MTpredictor......any Views?

Mitch · March 22, 2008

Hi All,

Have spent quite some time 'looking' over some software know as MTpredictor; was wondering if anyone 'here' has used this & willing to give a review of it?

Thanks in advance

Mitch

smwinc · March 22, 2008

No.

I have never met a profitable trader who uses ANY kind of paid service.

2,500 dollars. Gotta be kidding me.

I love this part - "30-day money back guarantee [minus US $250 support fee]". Love it.

Let's read some of the fine print. All trading services have the normal disclosure statements e.g. past performance not indicative of future results, etc.

A few good quotes from their fine frint:

"All trades shown on this web site are hypothetical, they were not executed. There are just shown for illustration and training purposes only."

..... Ok then?

"Unlike an actual performance track record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under or over compensated for the impact of certain market factors, such as the lack of liquidity. Simulated training programs in general are also subject to the fact that they are designed with the benefit of hindsight."

"No representation is being made that any account will or is likely to achieve profitable trades similar to those shown."

Hrm.

---

Sorry I had to add one more. If it was me designing botch software, I would at least make sure I kept my fake "customer feedback" sounding accurate.

Look at this one: ".... I bought 1 emini at 829.25 with a stop of 826, and exited at 840! Thats $537,50 in my very first trade using the RT scanner! So thank you, In my very first trade using the RT scanner, I paid it off!"

840-829.25 = 10.75 * $50 point = $537.50. So we confirm they are definitely talking about the S&P Emini.

.. They bought at 829.25?

The S&P E-mini has only ever spent 3 days trading below 829, back in OCTOBER 2002. Which became the DEAD low for the beginning of the Bull Market starting in October 2002.

I'm assuming he got short at 1 November 2007 right?

What a joke.

Edited March 22, 2008 by smwinc

Sparrow · March 22, 2008

Any time a trading product or course claims to be able to let you predict market moves, take your money an run.

OAC · March 22, 2008

If you are familiar with some of my older posts, you would know I am a constant basher of vendors, that is because (1) I suspect some of the unscrupulous vendors are trying to get free publicity on this forum, (2) I find their advertising misleading and (3) some of them are just simply leading the uninformed sheeps to the slaughterhouse.

On the other hand, I am somewhat familiar with the MTPredictor program. I think his approach is sound and his stress on money management is good. $2500 is not cheap, but may be right for the right person. His software simplifies the steps and allow a novice to trade a sophisticated strategy.

I don't need it because I have Dynamic Trader, Fibonacci Trader, and Ensign.

bertg · March 23, 2008

back when I was looki g for the holy grail, I looked at this closely. I actually liked it. but if you want to learn, there's plenty of free stuff to learn Elliott Wave.

also, I would never get anything that doesn't give a free trial.

regards,

Bert

Mitch · March 23, 2008

What 'impressed' me was their approach .........'they' openly state that success rate is going to be below 50% but that the key is money mangement........seemed quite refreshing to 'hear' a vendour not claiming 70% + success rate. Also, 'they' are only looking for the simple ABC correction rather that getting involved in the complex elliot wave counts etc

Thanks for you replys all.

Mitch

OAC · March 23, 2008

I just want to comment that Elliot Wave is rarely mentioned on this forum. (Our most popular topics are Market profile and VSA.) My opinion is that it definitely is not hokus pokus. The institutions have been using it for years, especially in the currency market.

sr100m · March 28, 2008

I bought mtp a few months ago. What i did not realise at the time was that i was not just paying for a good piece of software and a good trading method (not perfect but then none is) but also for the comprehensive trading education - money management, psychological aspects of trading etc etc - that i badly needed - from interested and enthusiastic sellers who either genuinely trade themselves or else are very, very good actors. I have learned more from this group (including the more experienced members on their boards) than i learned from all the other trading stuff i have paid for put together. I am not there yet but i am getting there in large part thanks to biting the bullet and buying this.

As always in these kind of postings, I could be working for the company. But you can get a fair amount of their background stuff free - part of their trading manual, the message board, online seminars which demonstrate the features of the software and give you a feel for the bona fides of the people running it. If you google it you can also find partner sites that sell it at a discount. Even still, parting with the money was not easy. For me, though, it was more than worth it.

smwinc · March 29, 2008

Ok, I was going to post again, but man I give up. This software sounds great.. everyone buy it...etc. :o

BlowFish · March 29, 2008

They are UK based aren't they? I seem to remember chatting on the phone to them and they came across well. As some one else said the performance figures seem lacklustre enough to be realistic and they fully disclose how the thing works without having to buy (from memory). If not fully disclosed it was easy enough to work out from the sample charts. I think it essentially looks for an ABCD measured move correction to a fib number in a larger swing/trend. Again thats just from my slightly flakey memory.

Cheers.

ian_uk · March 30, 2008

I am not a software owner but have watched their videos (which explain the software) and they are sound. Steve Griffiths the developer used to work for Robert Miner before launching on his own and has specialised in his calculation of the ABC pattern in various contexts (at least 3) which are fully disclosed in a PDF you receive if you join their free mailing list. Matt Bowen based in the US used to do the training for Avanced GET (Tom Joseph). The software has a trend filter which looks similar to the Joseph oscillator. The videos also emphasise a number of money management principles. The EOD software also has scanning capability for the ABC patterns. They hold regular free webinars where you can ask questions.

momentom · May 22, 2008

If you can face a large number of losing trades in a row and still put on the trades then look at this software. It puts trades on at extremes and looks for a good move. You get stopped out a LOT.

stylist · May 23, 2008

Hi

I have the real time version and im not using it

If someone is intersted i can sell my license for half price

OAC · May 23, 2008

If you can face a large number of losing trades in a row and still put on the trades then look at this software. It puts trades on at extremes and looks for a good move. You get stopped out a LOT.

