I did two tests with Z12s. Same slider settings. One with and one without phantom trades:
Margin: 47
Risk: 10
without phantom trades: Annual +326% +62221p Capital: 4494$ Profit: 37981$
with phantom trades : Annual +250% +32506p Capital: 3404$ Profit: 22029$
So I set the margin slider to a value where the Capital is nearly the same as without Phantom trades.
Margin: 72
with phantom trades : Annual +293% +49055p Capital: 4560$ Profit: 32786$
It seems that Z12 has such a good performance that using phantom trades has any positive impact. So the phantom algo says: "Ups the equity curve doesn't look good any more lets suspend real trading and wait till the next profitable phantom trades arise". I think that just at this moment the next profitable real trade is around the corner and waits to be executed (which won't be)!? Conclusion: For Z12 phantom algo eats more profitable trades then it prevents bad trades from being executed?