Forex Expert Advisors : Nitro-FX by New England Forex Technologies an Unbiased Review

After a suggestion from a fellow trader and receiving several spam emails about the system, I decided to review the nitro-fx trading system developed by the new england technologies company. The expert claims to be a high accuracy trading system being able to produce profitable trades that make 20 to 50% with just a 3% account equity risk per trade. The system trades only once per week and is based on support and resistance trading according to the authors. The following paragraphs will describe my opinion about the trading system based on the evidence provided by the authors.

First of all, the system description claims that support and resistance trading is able to bring immense profits with a small account risk per trade. This can be the case since a support resistance trading style usually aims at big profits when breakouts are produced but fails a lot when false breakouts happen. Another important problem with resistance support systems is that defining them, while easy for a human being in front of a computer, is hard for a computer since the mathematical basis of a support or resistance level is far from “strict”. Up until now, this has proved a challenge for the development of computer based support-resistance breakout systems.

Now, even if they have achieved this very difficult task, they do fail to provide any reliable proof of their claims. The only thing they seem to mention on their sales page are very limited backtesting results (only one year) with no live testing. I mean, it is completely worthless to have a backtest if there is no actual forward testing information to either confirm or deny the realiability of the backtesting results. There is also no point in looking at the backtests since they do not procvide the statements which would be necessary to give a clear assesment about the system’s trading style. In my opinion, the fact that they are ommiting backtesting from 1999 and live testing is a clear indication that non of these two things support their claims.

Well, as for most systems out there, it seems that our friends at new england technologies can talk the talk but fail to walk the walk. Again, some graphs showing some arrows with numbers is no proof of profitability. I can draw arrows and text on a trading chart. We need live account information that can be compared with backtesting as well as extensive backtesting that can show us the perfomance of this system under several different market conditions. Of course, after evaluating their claims and their evidence, I would have to say that this system is definitely NOT worth buying since they absolutely FAIL to provide any reasonable proof of their claims.

If you would like to learn more about how you can evyou too can realize profit in the forex market using automted trading systems with realistic profit and draw down targets please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed this article !

Print Friendly
You can leave a response, or trackback from your own site.

Leave a Reply

Subscribe to RSS Feed Follow me on Twitter!