Night Forex Bot is a 100% automated Forex robot that works on MT4 and MT5 platforms. The EA is based on a preference for night trading, with the aim of trading when the Market is calmer.
Night Forex Bot, in addition to proving its effectiveness and reliability on real accounts, was also tested on backtests (testing on historical quote data) over a longer period of time. Backtests also confirm its reliable work. You can check out their results below.
Night Forex Bot Review
In the fast-paced world of Forex trading, finding an automated solution that can navigate the volatile market with precision is akin to discovering a hidden gem. In this Night Forex Bot EA review, we will discuss the EA which promises to be that rare gem, leveraging its preference for night trading to capitalize on calmer market conditions.
Live performance of Night Forex Bot
The Night Forex Bot EA has demonstrated its trading qualities in the Forex market through two live trading accounts on an independent third-party company - Myfxbook. Over a period of 10 months, the system achieved a remarkable profit of +234.47% on the USDCAD pair and +329.67% on the AUDUSD and USDJPY pairs. The trading curve of both accounts shows a strong upward trend with minimal drawdowns, indicating consistent and stable account growth.
A closer look at the trading graph reveals that the Night Forex Bot EA was able to execute trades without significant fixed drawdown or prolonged downward movements. As a result, the live account curves have shown consistent upward trends, with almost straight lines indicating steady growth over time. The Night Forex Bot's ability to deliver a profitable trading experience over an extended period is a testament to its trading strategy and risk management system.
One of the factors contributing to the success of any Forex robot is backtesting, which assesses the system's potential trading results on historical quotes. The backtest for the Night Forex Bot EA was conducted on the 1H timeframe using the every tick testing model, which is widely regarded as the most accurate method of backtesting based on all available least timeframes. This approach involves testing the system's performance by simulating trades based on each individual tick, thereby providing a comprehensive assessment of its efficacy.
Every currency pair the robot is able to trade with has been tested separately on both Normal and Aggressive modes which was made to confirm the ability of the system to handle any type of trading. The backtest's modeling quality is 90%, which is more than adequate for the Night Forex Bot EA, given that it does not use a scalping strategy. This level of modeling quality underscores the reliability of the system's performance and its ability to generate profits for traders. The backtest was conducted over a period of 7 years, from 2016 to 2023, using historical quotes, providing enough data for a proper assessment of the system's performance. This extended period of testing enabled the system to adapt to various market conditions, providing a more accurate representation of its potential profitability.
*The backtests are taken from the developers’ website
*The subsequent analysis of the adviser is based on live analytics from the Myfxbook website. We’ll go through the pluses and minuses of the trading system as well as the profit and drawdown analysis.
Profitability and drawdown
Night Forex Bot EA is an automated Forex trading system that trades using the three currency pairs on two of its real live trading account. Live trading on both “NightForexBot USDCAD” and “NightForexBot_AUDUSD_USDJPY” accounts of the robot began on the 2nd of August 2022, with an initial deposit of $2000.
Throughout its trading journey, the system has demonstrated remarkable growth, increasing its Myfxbook accounts by an impressive +234.47% on the USDCAD account and +329.67% on the the AUDUSD_USDJPY account. Achieving a maximum monthly compound return of 13.24% and 16.24% respectively and a maximum floating drawdown level of 17.16% and 35.84%, it exhibits good potential for generating substantial profits in the Forex market.
The performance exhibited by the Night Forex Bot EA on real live accounts allows us to draw certain conclusions regarding its future potential. Over the span of 10 months, it has achieved an impressive cumulative gain of 234.47% on the USDCAD account, accompanied by a maximum fixed drawdown level of 13.24%. These statistics suggest an average profit-to-drawdown ratio of approximately 1:1.
Over the course of 10 months, the cumulative gain of this EA on the AUDUSD/USDJPY account has reached even more impressive result of 329.67%. In conjunction with this, the maximum fixed drawdown level has been recorded at 35.84%. These results indicate that the average profit-to-drawdown ratio level is almost 0.9:1. These nembes are quite close to the results of the USDCAD account, which means that the system performs stably on all available currency pairs.
As we can see, the Night Forex Bot EA has consistently and effectively demonstrated its prowess over an extended period of time, showcasing cumulative gains of 234.47% and 329.67%, together with maximum fixed drawdown levels of 13.24% and 35.84%. These achievements serve as a clear testament to the EA's ability to generate profits consistently. However, it is important to bear in mind that past performance does not guarantee future results. While these results may not claim the top spot among trading robots on ForexStore, they undeniably stand out and establish the Night Forex Bot EA as a viable option for traders seeking to maximize profitability while minimizing risks. It is important to note that these results have been achieved through the usage of real live accounts, as opposed to simulations or backtesting.
At the heart of the Night Forex Bot EA lies a sophisticated algorithm carefully designed to identify profitable opportunities during the night trading sessions. By monitoring the market closely, this cutting-edge system seeks to swiftly close orders in profit, enabling the potential for multiple signals to open orders overnight. Even in scenarios where orders are not closed profitably, the Night Forex Bot EA activates an additional algorithm to expedite the closing of orders in profit, mitigating potential losses and enhancing overall performance.
Here are the main features of the robot that make it such an interesting to the traders:
- One of the key tools used by the Night Forex Bot EA is the highly rated Stochastic indicator. Through a thorough analysis process, this indicator contributes to the system's ability to make informed trading decisions. While the EA encompasses four sessions, it primarily engages in trading during the session that best suits the prevailing market conditions. This adaptability ensures that the Night Forex Bot remains agile and responsive to the dynamic nature of the Forex market.
