The FX Phantom is yet another product from the house of William Morrison, famous firstly for Million Dollar Pips (MDP) in 2011. This time he’s offering up a fully automated signalling service via a trade copying EA. It operates like a normal Forex EA would but the intellectual property (trading strategy) sits on Morrison’s trading account – whether that be his own EA or an EA with some manual monitoring or simply his manual trades.
After the proliferation of ripped of versions of MDP, I can understand why he’s opted for the signalling approach this time. In many ways I prefer this approach. With a pure EA there are times when you see it enter a trade and you know that it’s either going against a heavy trend or heading into some strong support/resistance. When this is being monitored the signal provider can turn off the ability for the EA to place buy or sell trades depending on the market situation, or they could exit a trade early if they felt the entry was poor.
At this stage, here’s my take on what’s provided on the web page:
- Ave. 12 trades per day
- EURUSD 1 minute chart
- Ave. trade is 9 hours 12 minutes
- Ave. win 3.8 pips
- Ave loss 3.1 pips
- Wins 96.1% of trades
- Verified live account from FinFX
So, on the surface it looks unbeatable… right! Well, my only concern FX Phantom at this stage is the lag you’ll experience as a customer. There were a couple of trades in there statement that showed them exiting in profit within a minute and one taking 0.6 pips after zero seconds (see below).
When they start sending that signal to their subscribers it you’ll naturally experience some delay. On top of this you need to factor in your brokers slippage. They may have already thought of this and come up with some settings that you implement on your end to prevent this type of late entry… who knows??
To see it for myself, I’m going to get a copy up in the lab and take it for a test run. Here it is…
Currently running FX Phantom on Alpari UK, testing started on 6th June 2012. Current results are as follows:
| Current Floating Profit ($) | Total Balance ($) | |||
| 0.00 | 8.92 | |||
| View our FX Phantom Demo Test Statement | ||||
Lab Result:
Cam Forex
I am currently testing FXPhantom and trying it out. I tested this signal provider on demo and then using my current live account on GO Markets (On Mammoth VPS) using small lot sizes to test the performance.
As far as lag, slipperage, execution time the signals I receive from the Master account go very good. Even though I thought these tiny 1-3 pips trades in a few minutes would be a problem resulting of lag, slipperage etc. I relised that this strategy places pending orders instead of direct Buy/Sell trades to avoid and minimize lag of this fast active scalping strategy being sent from the Master account.
My results are sort of similar to the ones shown by the vender
http://www.mt4i.com/users/fxphantom
FXPhantom is going good so far. I hope it goes well for all who tries it.
Hey Mark,
I have also just purchased the FX and im running it on my live account with very tight risk settings. One question for you, on the left of the chart where it has all the current data numbers does yours say at the very bottom ‘Market status is diabled’
Im not to sure if that is supposed to be there or if have had a small issue with the installation?
Hey Sefton
Yes I do have the ‘Market status is diabled’ on the bottom of the chart, it has been that way since the start. I still have not contacted the vender about that because it doesnt seem to affect the trades, everything seems and appear as normal. Im assuming that its just a status. If your trades come out fine like the ones on the MT4i results then your installation is fine.
If you do contact them about it, let me know what they say. Thanks
Mark,
I did contact support and they got back to me very quickly and said it was normal. Just a status indicator. I still havent had a trade as yet, i will be asking some questions if this continues for a couple more days. My broker might not be suitable for the system.
‘diabled’ = disabled…
I’ve notice it took only small TP and 500 SL? Is it true? if it is…..it’s crazy I think.
I do acknowlege that there is a 500 pip stop loss for each trade and only small take profits, that is why I have traded with very small fixed lots. This is my only worry about FX Phantom. However these 500 pips stop loss trades dont get triggered that early. FX Phantom sometimes appear to make around 100 pips a day average. Later in time if it was triggered you may loose all your profits. But sometimes I see trades exit out in much smaller losses. I beleive the -500 pips could be an emergency stop loss.
Guys, I installed FXP as well, anyone knows, how often do this EA trade? I had it for 24 hrs so far no trades…Thanks
Anyone is testing this on a live account? I would like to see some real results, because from what i saw there are only a few pips on each trade, and on a live account things can be different
William Morrison’s EA on the live MT4 account is showing few open trades with big losses. Are you guys experiencing this too? It looks like the open trades are for the long term or maybe he messed up and is waiting for the euro to go back down. I think the euro will retrace back up with the greek elections. He should’ve closed out these positions long time ago.
I do agree totally with you.It seems a nonsense to have such open positions with minus 400pips while the closed trades only provide between 1 and 5 pips…so i stay very skeptical about this bot!
This is definitely a martingale strategy…it hold position open for few week and take small win such as a big drawdown.
I have it on my live account, so far its performing really well. 3.5% return in the last 5 days trading, I’m happy to keep you guys updated each week. There have been a couple of SL but they have been minimal and small, 21 winning trades to 4 Stops.