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FX Phantom – Forex Signals Review

FX Phantom

 

 

 

 

 

 

 

 

New addition FX Phantom is a new Forex signal service by William Morrison. William is the same guy that developed Million Dollar Pips and Forex Growth Bot. This is his first foray into signal services to my knowledge. The price for this system is $149 first month then $37 per month and it is being sold on the Clickbank payment processor.

Tagline: Access to a personal trading system used by nationally respected (rich) Forex trader. Including the secret of multiplying your Forex trading profits quickly.

Website: www.fxphantom.com

We know so far that FX Phantom is a signal service that trades the EUR/USD and looks to pick up small pip gains on average it 1-3. Trades are made during all periods and when looking over their statement there are a few issues that come to the forefront. It looks like they had a trade open for 2 weeks, during this period there was a draw down of 180 pips and the end result was merely a gain of 1.4 pips. That is large risk for little gain.

Results

I have already discussed the FX Phantom results some and I will continue here. There is a statement on the main page as well as screen shots of myfxbook (actual myfxbook not available). The statement has been verified by FinFX as a real account which is a major plus but that doesn’t account for some of the odd trades that have been taken. The results are also in a small period of just 3 months so we cannot see a prolonged track record. The problem with this type of Forex results is that it  really cannot show a true image of the strategy itself and thus does not depict how the Forex product will actually perform.  This is our opinion on FX Phantom on behalf of Forex Robot Nation and an adroit ascertainment of the market for Forex products itself. 

FX Phantom Results

Here at Forex Robot Nation you will be able to find the best reviews on FX Phantom from real Forex traders. We have a strong community that are fully involved in the process of our Forex reviews which include a dedication to testing and discussion. Our users and expert traders will be able to help you earn a lot of money utilizing Forex trading systems and strategies.

If you have any information about FX Phantom that you would like to contribute to the conversation then you can leave your thoughts below. Generally the products that get the most posts are obviously the most popular but keep in mind there are many products that don’t have the hype but certainly have the profit.

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It is time for you to have your say on FX Phantom so leave a comment below and tell the Forex Robot Nation community what you think! If you like it or you hate it we want to know everything about FX Phantom.

About Patrick Ryan

Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their investment goals, whether they are short or long-term. Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested.

6 comments

  1. 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

  2. hey el bee… it’s called a trailing stop…

  3. Set mini-micro lots or the accumulation of open trades when the market moves will kill your account. Trust me, I know.

  4. Hi,

    I am from Malaysia and i have subscribed fxphantom a week ago..I must tell you that im impressed with William’s signal service..good strategy….sucking pips every now and then..reasonable drawdown..so far…recommended to set micro lots if acct is small..its all in the userguide..so far happy..:) thanks william….

  5. The published results do not make sense. Just a quick look at the s/l (stop loss) tells the story. On a sell, the sl is shown as less than the open price, and on a buy, the sl is shown as more than the open price. That should be reversed. When was the last time you opened a buy and placed a stop HIGHER than the open price? All the sl prices in the results should in fact be in the column tp. Also, on the web site, take a look at the results from the FinFX account. Several trades show an open price on one date and a close price up to 13 days later……for a profit of 1 pip? What must have been the draw down on that one?
    I don’t know, but something doesn’t smell quite right. I’ll wait for others to chime in.

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