What I want is what everybody else want, some edge of some sort, any trading method will end up working to some degree and this is the 50% of the equation to be profitable in trading. The other 50% is money management. I was hoping that MTP will help in the latter. Probably similar to what MR11 mentioned. Maybe using MTP signal for confirmation since it's being advertised as a leading indicator. using my trading method as the main approach but most importantly MTP might help with the money management part.
Again thank you for your concern.
The following user says Thank You to ness1g for this post:
IM sure you are familiar with what MTP does. For that kind of money around $2k is there anything else that you recommend which offers similar outcome and by that I mean position sizing, risk reward and some sort of S/R confirmation levels?
IM not looking for buy and sell signals but I was hoping to invest or look into in something that would contribute to improve part of money management.
There is a serious lacking of tools in this area. I would say MTP is at the forefront, but there are some tools in Elite section of futures.io (formerly BMT) that perform similar risk analysis, and you can extend them further since the code is posted.
I cannot offer any experience on this much either way, because I do not use MTP nor NT7. I suggest some sort of trial option if it is available, or if you specifically want the risk tools then you could extend what is already posted on futures.io (formerly BMT) and/or hire someone to do it in the paid programming services section and get a customized solution.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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Ive spent so much money on indicators to! R you still using MT predictor ? Your right trading is about money management and trusting your set ups or indicators. You can only hide so many Tools or toys from the wife lol.
I suggest you stick to the basics and check out Pats price action trading manual. As for MT Predictor, I did a demo as well. The software has some good features. But will require a fair amount of work to get use to it.. I decided not to purchase it, As wasn't consistent or required much more of a learning curve than I wanted.
I do not normally post here as I am the developer of this software, but I feel I have to put the record straight on this review.
The person who runs this review site has not downloaded a copy of our MTPredictor software, nor has he contacted me to ask any questions to understand what we do. It is obvious from his comments that he has not used MTPredictor, nor has any idea about what we do or the underlying concepts of our software. This review site has been mentioned before on this Forum about not being representative or being able to give an unbiased or correct review.
As with everything in life, it is always best that each individual person looks at any system they are interested in themselves and then make their own decision, on whether that system or approach will work well for them and fits in with their own trading style.
Thanks for posting. Emmett's goal is always to find out if the juice is worth the squeeze. Does the vendor actually trade, for real using their software/strategy.
It's OK not to do so and be honest about it. Where it get's dodgy is when paper trade stats are passed off as a measure of success. A lot of his readers just want to know if the price being charged is backed up by legit trading success.
And as I'm sure you know about this industry, most of us would have a better chance catching a greased pig with no hands, than getting a real edge out of some indicator.
I think you have a point. And some features like money mamagement are neglected topics. It's also pretty expensive so maybe without any verifiable results it doesn't matter. We'll all pay our noob tax to some vendors and hope to save the next fish a few bucks avoiding the worst/most expensive crap.