Trading Software and Books Reviews

MTPredictor Review

Trader One

After working my way through MTPredictor’s 149-page first volume, I was sold on the general premise behind the software.

Unlike a spate of programs currently on the market that deal with the intricacies of Elliott Wave theory, MTPredictor narrows the theory down to several key, and more importantly, tradeable, ideas.

To a beginner, Elliott Wave theory is a rather complex concept to get your head around, a task not made any easier by various materials out there that make it seem like rocket science rather than what it really is.

MTPredictor, on the other hand, offers a simplified take on Elliott Wave theory that is absolutely invaluable to the novice trader.

The real find for the new user will be chapter eight of the first volume of the manual, which details crucial elements of trading such as position sizing and reward to risk. I have yet to find a better chapter on the subject anywhere for beginners.

However, as much as MTPredictor offers an ingenious take on Elliott Wave theory and appears to be an exciting instrument for the new trader, I did run into some problems.

For a start, despite the MTPredictor website being easy to navigate and jam-packed with information and tips, the software and my computer decided to butt heads from the outset. I was disappointed to find an error message appeared on my computer when I tried to open the software. Several resets later and progress was still at a snail’s pace.

Seeking the wisdom of the extremely helpful support staff, emails were traded with rapid response time but despite their best work, the software would still not load on my computer.

I was eventually told the error occurs on a small number of systems. Therefore, as I write this, I can say little about the functions of the software, only that I liked what I saw during an early online demo I was treated to.

I will continue my efforts to get it up and running on my computer, but was also pleased to hear that a new version of the program, EOD v6.0, which has been built from the ground up, will be out later in the year.

Aaron Lawton has been trading options part-time on the US stock exchanges for a little over two years.

Trader Two

New or prospective MTPredictor users are given a live demo of the program over the internet by a representative. I found this to be a great way to jump start into the program.

MTPredictor is straightforward to use and happily there is an ample library of short and succinct video presentations for training. I found the videos were a very easy and time-efficient way to learn to use the program.

The support staff for both MTPredictor and Paritech (the data suppliers) were most helpful in solving some initial teething problems.

I have never applied Elliott Wave in my trading before and found this program to be a great introduction, as it makes Elliott Wave immediately usable to the novice. In addition to Elliott Wave principles, MTPredictor incorporates money management far more comprehensively than do most programs. The user follows a process that generates a number of trades from which the user chooses. The program gives the user a systematic approach to trade selection and even provides risk/reward analysis and exit trigger information for traders. This means the user is more likely to trade in a more consistent manner, which is well known to be an ingredient of successful trading.

This software is geared towards really helping the user qualify and manage their trades in a disciplined fashion, as well as assisting the trader to determine how much to invest in each trade. It is a very user-friendly program, which helps a trader at any level apply very sophisticated trading methods.

Ulla Decken is a part-time trader.

Trader Three

MTPredictor EOD, distributed in Australia by Paritech, is a trading software front-end that facilitates trading of a proprietary Elliott Wave-based trading method.

Built-in trade scanning software analyses market data for potential low risk/high return trade opportunities, providing a list of qualifying instruments for that day. Data is not supplied, but MTPredictor can be pointed at almost any data format – even custom format for non-standard data. Paritech offers a fully compatible data service, though this involves some hassle and the installation of separate data download software.

The system utilises a number of variables that can be tweaked to alter trade parameters; these are discussed in regular daily reports and online forums. Risk/reward analysis and trade size functions are central to MTPredictor, ensuring proper risk control.

The software front end is neat and minimalist without skimping on necessary features. A standard charting package is available, with the option of saving charts for future reference and a useful ‘training mode’ that enables scrolling back and forth through a chart one bar at a time – an effective visual aid for new traders.

MTPredictor is well documented, with a comprehensive series of online videos detailing the operation of the software and interpretation of the system. The designers also offer online demonstrations via conference call with video support that leaves a new user with no doubts as to how best to employ their system and software.

However, we ran into a few bugs that can cause the software to crash unexpectedly in the course of editing and switching charts. While the need to manually reselect folders to be scanned is not a big issue for end-of-day trading, it remains an inconvenience.

The great video tutorials make MTPredictor an accessible software package for novice to intermediate traders, especially those who would like to understand and control their risk.

Tom Frtunik is an FX spot trader.

MTPredictor Response

Our thanks to YTE, the three reviewers and Paritech!

MTPredictor takes a trader through a four-stage process – finding a trade; assessing its risk/reward potential; determining the position size; and managing the trade. With customers worldwide, it is a pleasure to demonstrate the software in the Pacific Rim.

Reviewer One rightly highlights the tradeable approach we take to the complex Elliott Wave method and on the risk control/money management of the software. This separates MTPredictor from most other commercially available software. With regard to Reviewer One’s difficulty installing MTPredictor, three programmers here traced this to the computer’s registry not closing properly, probably due to a corrupted Windows .NET framework. A minor corruption may have occurred, for instance if, you have installed and uninstalled many programs over time. We are discussing a .NET re-installation/alternative PC with this reviewer and will report back to YTE.

We have found the online demonstration and video library to be invaluable introductions to MTPredictor. A systematic method of trade selection, as Reviewer Two points out, is crucial in the software. We agree: these are sophisticated methods deliberately simplified to be useable by traders – from newcomers (standard, automatic trade set-ups) to experts (advanced trade set-ups).

The Scanner is the start of the process, from which the risk/reward analysis and trade sizing follow. As Reviewer Three states, the Training Mode is there to help novice traders especially and we do pledge full support to our customers, worldwide. In fact, we have just hired a very good customer and trader to head our Support. Data, for the vast majority of trading customers, resides in a single folder – jumping between folders is unnecessary. Accordingly, we have very few customers who experience freezes.

This article was originally published in the Sep/Oct 07 issue of YourTradingEdge magazine (www.YTEmagazine.com). All rights reserved. © Copyright 2009, MarketSource International Pty Ltd.

1 Comment to MTPredictor Review

1. 1 Septtember 2008 relised MTPridector 6.0. Do you planning to write review of that new version too?
mr.mastuggo on November 17th, 2008

Leave a comment