Hi Traders Who has had experiences with "MT Predictor" software is it tradable ? Any - Feed back would be appreciated - good or bad Thanks in advance
Got a coin? Flip it. Heads buy/Tails sell. Same results as MT Predictor. My experience was with MT 4 EOD.
I use MTP, both standalone EOD and, primarily, with the TradeStation elds. You can use it as an extra tool to your trading decisions, as I do, or trade their "automatic setups". My limited experience of these is that they produce positive expectancy, low win-rate trades. Three things stand out with MTP for me : * Very highly positive risk/reward setups. * Great new "Decision Point" module, very easy to use. * Truly excellent customer service & support. Of course, it is the commitment and dedication to a trading method that makes it successful, rather than the software itself, but MTP is one of the only pieces of trading software* that I would buy again, if starting from scratch (and like many, I have wasted thousands of $$$$ on ultimately useless software). HTH. J. * come to think if it, all I would buy would be TradeStation, which is virtually free these days anyway, Jurik Research TS8 add-ons, and MTP for decision support + possibly one other (under review).
Ladies and gentlemen, (sorry in advance for the long post) I felt compelled to write this post after reading your take on MTP. I am new to trading but have been a silent observer for a few years now. (Always believed the best and only way to create wealth was real estate and have a couple of rental properties) I want to narrow it down from 360* to 10-15* so it least I know I am heading in the right direction. Until recently I was earning a pretty decent 6 figure income as a sales director in media sales... then the company went belly-up. Although dissapointed at being unemployed for the first time in my almost 20 yr career, I looked at it as an opporunity to do what I had been 'considering for a few years' but not forced to do because I was comfortable. Am I going to miss the fancy lunches, the expense account, the camradery, the friendships I have made? Sure, but the true friendships will continue. Am I going to miss the 1 hour commute each way on the 405 (according to some stats, the busiest freeway in the US); the working my nuts off thinking I'm doing a good job, only to be told I am not smoozy or brown-nosy enough; the not only doing a good job, but having to sell it up and down the ladder and LET everyone know what a great job you're doin; the getting smiles to your face and stabbing you in the back; the having to wipe other people's bottoms for them and then have your boss tell you you should have wiped it differently; talking to ex-colleagues and hearing of another couple thousand lay-offs and they are like a deer in headlights wondering when their turn will be???? Hell to nizzay!! Yes, I'm a little jaded by the whole experience but happy to be taking matters into my own hands. Happy at the idea of working for myself, where and when I want and only I & my family need to know I'm doing a good job. I am up and out of bed at 6am PST sharp, and my wife cannot believe how motivated I am. (Also looking for ward to taking a month off in 2 years to go see the World Cup and visit family in South Africa, and if I have this down pat, being able to work from there) I should add that before the job loss, I had taken out $150k equity out of a real estate property with a view to taking advantage of the RE downturn. I figured as values fall I will get in further and wait for the turn-around. Probably not smart and now I am mortgaged up to the eyeballs with $1.1m in loans to around $1.1m in RE value. (take 7% off that in closing costs if I could sell everything today. Yep, not a great picture) So over the last couple of months I have spent ENDLESS hours educating myself and yes checking out EVERY snake oil salesman under the sun. Being a student of Tony Robbins and the Landmark Forum, I try to sit though EVERY tedious presentation, reminding myself that if I learn even ONE thing it will be worth it. Unforunately I don't have all the time in the world for 'endless' learning. I basically gave everyone at the Traders World Online forum last week a chance to sell their wares. Here is a snipit of some of things I've looked at with my thoughts: www.mtpredictor.com I like these guys. No hard sell, typically English. 30 day money back. Tony Beckwith seems like a geeky Cambridge grad, who is more pationate about his system than he is about selling it to you. I think I will give these guys a try unless I uncover anything horrific in the next while or get terrible feedback from any forum. www.dtitrader.com (Don't like the hard sell. They're a little conservative (will only trade within certain times. I want to trade when there is a great opportunity) I also get impression of old fuddy duddy traders who want to do it as a hobby with accounts of $500-$2000. I am a vibrant, young 40 yr old guy, who wants to make this my career for the next 30 yrs and want to take it seriously with serious returns. To be fair to Tom Busby and his folks, I find them nothing but great people, with a room full of students who love the system, which says a lot, and unlike other 'educators' are happy to bring competing vendors in to give