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MTPredictor Software reviews
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MTPredictor Software reviews

  #51 (permalink)
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Prague, Czech Republic
 
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MTP

I bought NT Add-ons MTPredictor some years ago (version for NT 6.5). It looked like a mechanical system, but it is like other systems. For profitable trading you must filter signals and use discretion. What is good for new traders is the clear profit target and stop loss and positive Risk Reward Ratio.

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  #52 (permalink)
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mtpredictor


Deucalion View Post
@Arno66, unless you use the mention tag not going to see your comment. Sat through a couple of VT's webinars. Good but not impressive. Read his book - same sentiment. MTP is better. The simplicity with which its puts risk control processes in practice is admirable and rare. But here is my own takeaway from either. Neither is perfect. Not sure how one can really drive down the concept that risk control is everything (without getting killed in the process).

Trading is all about sitting in the tall grass. Very quietly. You need to kill, knowing very well that you might end up being the prey.

Two examples from today - I stalked crude patiently today, and it just about cut my head off with its relentless whiplash. Then, in the afternoon, ES gave me more than what I wanted with little or no drama in little or no time. It all about surviving.

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It was a good day at the end, but only after hours of chop - the patient did get rewarded. That is all either MTP or VT are about.

Hi Deucalion,
Are you still using mtp?
Do you recommend buying it?
Thanks,
Robert

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  #53 (permalink)
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ness1g View Post
Hi Deucalion,
Are you still using mtp?
Do you recommend buying it?
Thanks,
Robert

Do I use it? - Very much so, both in ES Emini and FX trading.

Do I recommend it? Yes and No, not for its signals. For how it teaches you the importance of position sizing and risk control. That is golden. Their signals and algo part, is more difficult to master. And with flaws. It is often unable to identify correct impulses and subsequently paints incorrect corrective wave/cycle points. The concept that the signals are based on (Elliot Wave Isolation) can be learned with price action trading and Fibs.

For Example - Yesterday, there was a buy in AUDJPY shown marked. MTP did in fact identify that as a buy/ However. I was already going to buy it here as that was point of optimal cycle contraction and a point of anticipated resumption of expansion that can be learned by study of price patterns. It took me years to understand why MTP painted a buy there, Now I get it. But MTP did help me along the way. So I keep it in my arsenal. So, this is a very qualified response. I have spent more money on other tools - like Order Flow, VSA, Profiling, time data mining etc etc - I don't use any of them now. They are inferior in opinion as a complete trading approach. A complete trading approach is one addresses position sizing. None of them do.

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  #54 (permalink)
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Deucalion View Post
Do I use it? - Very much so, both in ES Emini and FX trading.

Do I recommend it? Yes and No, not for its signals. For how it teaches you the importance of position sizing and risk control. That is golden. Their signals and algo part, is more difficult to master. And with flaws. It is often unable to identify correct impulses and subsequently paints incorrect corrective wave/cycle points. The concept that the signals are based on (Elliot Wave Isolation) can be learned with price action trading and Fibs.

For Example - Yesterday, there was a buy in AUDJPY shown marked. MTP did in fact identify that as a buy/ However. I was already going to buy it here as that was point of optimal cycle contraction and a point of anticipated resumption of expansion that can be learned by study of price patterns. It took me years to understand why MTP painted a buy there, Now I get it. But MTP did help me along the way. So I keep it in my arsenal. So, this is a very qualified response. I have spent more money on other tools - like Order Flow, VSA, Profiling, time data mining etc etc - I don't use any of them now. They are inferior in opinion as a complete trading approach. A complete trading approach is one addresses position sizing. None of them do.

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thank you for replying but now IM back to square one yes and no

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  #55 (permalink)
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ness1g View Post
thank you for replying but now IM back to square one yes and no

The question is: Why do you want to buy it? You didn't really ask him any questions that would help you it seems to me. You need to make a list of specifics and ask them. You can't expect any software to just provide entry/exit signals.

Mike

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  #56 (permalink)
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Big Mike View Post
The question is: Why do you want to buy it? You didn't really ask him any questions that would help you it seems to me. You need to make a list of specifics and ask them. You can't expect any software to just provide entry/exit signals.

