UncleSteve
Corporal
- Messages
- 114
I lost on this one too, shame on me...
Actually I'd say there were a few problems, and it's not clear to me that it's a scam; but possibly a scoundrel case or more likely, a bunch of dopes.
First, it is sold as an EA but it's actually a trade copier. That's not necessarily bad in itself, but it's important to understand what could go wrong. They promise an "Emergency" stop loss of 250 pips but that the trades are overseen by "a group of experienced professionals". This group has, in the past, always pulled the plug well in advance of serious damage.
Second, they claimed to never trade the news. This isn't in their sales pitch but in the forums on myfxbook.com, their response to "Why didn't you trade today" was "We didn't trade because of volatility introduced by today's fundamental events". Well and good.
Third, in their sales pitch they promise lifetime unlimited email support. Again, last year they lived up to this very well. I had several minor questions and "Benton" always got back to me quickly.
Forth, they promise lifetime updates as they will keep learning and improving their product.
When the collapse came, they failed on all 4 counts. I have no patience with the various idiots who claim "it's a grid, it's martingale, it will implode" etc, and that's not what went wrong.
They didn't pull the plug in time; they traded the news, abysmally, twice. They stopped replying to emails and the forum; and they re-started their product without any improvements to the money management strategy.
So yes, I understood the risk; and yes, I have learned from this and have made a decision as a result; but no, sPhantom has not given their customers what they paid for, those 4 points; so they need to account for themselves or be subjected to whatever negative impact the FPA can produce.
My decisions:
1. EA's can find me entry points but my money management is a critical part of my trading plan. I have to have control of SL, TP, TS and amount risked;
2. EA's are for diversification. I have set up a separate account and any EA's I use can run on that, and will be de-activated unless I have an overall positive ROI for the year-to-date;
3. I am not a news trader so neither will be my EA's. I will mark red news events affecting my pairs on my calendar each week, and shut off any EA's those days.
Alas sPhantom, it was doing so well; but I am going to learn to do better, or die trying...
Actually I'd say there were a few problems, and it's not clear to me that it's a scam; but possibly a scoundrel case or more likely, a bunch of dopes.
First, it is sold as an EA but it's actually a trade copier. That's not necessarily bad in itself, but it's important to understand what could go wrong. They promise an "Emergency" stop loss of 250 pips but that the trades are overseen by "a group of experienced professionals". This group has, in the past, always pulled the plug well in advance of serious damage.
Second, they claimed to never trade the news. This isn't in their sales pitch but in the forums on myfxbook.com, their response to "Why didn't you trade today" was "We didn't trade because of volatility introduced by today's fundamental events". Well and good.
Third, in their sales pitch they promise lifetime unlimited email support. Again, last year they lived up to this very well. I had several minor questions and "Benton" always got back to me quickly.
Forth, they promise lifetime updates as they will keep learning and improving their product.
When the collapse came, they failed on all 4 counts. I have no patience with the various idiots who claim "it's a grid, it's martingale, it will implode" etc, and that's not what went wrong.
They didn't pull the plug in time; they traded the news, abysmally, twice. They stopped replying to emails and the forum; and they re-started their product without any improvements to the money management strategy.
So yes, I understood the risk; and yes, I have learned from this and have made a decision as a result; but no, sPhantom has not given their customers what they paid for, those 4 points; so they need to account for themselves or be subjected to whatever negative impact the FPA can produce.
My decisions:
1. EA's can find me entry points but my money management is a critical part of my trading plan. I have to have control of SL, TP, TS and amount risked;
2. EA's are for diversification. I have set up a separate account and any EA's I use can run on that, and will be de-activated unless I have an overall positive ROI for the year-to-date;
3. I am not a news trader so neither will be my EA's. I will mark red news events affecting my pairs on my calendar each week, and shut off any EA's those days.
Alas sPhantom, it was doing so well; but I am going to learn to do better, or die trying...
