Power of MTP for ES wave Count - futures io
futures io futures trading



Power of MTP for ES wave Count


Discussion in Trading Reviews and Vendors

Updated by svuhmed
      Top Posters
    1. looks_one Big Mike with 4 posts (3 thanks)
    2. looks_two KJAVED with 3 posts (4 thanks)
    3. looks_3 svuhmed with 3 posts (2 thanks)
    4. looks_4 Prtester with 2 posts (0 thanks)
      Best Posters
    1. looks_one Ganymed with 3.0 thanks per post
    2. looks_two cory with 2.0 thanks per post
    3. looks_3 KJAVED with 1.3 thanks per post
    4. looks_4 Big Mike with 0.8 thanks per post
    1. trending_up 8,221 views
    2. thumb_up 15 thanks given
    3. group 18 followers
    1. forum 23 replies
    2. attach_file 11 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

Power of MTP for ES wave Count

(login for full post details)
  #21 (permalink)
Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,919 since Oct 2009
Thanks: 3,555 given, 5,023 received


Big Mike View Post

...
I wish more people would focus on building these R/R tools and less on trying to predict where price will go next with some new indicator.

Mike

The concept of risk/reward is rooted in the idea of prediction. You can't have one without the other. However, one could use volatility to define a target such as when a wide range bar forms while in a trade. In this case, you can't predict ahead of time if you'll get a wide range bar. If you manage your trades based on momentum or volatility then you don't need to bother with the risk/reward equation.

Reply With Quote
The following user says Thank You to trendisyourfriend for this post:

Can you help answer these questions
from other members on futures io?
NT8 Options Workspace SetUp-How to?
NinjaTrader
Sending an ACH from BoA to GFF Brokers
Brokers
Best way to hold long-term precious metals position (Futures or equities)
Traders Hideout
MulitCharts: Limit Order converted to MIT
Platforms and Indicators
Traderoomplus
Trading Reviews and Vendors
 
 
(login for full post details)
  #22 (permalink)
Daphne
 
Experience: Intermediate
Platform: TradeStation, TOS, Infinity, NT7
Broker: As above
Trading: ES, 6E, 6B, 6J
 
Posts: 142 since Apr 2010
Thanks: 222 given, 81 received


Big Mike View Post
18 months later, I stumbled across this again.

MTPredictor | MTPRT add-ons for NinjaTrader 7

I still have to admit I like the R/R part of MTP. It's been a long time since I demoed the software, but I remember the R/R part even 2+ years ago as being something I really liked.

I understand it seems to set targets based on waves and pre-determined ratios.



$2,000 for a risk/reward system is too much for me to even consider. I guess if you are a wave guy then maybe the $2,000 is more appealing to you, as it is my understanding very few tools accurately account for waves (I believe there is a reason for that....)

I wish more people would focus on building these R/R tools and less on trying to predict where price will go next with some new indicator.

Mike

I bot MTP and have yet to find a way to make it profitable. Some others have success they say but not me. I have hundreds of pictures of great trades, so that is a worthless exercise....There is a guy from Indy Warehouse that swears by it and is conducting a 3 day intense workshop, starting next week, free, on the software, obviously in hopes u will buy it. I also like the R/R calcs but only wish they'd enhance the programming to a point where multiple time frame analysis was automatic or assisted in the decisions. I got the impression MTP doesn't want to fully invest in the potential of the software, as certain bugs/difficulties in display are still apparent. This is a key area I need to work harder at seeing if I can make it work for me. Never found an indy yet that would go with it to improve the reliability, and I've tried many. Now that I've invested in it, I'll never stop looking for a way to make it work for me. Any/all advice is appreciated.

Reply With Quote
 
(login for full post details)
  #23 (permalink)
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
cory's Avatar
 
Posts: 6,000 since Jun 2009
Thanks: 831 given, 7,839 received



ghman101 View Post
I... Now that I've invested in it, I'll never stop looking for a way to make it work for me. Any/all advice is appreciated.

start by drawing waves on history charts goal is to train your eye to recognize them, next draw the beginning then wait for the target reached goal is to built your believe in your drawing. You can only trade your own believe not someone else's.

Reply With Quote
The following 2 users say Thank You to cory for this post:
 
(login for full post details)
  #24 (permalink)
Edinburgh, UK
 
Experience: Intermediate
Platform: ninja
Trading: eurusd
 
Posts: 22 since Jan 2010
Thanks: 8 given, 15 received


ghman101 View Post
I bot MTP and have yet to find a way to make it profitable. Some others have success they say but not me. I have hundreds of pictures of great trades, so that is a worthless exercise....There is a guy from Indy Warehouse that swears by it and is conducting a 3 day intense workshop, starting next week, free, on the software, obviously in hopes u will buy it. I also like the R/R calcs but only wish they'd enhance the programming to a point where multiple time frame analysis was automatic or assisted in the decisions. I got the impression MTP doesn't want to fully invest in the potential of the software, as certain bugs/difficulties in display are still apparent. This is a key area I need to work harder at seeing if I can make it work for me. Never found an indy yet that would go with it to improve the reliability, and I've tried many. Now that I've invested in it, I'll never stop looking for a way to make it work for me. Any/all advice is appreciated.

the guy on indicator warehouse is Matt Bowen - a few years ago he was the North American marketing guy for mtpredictor before he went to do "other things". Seems he is coming back.

I learned a lot about trading from mtp (positon sizing, r values etc.as well as the elliot wave stuff) which have helped me a lot. Like you, the out of the box system was not for me.

I think ultimately one has to design a trading system of your own. Mine, when it eventually gets there, will have many components from mtp.

Just finished reading Becoming Rich: The Wealth-Building Secrets of the World's Master Investors Buffett, Icahn, Soros by Mark Tier - found it a very thoughtful read on success in trading
Amazon.com: Becoming Rich: The Wealth-Building Secrets of the World's Master Investors Buffett, Icahn, Soros (9780312339869): Mark Tier: Books

Reply With Quote
The following user says Thank You to svuhmed for this post:


futures io Trading Community Trading Reviews and Vendors > Power of MTP for ES wave Count


January 2, 2012


Upcoming Webinars and Events
 

Order Flow Tools w/MotiveWave & Zytrade Brokerage

Oct 22
 

Technical Analysis Workshop w/NinjaTrader

Oct 27
 

Bookmap

Oct TBD
 

SharkIndicators

Oct TBD
 

Carley Garner

Oct TBD
 

GruttePier

Oct TBD
     



Copyright © 2020 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts