The more I trade it, the more confident I become in this EA.
It has now been trading for a month with a fairly smooth equity curve and a healthy 12% return on equity.
I was very impressed with my demo account performance and was going to go live yesterday but decided to wait until after NFP. Glad I did.
I am getting nervous with the risk/reward ratio on this ea. It puts positions on about 5 pips apart and then takes tiny profits and lets the losers ride until the market reverses.
My $5000 demo acct grew to $5150 in a week but is now sitting with a huge drawdown over 20%. This is of course unsettling :49: Has anyone changed the settings to achieve better results?
Thanks
I’m seeing very large drawdown since last night also. I have contact with the developer, but I’ve had no reply yet 
It’s recovered half of the losses and is back to break even from when I started.
It seems to hold the trades for too long… unless we enter a large range I can’t see some of these shorts being hit.
well… I track different published results…
and its a very very bad EA!
the DD is incredible for an avg 3 pips win?
and with a loss of 500pips (in 1 trade) … ouch!!!
where are the official myfxbook and mt4i accounts?
I’m not able to found them.
never trusted the mdp developer neither their marketing aparatus.
however i hope it works for the buyers
the EA appear to works, because there is some trades opened and closed.
but does the EA is good?
absolutly not.
the DD is always too high, and the profits too low. so the account size required must be big which make the a very bad “account size / dd / profit” effectiveness
its better to use kangaroo EA with a high risk, the effectiveness will be far away better.
or yendrive (this one can have a big DD, the but avg pips wins is far better)
“the EA appear to works, because there is some trades opened and closed.
but does the EA is good?
absolutly not.
the DD is always too high, and the profits too low. so the account size required must be big which make the a very bad “account size / dd / profit” effectiveness
its better to use kangaroo EA with a high risk, the effectiveness will be far away better.
or yendrive (this one can have a big DD, the but avg pips wins is far better)”
Any updates with results on this ea?
double post error, sorry
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
I told him similar things. The backtests he has are from a few months. Big deal. The drawdown is unbearable and it’s not sustainable whatsoever.
looks like scam to me! . sorry for your losses, but this guy is always making a hype of his products and they never have the proper support, and the real results differ a lot from the advertised ones.
Yeah… My account blew up as well. Lost $2k…
I am not a genius, but I can say that I own better EA than MDP…