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MTPredictor Software reviews

  #12 (permalink)

Camas, WA
Trading Experience: Advanced
Platform: MultiCharts, TradeStation
Broker/Data: Interactive Brokers, TradeStation, thinkorswim/TDA, IQFeed
Favorite Futures: Futures, Futures Options, Index Options
Posts: 33 since Sep 2009
Thanks: 6 given, 74 received


I own both the standalone platform and the NT Add-ons, and quite frankly, MTP is really the primary tool that I use these days for all of my trading- and yes, if you put in the time and effort to really master it and leverage it for what it is, which is a professional charting and analysis platform for identifying risk-controlled, quality favorable risk/reward trade setups, then yes- it delivers above and beyond.

On top of that, they have phenomenal support and a ton of excellent free education, including a new trade room where the developer (and expert trader) Steve Griffiths provides real time analysis and education- particularly on how to do the advanced analysis that the software is designed for. Before committing to buy, I'd already spent more money than I will freely admit on indicators, systems, platforms and other garbage- so I am well aware of what's out there. If nothing else, the value they deliver for the money is second to none.

I had a good amount of experience and a strong education and background coming in, so for me, the learning curve was probably shorter than for some. I bought it specifically for the more advanced analysis, so I was never really evaluating whether I could trade a purely mechanical approach with the automatic signals.

As for the "automatic set ups", they're not "black box" at all- they're just automatic methods of more easily identifying certain patterns of price action representing high quality trade opportunities with a favorable risk/reward- all of which can be indentified manually using the software tools or even the naked eye. Furthermore, the basic "standard trade guidelines" are just that- they're very basic "training wheels" to help get more inexperienced traders used to approaching trading in the right way, which is with a sound approach to risk/reward, position sizing, and trade management.

The bottom line is that like anything in trading, it needs to fit your personality and psychological makeup. With my background and core beliefs about trading, risk, and money management, it was a natural fit and I haven't looked back. Even then, it's really helped me fully "break through" some remaining psychological issues that I was still struggling with in my own trading despite all of the education and other training. So, all in all, it was worth every penny for me.

The absolute best thing one can do to evaluate the approach is to read the trading course written by the developer, the first part of which is free. It will give the philosophy behind the methodology and help to understand the approach to see if what he's suggesting "resonates" with you. Personally, I read that a couple of times, and followed the blog for a couple of months before buying- not to mention looking at everything I could on their site and forum.

To really excel using the this approach requires experience, effort, patience, and skill- but it's well worth it. It's very much a "leading" form of analysis, rather than the typical "lagging" indicators, so in turn it has the tools to nail some amazing trades. The challenge is learning to "trust" the techniques, as they often involve entering trades that very often end up nailing exact turning points in markets- something "conventional" trading wisdom vehemently warns against.

The people who are probably not the best candidates for MTP are the ones looking for a mechanical system or set of indicators that doesn't require much thought, skill, or discretion on the part of the trader.

Hope this helps-

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