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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.
Can you help answer these questions from other members on NexusFi?
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.
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.
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?
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.
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)