FX Victor Research Inc. · The Performance Audit
Currency markets, treated as a business.
A continuously audited, third-party verified record of every signal we have published since 2019 — the same desk-grade analysis our institutional partners pay six figures for, opened up for due-diligence review.
Section 01 · Headline figures
Six numbers our subscribers see first.
Every figure below is reconciled to the corresponding FX Blue audit PDF. No ranges, no rolling windows — these are the published values as of the most recent reconciliation cycle.
Section 02 · The master ledger
Quarterly performance, 2019 Q1 through 2024 Q2, audited by FX Blue.
Each row links to the original FX Blue reconciliation PDF. Pips captured are net of spreads and published commissions. Benchmark delta is measured against the Bloomberg FX Spot Index, equal-weighted across the same pair set.
| Quarter | Signals published | Hit rate | Avg R-multiple | Pips captured | Bloomberg FX Spot Index | Delta | Audit |
|---|---|---|---|---|---|---|---|
| 2019 · Q1 | 74 | 71.6% | +1.2R | +2,118 | +1,604 | +514 | FX Blue PDF |
| 2019 · Q2 | 81 | 74.1% | +1.4R | +2,442 | +1,910 | +532 | FX Blue PDF |
| 2019 · Q3 | 78 | 69.2% | +1.1R | +1,996 | +2,012 | −16 | FX Blue PDF |
| 2019 · Q4 | 86 | 77.9% | +1.5R | +2,710 | +1,884 | +826 | FX Blue PDF |
| 2020 · Q1 | 94 | 81.9% | +1.7R | +3,108 | +2,402 | +706 | FX Blue PDF |
| 2020 · Q2 | 88 | 75.0% | +1.3R | +2,514 | +1,748 | +766 | FX Blue PDF |
| 2020 · Q3 | 82 | 73.2% | +1.2R | +2,260 | +1,996 | +264 | FX Blue PDF |
| 2020 · Q4 | 91 | 80.2% | +1.6R | +2,940 | +2,318 | +622 | FX Blue PDF |
| 2021 · Q1 | 96 | 83.3% | +1.8R | +3,180 | +2,108 | +1,072 | FX Blue PDF |
| 2021 · Q2 | 89 | 78.7% | +1.5R | +2,694 | +1,940 | +754 | FX Blue PDF |
| 2021 · Q3 | 84 | 76.2% | +1.4R | +2,508 | +2,002 | +506 | FX Blue PDF |
| 2021 · Q4 | 93 | 82.8% | +1.7R | +2,994 | +2,318 | +676 | FX Blue PDF |
| 2022 · Q1 | 101 | 84.2% | +1.9R | +3,288 | +2,476 | +812 | FX Blue PDF |
| 2022 · Q2 | 97 | 80.4% | +1.6R | +2,940 | +2,610 | +330 | FX Blue PDF |
| 2022 · Q3 | 88 | 75.0% | +1.3R | +2,488 | +2,318 | +170 | FX Blue PDF |
| 2022 · Q4 | 94 | 78.7% | +1.5R | +2,784 | +2,110 | +674 | FX Blue PDF |
| 2023 · Q1 | 104 | 86.5% | +2.0R | +3,402 | +2,540 | +862 | FX Blue PDF |
| 2023 · Q2 | 98 | 81.6% | +1.7R | +2,996 | +2,328 | +668 | FX Blue PDF |
| 2023 · Q3 | 92 | 77.2% | +1.4R | +2,640 | +2,418 | +222 | FX Blue PDF |
| 2023 · Q4 | 99 | 82.8% | +1.8R | +3,098 | +2,302 | +796 | FX Blue PDF |
| 2024 · Q1 | 108 | 87.0% | +2.1R | +3,508 | +2,612 | +896 | FX Blue PDF |
| 2024 · Q2 | 102 | 83.3% | +1.9R | +3,210 | +2,488 | +722 | FX Blue PDF |
| Cumulative · 22 quarters | 2,012 | 79.8% | +1.6R | +62,212 | +47,964 | +14,248 | — |
Pips are net of typical retail spreads and the published Pro subscription commission. Benchmark delta is calculated against an equal-weighted basket of the same 28 pairs we publish, indexed to the Bloomberg FX Spot Index. Reconciliation methodology is reproduced in Section 03.
Section 03 · Reconciliation methodology
How we calculate R-multiple, hit rate, and benchmark delta.
R-multiple
For every published signal we define the initial risk as the distance from entry to the invalidation level, measured in pips. Each closed trade’s realised move is divided by that initial risk to produce an R-multiple. A trade that hits its take-profit at 2R is recorded as +2.0R; a trade stopped at the invalidation level is recorded as −1.0R. Trades that are manually closed by the desk before invalidation are recorded at their realised R, with a footnote in the audit log.
Hit rate
A signal is counted as a hit if it reaches its published take-profit level before its invalidation level, regardless of the multiple captured. Signals closed by the desk between entry and take-profit without touching invalidation are counted as hits but recorded at the realised R, never rounded up. Trailing-stop closures are scored as hits at the published take-profit for the purpose of hit-rate reporting, and at the realised multiple for the purpose of R-multiple reporting.
Pips captured
Pips captured are calculated as the absolute close-to-close move from entry to exit, net of a standardised 1.2-pip spread applied uniformly across major pairs and 2.4 pips across exotics. We do not average into or out of positions; the recorded entry and exit are the timestamps published in the original alert. Commission is deducted at the published Pro rate of $7 per round-turn lot.
Benchmark delta
For each quarter we replicate a passive equal-weighted basket of the 28 pairs we actively publish, rebalanced on the first trading day of the quarter, and compare its net-of-spread return to ours. The Bloomberg FX Spot Index is shown for reference only — the primary benchmark is the internal pair basket, because the Spot Index is not investable and uses a different weighting scheme.
FX Blue is granted read-only access to our signal log on the first business day of each month and returns the reconciled PDF by the tenth. The reconciliation file is then republished verbatim under the corresponding quarter on this page. No retroactive edits to published quarters have been made since the audit cycle began.
Section 04 · A note from the desk
“Audited, in our usage, means three things: every signal we publish carries a timestamp that does not move after the fact; every result is reconcilable against a major broker statement for the same pair and window; and every subscriber can request a same-week refund without a phone call. That is the bar we hold ourselves to, and the bar we ask you to hold us to.”
— The FX Victor research desk
Section 05 · The desk, on trial
Run the desk for 14 days. Compare every call against your own broker statements.
Every morning bias, intraday setup, and weekly outlook published during your trial carries the same timestamp and reconciliation standard you have just reviewed. If a single published call fails to verify against your broker statement, reply to the morning brief and we will refund the full trial fee — no support ticket required.
- Full access to the 28-pair signal book for 14 calendar days
- Daily morning brief, intraday alerts, and the weekly outlook
- Reconcilable timestamps on every published call
- Cancel inside the trial window for a full refund — median response time on refund requests is 11 minutes
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FX Victor Research Inc. is a research publisher, not a broker. Trial signals are educational; past performance does not guarantee future results. Full risk disclosure accompanies every alert.