I use the footprint, which is erroneously thought of, as a part of MP/VP. It is not. Footprint is modern day tape reading that merely confirms for me that there is an exchange taking place at a pre-determined EW level.
EW gives me structure, Footprint (and VP) confirms or may deny it. More importantly, my biggest wins that come from aggressive sizing at places of EW-Footprint confluence. It is a complementary approach, not cut and divide. You want the world in black and white VP boxes and black and white EW boxes. It is not so. If you feel EW is a waste of time, then don't read it. Sizing (and therefore outlier wins) matter in professional trading, Such trades, made at points of confluence can make your month or year in a singular trade. And often they come at confluence of things. I have seen the power of this, as you may have too.
If, in your opinion, VP is superior, all power to you. I make no such claims. - other than saying that EW isolation is a more elegant way of structuring the market, and appeals more to me than anything else. But I am free to use what ever I choose.
There are several EW purists who will not touch anything else other than the purity of waves, but to me, that doesn't make sense either. This is mostly an ego issue - my dick is bigger than yours mentality, highly prevalent on this forum. I will use anything that makes sense while keeping it as simple as possible. If your intention is to say that VP is better because nothing else is needed. And in comparison, another approach (like EW), requires additional input - thus making EW inferior. And subsequently proving VP is better, then who am I to argue with you?
Does that make you feel better?
It is every intent of mine to continuously refine every approach, take bits and pieces of everything and use it to make a living. While keeping EW the core of my approach. I believe I had posted a similar reply to you here, which conveyed this same thinking. Was that not acceptable?
I feel too many of us get seduced by the false and harmful illusions of rules and structure. Some times it's comfortable to do so, sometimes its safe, still other times it's fashionable, but almost never do true breakthroughs in any field and any significant endeavor occur under structured thinking. A little bit of bending, a little bit of chaos and heretic thought is essential.
Last edited by Deucalion; May 14th, 2013 at 08:57 PM.
Reason: Added comment, edited grammar
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Strong point. But let's be real - average traders spend 10-20 hours a week mucking around on trading forums and maybe 3-5 hours honing their craft. It doesn't actually take that much to be exceptional in this business or any other - it's just that so many people are satisfied with average. And yet they want exceptional results.
Take those 13-25 hours a week and focus entirely on honing your craft. Now do that for 5-10 years. Ta-dah! Holy grail. No one wants to hear that though.
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I was a solid wave structure worshiper, but now find market profile to be very complimentary. It gives an additional depth to understanding when, where, why, and how far. As does volume reading, as does footprint reading, as do some divergences...
There is no such thing as understanding too much when it comes to trading. If there is conflict between two views, pass. There are so many trade opportunities in every day that there will be plenty that fit.
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In regards to effort, I agree that hard work is needed, and I'm not afraid of that, but if possible I would like to avoid spending time barking up the wrong tree.
I'm reminded of the life of John Harrison, who invented the seagoing clock that allowed the British Navy to determine longitude at sea. He spent 30 fruitless years on the effort, building larger and more complex clocks, until it finally dawned on him that he should make a pocket watch instead. The rest as they say is history. (For the curious:John Harrison - Wikipedia, the free encyclopedia)
So in that context how would you say that MTPredictor is of value in becoming a profitable trader? And as someone who plans to continue to use it as long as you trade, how does it continue to help?
The only complaint I have with MTP is their refusal to allow the outputs of the software to be used with any other NT7 add-ons etc. It is a completely closed indicator and can't be used with any of NT7's scripts or indicators.
Can't even use the alerts as an input to a strategy. I would imagine that many NT7 users would want to be able to have this work in a more integrated manner. And of course it can't be in any back tests.. All because they refuse to expose the outputs. I have no idea why, but it seems a misguided decision.
Last edited by vchase; December 7th, 2013 at 08:11 AM.
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I have recently purchased MTP and after studying the set ups and learning how to use them I am very profitable.
The S/R levels (Decision Points) taken off the 15M DP are very accurate and provide great turning points.
Furthermore, John and Steve's periodic webinars are great and their analysis is very easy to follow.
This guys are great people that want to see their customer succeed. They teach their customers how to use MTP at the highest possible way and how to become a professional trader, something that no many people I know are willing to do.
For sure if you haven't' grasp the concept you will never be happy with MTP.
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Hello datahogg. For some reason you describe yourself as the “World'sWorstTrader” and come from Knoxville Tennessee USA. Surely that can’t be true, that you are the “World'sWorstTrader”?
On the May 14th, 2013, 07:53 PM, you stated that, I quote;
“I have just subscribed to the MT Predictor. Will try to give an objective opinion later.”
Then nearly SEVEN months later, on the December 7th, 2013, 03:29 PM, you wrote;
“For me this was a complete waste of money. The canned signals were more often wrong than right.
The analysis was completely subjective.”
Did you subscribe for the short period of trial and ask for your money back, or are you still a user? Did you give this software the time and effort required to learn and for you, yourself to handle the ability to let your profits run? Some traders find it difficult to handle these BIG 10R plus trades, especially the Holy Grail trades…
It is a great shame that MTPredictor didn't work out for you personally. Other traders are doing great with MTPredictor.
Last edited by Fortitude; January 10th, 2014 at 03:34 PM.
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