MTPredictor is a trading system based around Elliott Wave analysis that combines risk reward analysis with position sizing to minimise risk and maximise profits. This is our first impression of this trading system.
MTPredictor finds and displays trade setups within the context of Elliott Wave analysis but with a strong focus on detecting ABC chart patterns that offer good risk/reward ratios. It displays trading signals on the screen, however it is up to the trader to manually enter trades into their broker systems.
This is not an automated trading system, but is software that should enhance a traders profitability through effective trade signal recognition combined with excellent money management routines which display the trade entry price, the stop loss and the profit targets as well as the all important risk/reward ratio.
MTPredictor trading principles
As stated above, this trading system is based on Elliott Wave theories. Emphasis should be placed on the word “based”, as Steve Griffiths, the CEO of MTPredictor Ltd points out that in his 20 years of trading experience Elliott Wave analysis in its purest form only works about 50 percent of the time.
Elliott Wave theory can also become very complex, particularly when trading conditions produce chart patterns that do not easily fit into easily distinguishable waves. Based on his long experience of trading, Steve Griffiths has realised that ABC chart patterns within an Elliott Wave context produce the best results and this is the basis for trade signal detection within the MTPredictor system.
Intraday and end of day (EOD) charts for stocks, index futures, forex and commodity markets can be analysed with the system as well as a powerful scanning facility that rapidly finds stocks which are exhibiting user determined trade set ups.
Rarely have we experienced such exceptional customer support from a software vendor. The educational support (see below), the active forum, the blog with example trades and explanations and highly responsive email support all combine to provide very good customer support indeed.
New customers can feel reassured that there is plenty of help and support on hand, particularly if they need a bit more knowledge about Elliott Wave theory and ABC patterns before using the system with their live account.
Being based on Elliott Wave trading theories means that traders should have a good understanding of this form of analysis to benefit from the power of the MTPredictor trading system. This is important as the manufacturer goes to great lengths to point out that not all trade signals should be taken.
Help is at hand for those who are not so familiar with Elliott Wave theory as there is a plethora of excellent trading education material on the MTPredictor web site for customers as well as regular blog posts showing recent trades and explanations about why particular signals were taken whilst others should be ignored.
There are two very high quality trading courses, one 122 pages long, the second, more advanced course being 181 pages long, which are available free for customers. The manufacturer strongly advises new users of the system to read and understand these courses before trading with their live account. Further videos and tutorials also show users how to get the best out of the software.
In short the educational support for MTPredictor is fabulous. Traders who are not familiar with Elliott Wave theories, but who like what MTPredictor can do, need not fear as they will quickly learn enough to use the system effectively and profitably. The emphasis on risk control and money management encourages the trader to adopt good trading practices that promote long term profitability and account growth.
An example trade
This is only our first impressions of MTPredictor. We will be publishing far more about the system in the future, however see the chart displayed above (click to enlarge image) for an example trade.
Actually that is a very special trade as MTPredictor called the exact bottom of the market low on FTSE futures in March 2009. That was based on EOD data, however if MTPredictor can continue to deliver such exceptional trade signals for both EOD and intraday, then it will repay its purchase price very quickly.