Originally Posted by lucky4me [img] Maybe one out of 4 of their buy and sell signals actually pan out.
I have been checking into their live room for years and it is all Monday morning quarterbacking.
Their educational webinar starts at 10:30 EST and ends at 11:30 am M,W,F.
What really ticks me off is during the webinar is that Mtpredictor software buy and sell signals appear on the charts.
Usually after a member states a signal set up has appeared , John may say you can take it, it may turn out.
NEVER, EVER, have they said take this trade but they go into detail about the previous days trades.
John and Steve (Steve is proprietor of MTPredictor) NEVER comments on the signals that are occurring in real time as the market is unfolding except for last Wednesday. John said " Tom (one of us on the webinar) said we have a TS3 in the NQ. Several minutes later , Steve joins with the advanced training. Steve spends several minutes looking at the 15 min and 5 min chart patterns. About 5 minutes after the market has moved away from the MTP signal entry point, Steve says the TS3 may be a good trade.
That is as good as it gets ! Normally, they never comment on MTPredictor signals that appear in real time during their webinar.
The big emphasis is on what happened yesterday and the day before.
Steve, this is a no brainer! We are trying to make money. When a signal appears (DURRING A WEBIBNAR) THAT SHOULD BE THE MAIN FOCUS OF YOUR ATTENTION.
If you can't do this , it is all BS. [img]
MTP is a decent software (no backtesting) based on Elliot Wave, using ABC corrections.
The software can be used in an auto mode (for beginers), which is missing a lot of tradfes and manual; the real power of the software is in being used manual, performing much better.
Not being besed on indicators (still has a few like STO, MA, ADX, BOLLINGER, etc) you are not exposed to lagging.
MTP is a stable application.
Used well MTP makes money.
The developer Steve Griffiths provides a good support and is working to improve the software. Now MTP has EOD version 5.0 and RT version 4.0
A SERIOUS DOWNSIDE IS THE WAY HE IS TREATING HIS PREVIOUS CLIENTS.
He is selling MTP EOD version 5.0 for $1,795. He sold MTP version 4.0 for the same price, but people who put already in his pocket $1,795 for MTP version 4.0 are required to pay another $195 to upgrade to version 5.0.
All respectable software companies are charging for upgrade only the difference between the sales price of a new version and an old version - a common sense policy. (And of course, for avoiding potential class actions against developers for discriminatory sales price policy).
In MTP case,
Version 5.0 = $1,795
Version 4.0 = $1,795
NO COMMENTS, JUST A QUESTION: WHY?
I have been using MTPredictor for about six months and have had a fair amount of success with it.
MTPredictor drew my attention because of my interest in Elliott Wave theory. MTPredictor has a particular slant on conventional Elliott Wave theory in that it focuses on the identification of ABC corrections to the current trend. The belief is that these corrections are the easiest to recognize and the most reliable to trade. In my six months worth of experience, I must say that it is uncanny how many times MTPredictor has correctly identified these ABC reversal points.
MTPredictor comes with many features, but for me the most useful is its ability to scan a portfolio of instruments looking for potential trade setups. I trade the FTSE 350 shares and MTPredictor can scan these in under 30 seconds on my machine ( 2G processor with 768M RAM). The scan presents you with a list of instruments that are at critical price levels and are showing signs of price reversal. Clicking on the name of the instrument will bring up its chart with the waves automatically drawn. One more click, and the software projects onto the chart a suggested entry trigger, stop-loss level and profit targets. The price at which 100% of the initial risk will be covered is also displayed together with a band showing where profit will equal 2 to 3 times the initial risk. In short, just a few clicks arms you with a great deal of knowledge as to whether a potential trade setup is worth pursuing.
Some of the other features within MTPredictor enable you to find Elliott Waves on a chart, show Wave price targets, display a limited set of TA indicators such as Moving Averages, Bollinger Bands, Stochastics and so on.
I have not had the need to use the Companys support service many times, but on the few occasions I have, my queries have been dealt with in a prompt, polite and efficient manner.
A sizeable manual is supplied which comprehensively describes how to use the software and the philosophy behind MTPredictors approach to trading. Some on-line video tutorials are available that further enable you to get up to speed with the software quickly. The author of the system also provides daily reports that highlight some of the setups that the system has found. Unfortunately, theses reports do not usually discuss UK shares and so are of limited interest to me.
The software is quite expensive but my copy has paid for itself many times over. I think it is still possible to get a 30 day trial of the system.
(There is also a Real-Time version for those intra-day traders out there. )
Other than being a user of the software, I have no connection with the company that produces it.