You do not need MTI. I made 160 points yesterday using www.gftforex.com and EURO/Dollar plus Cable and using indicators, Parabolic SAR with MACD set at 6-20-9.
Set them both as Histogram. Trade the Purple indicator on the MACD with the SAR confirmation. Into the SAR Parabolic anticipate a short; outside anticipate a long. It is a good scalping set up. Wes Newman at gft will help you understand the excellent trading screen. [email protected]
Phil: What settings for SAR? And which timescale? I have to agree that the GFT platform is nice, although that large hand cursor is too inaccurate sometimes for moving/selecting things! It's a shame the tools don't have keyboard shortcuts also, like pressing CTRL for the pan tool etc.
Chris: I tried the 14 day MTI trial of their software (re-branded Fibonacci Trader Charting but essentially the same product), and their chat/video facilities. It was useful talking dorectly to other, more experienced Forex traders, and seeing via the hourly live videos how MTI employees use the software to trade: they use Fibonacci levels a lot and consider candlestick patterns.
I can't comment whether the actual MTI training is any good. The website appeared a bit amateurish to me, and the trial lessons I saw seemed like common sense plus knowledge that could be found for free on the internet. However, for beginners new to Forex, they'd be a good start combined with the live video.
The MTI charts were a bit flaky I found, and I wasn't the only one to suffer from slow updates of the chart data which is critical to scalping, and a few crashes.. They have all the studies available, and MTI have pre-set studies which are used in combination with support and resistance levels to determine good entry/exit points. The Gann study was actually quite accurate as a confirmation tool, and beginners could make money just trading its signals over the long term (you can backtest these studies in the software).
However, the GFT platform (DealBook FX2) is far more polished, more stable, with a great customiseable workspace, and visual orders on the charts. I would say it needs at least 512MB of memory to run nicely with other apps though.
I think 150 pips a week is achievable for a discliplined beginner learning the ropes and concentrating on only a few currencies pairs. It depends what your knowledge of Forex trading is at the moment, and how you prefer to learn. Maybe learn with MTI then use the techniques with another direct trading platform, like GFT for example.