Any chance of doing a stop and reverse ?

hidavco · July 2, 2008

stylist Re: MTpredictor......any Views?

--------------------------------------------------------------------------------

Hi

I have the real time version and im not using it

If someone is intersted i can sell my license for half price

Hi Stylist,

I am interested in your mtpredictor!!!

please check your messages for my email address.

gcgecko · August 23, 2009

Obviously you never know who is really writing the reviews, but I am surprised that this product is not getting slammed. Most of the time I find that any product that is reviewed here is slammed pretty good. So maybe this is not a bad product? I actually have a friend who just bought this software about 30 days ago. He is not using it live yet, but he likes it and is going to go live soon. I am going over to his house next week to watch it in action. I will write again as soon as I have some experience watching it run.

t1259sw · August 28, 2009

If you are familiar with some of my older posts, you would know I am a constant basher of vendors, that is because (1) I suspect some of the unscrupulous vendors are trying to get free publicity on this forum, (2) I find their advertising misleading and (3) some of them are just simply leading the uninformed sheeps to the slaughterhouse.
On the other hand, I am somewhat familiar with the MTPredictor program. I think his approach is sound and his stress on money management is good. $2500 is not cheap, but may be right for the right person. His software simplifies the steps and allow a novice to trade a sophisticated strategy.

I don't need it because I have Dynamic Trader, Fibonacci Trader, and Ensign.

OAC. Hello. You stated that you are a user of Dynamic Trader by Robert Miner, I would like to know if you are using it to trade the futures. I have his book and also monitor Carolyn the Fibonacci Queen site. Thanks, Sam W.

daedalus · August 30, 2009

I have used MTPredictor 4.5 RT for TS and frankly was left unimpressed. Initially I thought it was fantastic and I had found the holy grail but as I started to dig deeper the lack of winning trades really started to annoy me.

HOWEVER.

1. I don't think of the software or the company to be a scam. The openly state expected win rates and reinforce the need to trade higher timeframes (to avoid chop) and the idea of risk:reward.

2. If you want to use this actually "day trading" its not the best. I think the smallest timeframe they advocate trading is a 15 minute, but ideally it should be a 30minute chart or higher. Personally i'm looking at 2min-233 tick charts and I need something that holds up on the smaller stuff, and honestly it just didn't.

3. If you can trade with a low win rate and want a more "swing" based system then it might be something to look for. Personally I find it much easier to trade and "pull the trigger" with a higher win rate system than something that might achieve 40%. The software is very cool and has a lot of nice features but is pricey. They are almost always doing a 20% off deal on some website so do a google search before buying.

MTP FAN · July 31, 2012

My opinion of MTPredictor

Over the past ten years, I have spent almost $10,000 dollars on software and seminars. Nothing has come close to MtPredictor. An old dog can learn new tricks! Over the years, I have picked up several bad habits that were just imposable for me to break. Two habits were ridiculous large positions and the second stupid habit was occasionally not having a stop order in case my trade went the wrong way.

Now with MTPredictor, I control my old habits through this software placing a controlled risk position having a stop loss to keep my losses small. Mentally, I was never able to do that. I failed repeatedly to control my emotions.

Also, the Webinars on Monday, Wednesday and Friday during real time are something to behold.

They explain in detail the chart patterns and exactly what to look for when these patterns unfold.

There are numerous recorded webinars which serve as a real education. This continues to be an ongoing education for me.

The software has an indicator called DP short for “Decision Point”. It is unbelievable how the market finds these GP points and reverse. You have to see it to believe it. Listen, you will not learn it over night. I paper traded for several weeks before trading a live account. I watched the videos over and over again. Sure, I have losses but the losses are small compared to my winning trades.

MTPredictor has made it possible for me to meet my goals!

Good luck trading,

R Scott

Florida

rg83.rg · October 19, 2012

Hi all,

I just seen this post and I was browsing the net for reviews and thought I would say a few words.

I installed the NT7 Add on today, I love to trade fib patterns so it suits me to the ground. I am nothing but amazed at the results today. Each signal gives clear entry rules and money management rules. I am up 2k for the day so I am happy ...it a thumbs up from me.

I am not affiliated with the vendor or selling anything. I am sure you will all be very sceptical as this is my first post. I will be here a while and might start up a journal , if the forum has a relevant section.

I am trying to upload screen shots and the manuals but it says token invalid, PM me you want them.

Cheers,

Ryan

crabbydog · November 13, 2012

I bought it some time ago, haven't used it in anger. But my experience in talking with them and with the training support, and the realism of their claims suggests its a good, honest product and service which will work from some and not others.

I would like to see how they handle losing trades more often in the webinars, but that's my only gripe.

I would not recommend someone to buy, would merely say I don't believe its any kind of scam, and so would not recommend against.

I prefer VSA (the method not the product) myself and am currently focused on that. Its interesting they have some videos including VSA with MTP which I am intrigued by.

lucky4me · June 26, 2014

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 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 MTP) NEVER comment 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 it may be a good trade.

That is as good as it gets ! Normally, they never comment on MTP 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.

lucky4me · June 26, 2014