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Power of MTP for ES wave Count


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Power of MTP for ES wave Count

  #21 (permalink)
 
trendisyourfriend's Avatar
 trendisyourfriend 
Quebec Canada
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
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Big Mike View Post

...
I wish more people would focus on building these R/R tools and less on trying to predict where price will go next with some new indicator.

Mike

The concept of risk/reward is rooted in the idea of prediction. You can't have one without the other. However, one could use volatility to define a target such as when a wide range bar forms while in a trade. In this case, you can't predict ahead of time if you'll get a wide range bar. If you manage your trades based on momentum or volatility then you don't need to bother with the risk/reward equation.

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  #22 (permalink)
 ghman101 
Daphne
 
Experience: Intermediate
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Big Mike View Post
18 months later, I stumbled across this again.

MTPredictor | MTPRT add-ons for [AUTOLINK]NinjaTrader[/AUTOLINK] 7

I still have to admit I like the R/R part of MTP. It's been a long time since I demoed the software, but I remember the R/R part even 2+ years ago as being something I really liked.

I understand it seems to set targets based on waves and pre-determined ratios.



$2,000 for a risk/reward system is too much for me to even consider. I guess if you are a wave guy then maybe the $2,000 is more appealing to you, as it is my understanding very few tools accurately account for waves (I believe there is a reason for that....)

I wish more people would focus on building these R/R tools and less on trying to predict where price will go next with some new indicator.

Mike

I bot MTP and have yet to find a way to make it profitable. Some others have success they say but not me. I have hundreds of pictures of great trades, so that is a worthless exercise....There is a guy from Indy Warehouse that swears by it and is conducting a 3 day intense workshop, starting next week, free, on the software, obviously in hopes u will buy it. I also like the R/R calcs but only wish they'd enhance the programming to a point where multiple time frame analysis was automatic or assisted in the decisions. I got the impression MTP doesn't want to fully invest in the potential of the software, as certain bugs/difficulties in display are still apparent. This is a key area I need to work harder at seeing if I can make it work for me. Never found an indy yet that would go with it to improve the reliability, and I've tried many. Now that I've invested in it, I'll never stop looking for a way to make it work for me. Any/all advice is appreciated.

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  #23 (permalink)
 
cory's Avatar
 cory 
virginia
 
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ghman101 View Post
I... Now that I've invested in it, I'll never stop looking for a way to make it work for me. Any/all advice is appreciated.

start by drawing waves on history charts goal is to train your eye to recognize them, next draw the beginning then wait for the target reached goal is to built your believe in your drawing. You can only trade your own believe not someone else's.

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  #24 (permalink)
 svuhmed 
Edinburgh, UK
 
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ghman101 View Post
I bot MTP and have yet to find a way to make it profitable. Some others have success they say but not me. I have hundreds of pictures of great trades, so that is a worthless exercise....There is a guy from Indy Warehouse that swears by it and is conducting a 3 day intense workshop, starting next week, free, on the software, obviously in hopes u will buy it. I also like the R/R calcs but only wish they'd enhance the programming to a point where multiple time frame analysis was automatic or assisted in the decisions. I got the impression MTP doesn't want to fully invest in the potential of the software, as certain bugs/difficulties in display are still apparent. This is a key area I need to work harder at seeing if I can make it work for me. Never found an indy yet that would go with it to improve the reliability, and I've tried many. Now that I've invested in it, I'll never stop looking for a way to make it work for me. Any/all advice is appreciated.

the guy on indicator warehouse is Matt Bowen - a few years ago he was the North American marketing guy for mtpredictor before he went to do "other things". Seems he is coming back.

I learned a lot about trading from mtp (positon sizing, r values etc.as well as the elliot wave stuff) which have helped me a lot. Like you, the out of the box system was not for me.

I think ultimately one has to design a trading system of your own. Mine, when it eventually gets there, will have many components from mtp.

Just finished reading Becoming Rich: The Wealth-Building Secrets of the World's Master Investors Buffett, Icahn, Soros by Mark Tier - found it a very thoughtful read on success in trading
Amazon.com: Becoming Rich: The Wealth-Building Secrets of the World's Master Investors Buffett, Icahn, [AUTOLINK]Soros[/AUTOLINK] (9780312339869): Mark Tier: Books

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Last Updated on January 2, 2012


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