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…