- The robot focuses on trading three major currency pairs: USDCAD, AUDUSD, and USDJPY. By expertly calibrating its strategies to these specific pairs, the EA delivers a tailored approach that enhances trading performance. To account for unexpected market fluctuations, the Night Forex Bot EA calculates the maximum expected drawdown for each currency pair. In the event that this drawdown is exceeded, the EA's loss limitation mechanism comes into effect, safeguarding traders from excessive losses and providing a sense of security.
- Constant commitment to delivering a steady income stream to its users is another important part of the system. With a diligent focus on minimizing prolonged drawdown periods, this robot strives to ensure a consistent and reliable source of profit. By adopting a unique algorithm that selects the most opportune trading sessions based on market conditions, the Night Forex Bot seeks to maximize profitability while minimizing risks.
- Night Forex Bot offers a comprehensive package that includes various benefits. With the purchase, users receive one license for any type and account number, granting them the flexibility to adapt to their trading preferences. Additionally, the ability to change the account number online without limitations provides an added convenience. The EA is compatible with both MT4 and MT5 platforms. Regular free updates ensure that users stay up-to-date with the latest advancements in algorithmic trading, while professional support is available 24/7 to address any queries or concerns. Detailed instructions for setting up the EA enable even novice traders to quickly integrate this powerful tool into their trading arsenal.
- Night Forex Bot EA is not only confident in its capabilities but also backs its product with a generous refund policy. During the first 30 days after purchase, a full money-back guarantee is provided.
In this trading analysis we will be focussing on the live trading of the Night Forex Bot EA on the USDCAD account, as the system trades quite similar on both account and so there is no need to analyze all of them separately.
Upon closely examining the live performance graphs of the Night Forex Bot EA, it becomes clear that the system uses a trading strategy known as grid Martingale. This strategy involves increasing the trade size for the next trade after experiencing a loss in a specific currency pair. The Night Forex Bot EA repeats this process up to 5 times during live trading in an attempt to recover from previous losing trades.
Interestingly, the system does not use lot-size multiplication for the winning trades and also does not group those trades as grids, having them as separate winning trades. This indicates that the Martingale pattern is used solely for the recovery process after a losing trade. By refraining from multiplying the lot size for winning trades, the system reduces the potential risk of incurring larger losses in the event of a prolonged losing streak.
As shown in the previous screenshot, the initial lot size for the trades on the USDCAD account is 0.10. And the pips taken in each trade usually 15.0. These number are different on the other account, but hte idea is the same. This means that the system has a pre-set default settings for the initial trades.
Also, it is obvious if look closely on the trading history of the robot that it does not use compound interest through the time, because the initial lot size have not been changed since the very beginning of live trading of the Night Forex Bot.
In the past 10 months since its inception, the Night Forex Bot EA has executed a total of 380 trades. On average, this translates to approximately 38 trades per month, equivalent to at least 1 trade per day. Moreover, the system's performance is noteworthy, having a win-loss ratio of 74% to 26%. This shows that the Night Forex Bot EA has demonstrated a higher frequency of successful trades compared to unsuccessful ones, underscoring its capability to generate profits.
The trading activities of the Night Forex Bot EA frequently cover time range from 20 minutes to 1 day, showcasing its flexibility in responding to dynamic market conditions. However, the average duration of trades typically falls within the range of 1 hour to 5 days, highlighting the system's adeptness at seizing opportunities within medium-term timeframes.
Interestingly, this duration range is where the Night Forex Bot EA tends to make the most profitable trades. As demonstrated by the graphs in the following screenshot, most of the trades that remain open in the market for more extended periods eventually become losing ones.
In conclusion, the Night Forex Bot EA is a Forex robot that has shown impressive results over a period of 10 months on a real live trading account, generating a profit of 234.47% and 329.67% on different accounts starting from an initial deposit of $2000. The Night Forex Bot EA trades using the USDCAD, AUDUSD, and USDJPY currency pairs on MetaTrader 4 and MetaTrader 5.
Night Forex Bot EA presents a remarkable solution for traders aiming to seize opportunities during night trading sessions while effortlessly maneuvering through the market. It uses precise strategies to maximize gains in calm market conditions. With a ceraful approach to risk management, personalized currency pair strategies, and an unwavering dedication to user contentment, Night Forex Bot EA empowers traders by providing a steady income and unmatched trading expertise.
As previously stated, the Night Forex Bot EA satisfies all the necessary criteria and possesses all the essential characteristics of a top Forex robot. The cost of the robot remains reasonable. The Night Forex Bot EA has been awarded a maximum rating of 5 out of 5 stars in this regard.
The robot has achieved average profit-to-drawdown ratio of 1:1 on both accounts. This result is enough for the EA to be awarded maximum rating of 5 out of a possible maximum.
The system has all the necessary statistics and backtests, providing additional confidence in its trading abilities. With 10 months of live trading data and a maximum of 7 years of backtesting, the robot has exceeded the minimum requirement, receiving 5 out of 5-star rating in these two aspects.
Regarding my opinion of this trading system, I hold an optimistic view. The Night Forex Bot EA has demonstrated its strength as a successful contender in the market, offering a lot for traders while maintaining a strong focus on security. I have awarded the system a rating of 4.5 out of 5 stars. However, it should be noted that the system utilizes the Martingale strategy as its primary winning algorithm, which in certain situations may pose a risk. But the system has proven its ability to manage this strategy effectively.
At the moment of writing the review, the automated rating system of the ForexStore rated Night Forex Bot EA with 9.5 points out of 10 which is in my opinion a well-deserved mark. This Forex robot deserves the mark because the system is profitable and reliable at the same time. I hope this helps you, traders! I wish you profitable trading and luck on the market!