FX Nitro Review
Note: See my test results and recommendation at the bottom of this review.
Fx Nitro was developed by some programmers and has been sold by someone called Johnny Livermore since August 2009. You actually get three robots: Two operate only in the EURCHF on the 5 minutes timeframe, while the third one (see below) operates on the EURGBP on the 15 minutes timeframe. They have profit targets of only 9 pips and stoplosses of 36 pips.
Unfortunately the domain of FxNitro, fxnitro.org, has not been renewed and following the FxNitro-link brings the following message to your screen:“I’m afraid FXNitro is not returning the results we would like provide to you; therefore, we will be temporary closed until we come up with new and better version. Current customers will have continued support from us. We will be directing you to our favorite forex program…”. You are then re-directed to the webpage of Forex Revolution. He makes no promises to prospecting clients, but claims a 99.75% accuracy and a profit factor of 44.3% trading with this robot.
Credibility of vendor of FXNitro
He supports his claim by an updating forward test statement from a live account, revealing the following: 92 trades in the EURCHF pair from the 3rd of January 2009 to the 1st of September 2009, making $13003.50 profit in a $10,000 account. Of these 92 trades only one was negative. Very hard to believe, but this is what the screenshot shows!
He claims that the average consecutive wins of this robot is as high as 371 trades. In another account a profit of 1000% profit in one month is shown. Some independent test shows accuracy of 93%+. Backtest summaries are provided as well to support the claims.
How does FXNitro work?
The FXNitro Main EA + Fractal Edition are trading in the EURCHF pair on the M5 timeframe, while the Low Frequency robot is trading EURGBP on M15 timeframe. The main FxNitro robot has 7 different strategies and each of these has its own set of indicators (in total up to 50 indicators, plus some custom indicators). It opens up to 5 trades at the same time. Trades are exited with fixed targets and stoplosses.
Other features of FXNitro
Risk management:
The EA has a built-in risk management system, but the sizes of the lots can also be determined manually to bring them in line with balance percentage risk levels. The default settings do not accommodate ECN brokers which require market orders. FX Nitro has a special moving-average stop-loss algorithm, which means that it is the moving average of the pair that triggers the stop loss, not the prices. Other settings for stoploss, targets (Take Profit) and breakeven are available.
The FXNitro package
For $147 you get three robots:
- the FXNitro EA (one compiled .ex4 file + 3 custom indicators)
- the FXNitro Low Frequency EA (one compiled .ex4 file + 1 custom indicator)
- the FXNitro Fractal Edition EA (one compiled .ex4 file)
Then you also get the following supporting material:
- a 47 page PDF installation guide
- a 26 page PDF user guide
- preset files for different brokers
- some bonus material
Guarantee: 30 days money back guarantee.
My FX Nitro Test Results and Conclusion
I was quite excited about the FX Nitro product when it launched, but I was very disappointed by the way it turned out. The EA quickly started making large losses and after 2 months of testing my account was down by 44%. The original owner of the product also sold it to someone else and bailed out on his customers.
See my testing stats and account statement on the Forex Robot Testing page. Based on my own test results I wouldn’t recommend this product to anyone and would definitely suggest that you focus on one of the robots on my Top 5 list or subscribe to my weekly robot testing newsletter.
