you consistent returns.
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