Fly Higher Nova is an automated trading software that promises to grow your capital in a short span. This ATS claims to be a powerful software that has enabled thousands of traders to achieve profits. Working on any currency pair, this FX robot assures traders of a simple setup and convenient trading environment. The company is located in Sri Lanka and has been offering its services since 2016.
We can find the location address, registration number, and phone contact provided on the official site. The vendor also offers an online contact form for queries and complaints. However, there is no info on the developer or team behind this FX robot. This EA will cost you anywhere between $320 to $500 as per the info on the site which mentions it as a discounted offer.
Free updates for 12 months, 24/7 technical support, video tutorial, and user manual are the features available with the package. A refund offer is present wherein the company offers a money-back if you return the product within 2 days. The offer looks suspicious and lacks credibility.
As per the vendor, the EA places trade orders automatically and it works on any currency pair. The trading is done using special calculations and the SL and TP levels are updated based on the specific trading approach the EA uses.
The vendor claims that no prior experience is needed for using this ATS and 24/7 support is present to address user queries and complaints. However, we could not find details on the timeframe, recommended balance, the leverage to use for the trades, and other related features. The lack of info raises a red flag. It makes us suspect the dependability of the EA.
Fly Higher Nova Trading Approach
The trend-following approach is used by this FX EA. It claims to have automated updates for the SL and TP settings and a trailing mechanism too. You can allow the EA to change the lot size based on the deposit you make or you can opt for the fixed values. There is no further explanation of how the approach is used to gain the high performance this MT4 tool assures. Since the trading approach is a vital part of a trading system, the lack of info regarding the strategy makes the system look suspicious.
No backtests are present for this EA. Strategy tester reports are sought after by most traders to test the efficacy of an expert advisor. Although it is a known fact that historical data-based testing is not predictive of future performance, traders still rely on backtests to make an informed decision. The absence of backtests is another shortcoming of this FX robot which makes it look unreliable.
Fly Higher Nova Live Trading Results
The vendor does not provide trading results verified by reputed sites like myfxbook, FXBlue, and FXStat. Instead, there are user testimonials showing screenshots of trading results posted by users on the Telegram channel of the EA.
While the company has been in operation since 2016, it is puzzling as to why they don’t have verified results yet. This is another glaring downside that raises our doubts regarding the dependability of the expert advisor.
What are The Risks With Fly Higher Nova?
From our analysis of the support, trading approach, and performance offered by this FX EA, we find that it is not a reliable trading platform. Here are the reasons for our assessment:
- Lack of explanation of the trading approach
- No backtesting results
- No verified trading results
User feedback is not present for this FX EA on reputed sites like Forexpeacearmy, Trustpilot, MQL5, etc. The absence of user reviews makes us suspect that this is not a popular system as the vendor claims.
What are the Pros & Cons of Investing in Fly Higher Nova?
|Automated trading software
|The trading approach is not explained
|More than 5000 active users
|No verified trading results
|No backtest report provided
|Odd refund policy
While the vendor boasts of a huge user database, the lack of verified trading results and absence of backtesting indicate this is not a trustworthy FX robot.
Fly Higher Nova Conclusion
Fly Higher Nova is an FX robot that promises a minimum of 20% returns per week. Our analysis of the trading strategy and performance indicates this is not a reliable EA. The vendor provides numerous testimonials where users post their trading results. But there is a high chance of these results being manipulated. This is the reason we look for results verified by reputed third-party sites like myfxbook. The expensive price and lack of user reviews further confirm our suspicions of the unreliability of this FX advisor.