Comments on: FX Phantom Forex Signals By William Morrison

By: Jonny

Jonny — Tue, 21 Aug 2012 20:48:37 +0000

In reply to Mohammed. Sorry... nothing "reputable" about Morrison. His Million Dollar Pips is a highly questionable EA as well. It will only work on ECN DMA model but the commissions will make its trading strategy unprofitable.

By: STG

STG — Tue, 21 Aug 2012 13:48:52 +0000

Review of PhantomFX:
I bought PhantomFX on 06/10/2012. Its initial cost is $147 and there is a monthly re-billing of $37. This is another William Morrison product that trades only EURUSD. It is hyped more on his sales page than his one-time price BOTs that also trade this currency pair, plus two others (sold separately). I originally bought the lower-priced BOTS, and when they did not work (literally, no trades for weeks), Mr. Morrison sent me an up-sell email, which I agreed to try.
Installation was easy, but the BOT did not trade. I had selected a broker that does not allow hedging (MBTrading in the USA). I missed that, so nothing happened for awhile. Mr. Morrision recommened FinFX, a Finnish broker that does allow hedging. FinFX appears to be a good, regulated broker, despite creating obstacle after obstacle in setting up accounts. It took me a couple of weeks to jump through all their hoops.
The manual states to not change settings, except CustomLotSize, and to set the pip size to .1 or .2. I did. I started with $1000, as I am familiar with EA’s and have traded with Fapturbo for two years (a reasonably good BOT). On automatic trading, in two-and-one-half weeks, PhantomFX reduced my account from $1000 to $273, a decrease of over seventy percent. It then stopped trading.
Mr. Morrison visited my computer several times via TeamViewer and tweaked the settings, adding one or two that apparently did not install themselves originally. He commented that my balance was too low (after the losses) and that I had set the number of lots too high, even though they were set according to the manual. I sent FinFX another $500, per Mr. Morrison’s recommendation, so the BOT could trade without running out of money. The BOT took about one day to reduce my account by another $181. I uninstalled it and emailed Mr. Morrison to stop monthly withdrawals and to cancel my account.
You know how tornados suck the air out of a weather cell and cause buildings to collapse? This is exactly what PhantomFX did to my account. The balance in my account went down faster than an anvil in free fall over a cliff. I have never had such a disaster with any account, BOT on board or not.
Mr. Morrison was quick to deny any responsibility, claiming I had set the lots too high, despite following the manual, precisely. The manual states that minimum lots can be set in the configuration, which it can, but FinFX trades at a minimum of .10 if you don’t set up a micro account, so my settings of .01 lots in PhantomFX, were useless. Neither the manual nor Mr. Morrison acknowledged this, even though Mr. Morrison specifically recommended FinFX and said nothing about account type relative to PhantomFX’s settings or minimum balances.
The reasons this BOT is awful are twofold. One, the stops, which Mr. Morrison recommend not be used, are MILES away from the trade entry points. If the trade goes against you, money disappears, quickly, even with small lot trades. In the demo account trade on this site, the stops were set very tight, which would have been a good idea in the live account. Two, this BOT trades micro patterns, and apparently ignores trends. The reason it lost money in my account was that it executed many simultaneous trades to buy in a sharply falling market. The second loss occurred when It executed many simultaneous trades to sell in a sharply rising market. With no stops in place, disaster ensued. After losing the $181, I manually closed all the trades to stop further losses. I became the stops…
Mr. Morrison claimed to have data to support his claims that PhantomFX would make huge amounts of money, all on automatic. Had I stayed with this BOT, my automatic experience with PhantomFX would have cost me hundreds of thousands of dollars. Fortunately, I have enough experience with BOTS and finances to play a bit. For those who don’t, install OTHER BOTS, not this turkey of a BOT on a Demo account, even though your results will be different than in real trading, which is what I was looking at.
I don’t recommend buying this product. Mr. Morrison was nice enough and did respond to my many emails in a day or two, and did visit my computer three times with two different products (I bought his regular EURUSD BOT, which also is a dud, but that is another review…), but I can’t say his personal response to his product was anything to write home to Mom about…This product is misrepresented and the promos appears to be worse than that.

STG

By: chengsmine

chengsmine — Wed, 04 Jul 2012 13:32:38 +0000

I have tried FX Phantom on both demo and live accounts (FINFX ECN PRO) . My demo yielded 26% in 3 weeks. So far my live accunt’s gain is not very large due to the market conditions. THE KEY TO RUNNING THIS EA: DO NOT USE LARGE LOTS, OTHERWISE YOU WILL LOSE YOUR PANTS AND SHIRTS! i use lot sizes of 0.1-0.25 for a balance of $7500. The floating drawdown is quite large, which is almost always 25% of the balance. But if you use small lot sizes, the equity to margin ratio is still acceptable , around 500%-2000%, usually around 750%. The leverage needs to be 1:200, otherwise the equity to margin ratio is small and can be quite dangerous. KNOW WHAT YOU ARE DOING, AND I BELIEVE THAT THIS IS A VERY GOOD EA AFTER ALL. Just DON”T BE GREEDY. DON’T USE LARGE LOTS!

By: Poul

Poul — Sun, 01 Jul 2012 04:42:59 +0000

I have tried both both Million DollarPip and Phantom. MDP i got my refund (it is still not there but promised me after long discussions), but they say that they refund unconditionally, and that is a big scam too. and now i have asked for refund on Phantom. I really don’t like the strategy of Phantom, as he just let the losses run and takes to small short profits. It is doomed to go down one day. I think that is almost 10% sure, unless your pockets are so deep that you can withstand many months of large drawdown. will let this forum know if i get my refund on Phantom, of if is scam too.

By: Giovanni

Giovanni — Thu, 07 Jun 2012 23:07:19 +0000

It blew me up 860 US$ Varengold Live account in almost one week! Large drawdowns ALL the time :((( Just asked refund

By: Julian Wong, a.k.a. Forexpipmaker

Julian Wong, a.k.a. Forexpipmaker — Thu, 07 Jun 2012 03:52:41 +0000

FX Phantom seems intriguing… due to the frequency of trades taken daily according to William’s MT4i account. however, i also note the comparatively large floating losses. Hoping this won’t be another Leotrader Pro. Can anyone comment?

By: Mohammed

Mohammed — Sun, 03 Jun 2012 10:55:20 +0000

My account is down by 2%.Not quite right.William is a reputed vendor.Did not expect the discrepancy between my live account and his account.Will watch it for couple of more days and result still the same then I will go for a refund.

By: chengsmine

chengsmine — Sat, 02 Jun 2012 10:56:53 +0000

I traded FX Phantom for only around 8 hours (demo) on FINFX ECN with commission. I had a gain of 5.1%! Will update on further progress.