Forex Nightfox

Donna’s Review:

Ease of Use:

Control of Risk:

Customer Support:

Overall Rating:

This EA has been on test since 2 November with an update to version 2.6 on the 7 December. After an initial sharp fall it made steady gains over the next 3 weeks however these gains are rapidly being lost at present (we were late with upgrading to the latest version at the start of December since we missed the email/did not receive it). It will be interesting to see how version 2.6 trades.

Forex Nightfox will run on a $500.00 account as a minimum although the Night Fox creators recommend $1000.00 – $1500.00 accounts. The settings recommended by the vendor are the default settings (check GMToffset though and the startbalance setting) and installation of this robot is a fairly easy process with the self installer. It is important to set this robot to the correct GMToffset as Night Fox is very time sensitive. The manual gives the broker offset for many of the most popular brokers. It is crucial that you take note of daylight saving time because of this issue.

My main criticism with this robot is that it is “yet another” asian / pre-asian session scalper. What’s more most of its trades take profit at either 1 pip or 4 pips, which will render this robot very broker sensitive on live accounts. Unless our demo therefore shows pretty exceptional performance i would be very nervous about trading this live. As with all robots in this category, Nightfox also employs a large stoploss, a stoploss which as i type this is having some impact on our results. Note that reducing stoploss values on these styles of robots does not solve the problem but very often merely increases the rate of losing trades.

On a positive note, i have found support for Forex Nightfox to be good and the vendor friendly and approachable. I have also received a few testimonials via email from people saying they have had some success with this robot. This again is a common theme with this style of robot. If you happen to have access to better price feeds than the average retail trader (perhaps for instance on FXCM’s active trader account?) then you may wish to give this one a go, spreads willing (even with a spread of 2 pips it still looks quite risky from here).

Update 4 February 2010

Forex Nightfox has made an 18% overall profit since it went on test 10% of that since Christmas making only one significant loss over that period of  $262.68 the total profit this year is $426.81.

Update 21 April 2010

We have decided to put Nightfox on to a live account due to it’s performance on a demo account.  View Stats Here