We provide strong evidence of the spin-nematic state in a paradigmatic ferro-antiferromagnetic J_{1}-J_{2} model using analytical and density-matrix renormalization group methods. In zero field, the attraction of spin-flip pairs leads to a first-order transition and no nematic state, while pair repulsion at larger J_{2} stabilizes the nematic phase in a narrow region near the pair-condensation field. A devil's staircase of multipair condensates is conjectured for weak pair attraction. A suppression of the spin-flip gap by many-body effects leads to an order-of-magnitude contraction of the nematic phase compared to naïve expectations. The proposed phase diagram should be broadly valid.