you a taste of a fuller all-round education... which is how I came across these next folks) www.worldcupadvisor.com What can I say? I still can't believe I am doing this but.. here goes. A few weeks ago, DTI invited one of WCA's advisors, Michael Cook to do a presentation about WCA and their autotrade system.. you pay each advisor a $250-$300pm fee and whatever trade they enter into you automatically do too throught the broker, Robbins Trading. So I figured, I have this $150k just sitting there costing me 5% p.a. interest, at least put it to work, and with WCA's wonderful returns, turn that into a profit while I get educated. In 2 weeks my $100k account has declined to $97k. Don't get me wrong, the 3 advisors I'm following have made me money but that has been swallowed up by the $35/contract turnaround fee that Robbins Trading charges, and these guys are trading 6, 8, 10 contracts at a shot. So Rpbbins is doing very well. Me, not so much. I need to decide how long to keep that going and when to pull the plug. I could have paid that $3k for ANY education/indicator system and would at least have SOMETHING to show for it. As it is, I'm CURRENTLY down $3-4k and have learned nothing from them. (in fact I just tried to log in to get my most up-to-date balance and cannot log in. Concerned? Oy vey!) www.tsunami-trader.com enought said. After all the negative press everywhere. To be fair, I think Larry, the Forex guy is good. I got a bad vibe from John G right at the outset when I would ask questions and he would be very dismissive and refer me to one of their 'numerous online videos'. Almost like "you should have viewed these first before even coming here and wasting my time *&**wit! I did ask John for emails to current students so I can get their take on the system and to my surprise he furnished those. Stand by and I'll let you know how that goes. www.trainingfortraders.com underwhelmed www.fibonacciqueen.com underwhelmed www.tradersinternational.com enough said. 3 losing trades on the trot, bad reviews online. (I did break my rule and cut out of their sales pitch early) www.championsriver.com System seems good, 70% win ratio, like the idea of the neurolinguistics, but decidededly underwhelmed by Reuben's presentation style and got a sour taste in my mouth when there was what i saw as a loss and he thought the stop wasn't hit yet or the stop was different, etc. I'm big on integrity! www.infiniteyield.com for Forex. haven't really delved in so cannot say too much. www.forexautomoney.com seems too good to be true www.paintbarfactory.com seems like a good idea, but concerned that you don't know who/what they are. www.pagetrader.com again, seems too good to be true. So, my Tradestation forex/futures account is loaded with $25k, and just when I feel I've found a system to follow, I get the wind knocked out of me finding it's a scam or too good to be true!! I feel like the kid who wants to look over my neigbor's shoulder to copy his work. I partly feel that as a linguist/sales guy by background, I'm going to get eaten alive, since I know very little about the theories etc. I feel I haven't put in the time and don't deserve to get any fastrack system and make money immediately as there are people out there that have been grafting for years and are only now making a living trading. On the other hand I think: 'why re-invent the wheel?'. You're no idiot, and this is just like learning another language. Don't feel guilty. If there is a short cut and ways to use technology to work smarter, not harder, then I'd be a fool NOT to persue it. So that's my story friends. Any advice, direction, tips, pitfalls, narrowing down of systems etc would be greatly appreciated, and I look forward to making friends in the trading world.
back2thefuture, I understand what are going through because I was in the similar situation two years ago. As any successful trader can tell you, not the system or methodology that makes the successful trader, but the psychological aspect of trading. You can pick any decent system (better win/lose ratio over time) and consistently follow the trading rules, you will be in the winning side. But the problem is it is easier said than done. If we have a losing trade or two or three consecutively, we tend to lose confidence on the system and ourselves. We then look for newer system. That is how everyone start to accumulate various systems. In your case as mine, we are adding two more dimensions to lose confidence quickly, namely trading on borrowed money and trying to quickly make money for paying bills. This adds additional stress and end up in making incorrect decisions. My story is, I tried trading, was successful initially, then lost confidence in the system, lost some money, got nervous, made more mistakes. Finally, was in debt and started looking for a job. What I learned is trading is not something which can be mastered quickly (making consistent income), just like any other field. Fortunately, I quickly found a job which pays 6 figure salary and now trying to trade part time without any pressure to gain confidence and understanding the market from logical stand point. As we all do in any subject or field in the college and in the industry. Please take it for whatever it is worth. Wish you the best.