MTpredictor Software - Any Comments

[mitta]

Hi, Been looking at Mtpredictor and would like any comments on it from any current or past users, good or bad. Mark

[Blaiserboy]

Originally Posted by mitta Hi, Been looking at Mtpredictor and would like any comments on it from any current or past users, good or bad. Mark

My feeling is that for what it provides it could be viewed as a bit pricey...... there are some great signals....... and the emphasis on risk to reward is most helpful.. I still have a feeling that it is pricey.

As a olatform I feel that it restricts a trader to EW type of trading whereas another platform will allow you to do a lot more.


Just an opinion.. I will be interested to see what others have to say.

[thalestrader]

I bought this years ago when it was priced much much lower than it is today. I have all the updates, however. From what I understand it is now $2500? Let me start off by saying that if I were you, I'd use that money to fund a small forex or futures account, and learn to trade S/R with 1 mini lot or e-mini.

If you do feel compelled to purchase it, I would still recommend that you give s/r serious study. The TS signals are very good when they occur at a S/R level. But, since it is primarily a fib-based program, it will fire off signal after signal in the middle of no man's land.

The "Decision Point" function is very useful, but you can draw these yourself with a simple fib extension tool.

The "draw pivot" function (swing pivots, not "floor trader pivots"), where the software will display minor, intermediate, or major pivots is useful when you are learning to identify s/r levels. However, I suspect that such a pivot indicator is available for free for most charting software packages, e.g. ninjatrader.

What is worthwhile is the MTPredictor trading course, especially those portions that discuss risk/reward and position sizing (though I read the old edition, and I do not know if the new edition is as worthwhile as the old edition).

All in all, of all the software, systems, and indicators that I spent money on, I would have to say that MTPredictor was the most worthwhile. However, I paid about 40% of its current price, if I paid that much. So, if I had to do it all over again, I would save my money.

[Blaiserboy]

Part two of the manual has a lot of good information.

[mitta]

Originally Posted by thalestrader All in all, of all the software, systems, and indicators that I spent money on, I would have to say that MTPredictor was the most worthwhile. However, I paid about 40% of its current price, if I paid that much. So, if I had to do it all over again, I would save my money.

Thanks thalestrader and blaiserboy for your comments. It may be a good piece of software but everywhere I go everyone seems to comment on the price. As I said I was only looking at it and have gone off it from the responses I have received in this forum and elsewhere. I'm just getting back into being serious about trading and have dusted off Omnitrader Pro that I bought about a year ago, will learn all about it. Many thanks again. Mark

[Blaiserboy]

I could have listed a few items that I regard as defects in the charting.....

I am almost sure that your Omnitrader will be quite suitable, especially as it will have a better selection of indicators and a better chart display......

Best of luck with your trades.....!

[thalestrader]

Originally Posted by mitta Thanks thalestrader and blaiserboy for your comments. It may be a good piece of software but everywhere I go everyone seems to comment on the price. As I said I was only looking at it and have gone off it from the responses I have received in this forum and elsewhere. I'm just getting back into being serious about trading and have dusted off Omnitrader Pro that I bought about a year ago, will learn all about it. Many thanks again. Mark

As you mention using Omnitrader, I might assume that you are looking to trade stocks primarily using end of day data, not real time intraday data.

I would highly recommend Telechart from worden brothers at WORDEN TeleChart 2007 & StockFinder 4.0

It is free for 30 days, and 29.95/month after that for gold membership. With your goldmembership, you will also get a free upgrade at freestockcharts.com to the premium version of freestockcharts.com which will give you the ability to scan in real time with free real time data.

As for end of day scans, telecharts is tops in my book, as it gives you the ability to code your own pcf's and compose your own scans.

Best Wishes,

Thales