Mike

I think you just answered my question by asking me why I wanna buy it.

Thank you for your continuous concern.
Robert

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  #57 (permalink)
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ness1g View Post
I think you just answered my question by asking me why I wanna buy it.

Thank you for your continuous concern.
Robert

I want to make sure we are on the same page. I have no feelings either way about the product. I was not questioning you based on it not being good -- I was questioning you so that you could ask what is important to you, and then you could get feedback on those things.

If you don't have a good answer, then I think what you are wanting is just something that tells you where to buy and sell. No such thing exists of any kind in any measure anywhere. Notice, I didn't say no such thing is being SOLD, as vendors are selling that all over the place. But as @Deucalion mentioned, you cannot buy MTP and then expect to simply trade the signals it spits out. Like everything in life, and especially in trading, it's not that black or white.

So the question is, what are you wanting to accomplish? Why do you want to buy it?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #58 (permalink)
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MT Predictor

I have version 7 for Ninja - licensed version with order module add on.

Mike - the stand alone is supposed to have better charting features not available in the Ninja version - that is, unless the Ninja one has been improved since I purchased the software earlier this year.

To be honest, I don't particularly care much for Steve's webinar presentations
(he just has a way about him that doesn't work for me - perhaps it's cultural differences);
that said, Bruce in tech support has been wonderful.

I use MT Predictor to measure reward to risk on my NON-MT Predictor generated setups, and only take trades off the MT Predictor generated signals when I have confirmation from other tools. I tend to use wider stops than that generated by the program so my Reward to Risk drops off a bit.

I do find the S/R levels generated by the software useful for determining stop placements and targets.


Hope that helps.


Last edited by mr11; December 7th, 2013 at 01:13 AM.
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  #59 (permalink)
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Deucalion View Post
...The concept that the signals are based on (Elliot Wave Isolation) can be learned with price action trading and Fibs.

..... It took me years to understand why MTP painted a buy there, Now I get it. But MTP did help me along the way.

@Deucalion,
Where would you recommend going to learn these "lliot Wave Isolation" structures, if not using the software?

thanks

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  #60 (permalink)
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mr11 View Post
I have version 7 for Ninja - licensed version with order module add on.

Mike - the stand alone is supposed to have better charting features not available in the Ninja version - that is, unless the Ninja one has been improved since I purchased the software earlier this year.

To be honest, I don't particularly care much for Steve's webinar presentations
(he just has a way about him that doesn't work for me - perhaps it's cultural differences);
that said, Bruce in tech support has been wonderful.

I use MT Predictor to measure reward to risk on my NON-MT Predictor generated setups, and only take trades off the MT Predictor generated signals when I have confirmation from other tools. I tend to use wider stops than that generated by the program so my Reward to Risk drops off a bit.

I do find the S/R levels generated by the software useful for determining stop placements and targets.


Hope that helps.


futuretrader View Post
@Deucalion,
Where would you recommend going to learn these "lliot Wave Isolation" structures, if not using the software?

thanks

Steve is a vendor, I dont listen to what he sells. 2 days ago if you watched the 15M, 3M and 5M charts on all 4 indices (ES, YM, TF and NQ) you would have had 8 bad signals (each one costing 1R) for -8R. And one winning signal that was stopped at breakeven. But he wont tell you that. In a consolidating market, the software will see abc setups on every swing.

What MR11 is doing is quite smart.

Ness1G / FutureTrader - Elliot Wave isolation is nothing other than Price action trading (some call it harmnics, others see Gartley and Crabs in them, others see Fib Ratio Trading in them). Its all the same. The answers are here (and its all free). Read it all, and then put in some screen time.


This is the freely avialble Part I of the MTP Manual that outlines the idea of Impulses amd correctives and how signals are generally formed (it has some parts removed from the members only manual but its a great place to start)

http://www.mtpredictor.com/data/mtpredic/uploads/pdf/MTPIntro2.pdf


Last edited by Deucalion; December 7th, 2013 at 02:35 AM.
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