The Waiting Night EA is a fully automatic EA is designed to trade during quiet hours and uses pending orders to execute trades on 12 different currency pairs. With its customizable settings and built-in risk management techniques, the Waiting Night EA aims to provide traders with maximum performance while minimizing risk. In this article, we’ll take a closer look at the strategy, features, and settings of the Waiting Night EA to help you decide if it’s the right tool for your trading needs.
Waiting Night EA Strategy
Waiting Night EA is a fully automated Expert Advisor designed for the Forex market to trade during quiet hours, specifically at night. It uses a scalping strategy that involves placing pending orders at specific price levels. This strategy involves making a large number of trades within a short period of time, often holding positions for just a few seconds to a few minutes.
The EA trades on multiple currency pairs, including USDCAD, USDCHF, USDJPY, EURCAD, EURCHF, EURUSD, EURGBP, EURAUD, GBPUSD, CHFJPY, AUDCAD, and AUDUSD. Waiting Night EA runs on the MT4 and MT5 platforms on the M5 time frame.
Waiting Night EA does not use any risky trading methods such as averaging orders or martingale. It is designed to close all trades within 3-5 hours and comes with stop-loss and take-profit orders, as well as a limit on the lifespan of each trade. The EA is recommended by the developer for traders with a starting capital of at least $100 to trade 0.01 lots on all 12 currency pairs on the list.
One of the weaknesses of the scalping strategy used by the Waiting Night EA is that it may be susceptible to high spreads and slippage, especially during volatile market conditions. This can result in trades being executed at less favorable prices than intended, leading to potential losses. Additionally, since the EA operates during quiet market hours, it may not be able to exploit larger market movements that occur during more active trading periods.
The Waiting Night EA is worth considering for traders who are looking for a night scalper EA to automate their trades during the night. Traders should demo test and apply appropriate risk management settings before using with real money to mitigate risk. It is important to be cautious when trading and only trade with what you can afford to lose.
Waiting Night EA Features
- Fully automatic Expert Advisor for the Forex market
- Trades during quiet hours using a night scalping strategy
- Compatible with MT4/5 platforms
- Uses pending orders to reduce slippage
- Does not use averaging orders, martingale or other dangerous trading methods
- Trades 12 currency pairs including USDCAD, USDCHF, USDJPY, EURCAD, EURCHF, EURUSD, EURGBP, EURAUD, GBPUSD, CHFJPY, AUDCAD, and AUDUSD
- Trades comply with FIFO rules
- Built-in volatility filter optimized for each currency pair
- No news filters used
- One chart function to trade all supported pairs from a single chart
Waiting Night EA Settings
- Live mode: This setting allows traders to specify which mode will be used in trading. There are two options: Live and Test.
- Entry Type: This setting allows traders to choose how to open trades. The two options are market orders or limit orders.
- Magic: The Magic setting is used to identify trades opened by the EA. Traders can set any number for all pairs, as long as it does not coincide with the magic number of other experts.
- Comment: This setting allows traders to specify any comment that is convenient for them to recognize trades in history.
- GMT: Traders must specify the broker’s winter time.
- DST: Traders must specify the DST of their broker. If they do not know how to set the GMT time correctly, they can contact the developer for assistance.
- Lot type: This setting allows traders to choose between a fixed lot or automatic lot calculation.
- Lot Calculation Balance/Equity: If automatic lot calculation is selected, traders must specify whether the lot is calculated by balance or equity.
- Lot fix/Lot per balance/equity: If the lot is fixed, traders can specify a fixed volume. If the automatic lot is selected, they can specify the lot for automatic calculation.
- Amount of the balance/equity to increase the lot: If the lot is automatic, traders can specify the step to increase the lot.
Waiting Night EA Summary
In conclusion, the Waiting Night EA is a reliable and efficient night scalping Expert Advisor that traders can use to trade on the Forex market during quiet hours. It is able to trade on multiple currency pairs simultaneously.
One of the weaknesses of the scalping strategy used by this EA is that it may require a higher level of monitoring. Since the trades are executed quickly and in high volume, it is important to closely monitor the trades to ensure that they are performing as expected and to adjust the settings as necessary.
The Waiting Night EA is worth considering for traders who prefer a night scalper EA and are comfortable with the risk involved in using the expert advisor. Traders should always apply good risk management settings and demo test the EA before trading with real money.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
