I have been testing a software called MT predictor owned by Steve Griffiths who has been on CNBC in the past when his software nailed the actual market low in march 4th 03 (S&P Futures live on TV).

The software is based on Elliott Wave which only concentrates on:
: Ideal trade set-ups
A powerful scanner finds the waves meeting exceptional criteria.
: Ideal trades
A Risk/Reward module that analyses potential gain/risk of loss BEFORE you enter the trade.
: Ideal trade size
Initial Risk module determines position size.
: Ideal trade management
Display modules that show exit/stop strategy
: Systematic Elliott Wave patterns
Show Elliott Waves module finds only the valid patterns.
: Advanced strategies

Excellent additional trading opportunities and trade management plans.

Included with the software is a nearly 500 page course which covers everything you will need to know about how to trade Elliott Wave profitably, right from identifying the trades and key set-ups right through the trade to the end.

The software is $1995 and if you purchase the software the course is free. You also have a 30 day money back guarantee or you can buy the course for $95 on it's own. The course covers the basics on Elliott Wave theory, right through to actually trading Elliott with advanced trading techniques in different time frames etc. I am only a third of the way through the course and it has brought home a few facts that I didn't know along my journey of trading.
I can see the detail of information which is in this course in seminar form costing over $2000 a time.
You also get a free daily report with trading opportunities, and access to a private members only club.

Also what I like about this company is the friendlyness. Tony the sales Director, has been really helpful (the same goes for Steve) and always replies through email swiftly.

I am testing the EOD version as the real-time isn't out yet but will be soon. So far I have been pleasantly surprised with the accuracy of the software and scanner. The software only concentrates on the most profitable of the Elliott Waves, the five impulsive and the three A,B,C simple correction waves. It doesn't get caught up in all the complex corrections etc.

My stress levels have reduced as I now at close of market download the data and then just scan for the three key set-ups, ABC correction and type one and two set ups. It displays your trade trigger point, where to set your stop, the 100% initial risk point, and all the targets based on Elliott and Fibonacci all on the chart with a click of a mouse. The only thing it doesn't do is put the trade on for you!

As Forex has large intraday swings, I click the 'Show Elliott Waves' button and it shows me any valid Elliott Waves so you then just trade with the trend intraday (until the real-time is released then use that).

Initial Risk/Reward (the real holy grail):

I have relearned that the real holy grail is all about Risk/Reward and
preserving ones trading capital as most of us know the market is not there to give us profit, we must take it with the minimal Risk as possible to our trading account.
This software displays the Risk/Reward on every trade BEFORE you enter it, you ideally want to take trades with a Risk/Reward of 2:1 at the FIRST trade target.

The course covers all this and more.

Forget all those $79 downloadable cheap courses you see advertised all over the net, been there, done that, and wasted my time and money along the way. Where they are helpful for the absolute beginner to just get a grasp on the market place, a lot of the information is freely avaliable on the net if you don't mind searching.

You won't get the information for free that is included in this course imho.

To all those who are starting out trading: If you think $1995 is a tad too expensive, come back to this thread and read it again when the market has taken every penny off you because without the right training I can assure you, it will, as 95% of traders fail in the first two years.

Here's a link:



Have a look - click here

WEDNESDAY 2 JUNE 2004 -

>> RT 4.0 is for real-time traders, not forecasters. It is a trading process, not a blind system: identifying exceptional trade set-ups; evaluating the Risk/Reward outlook; determining the position size for tight money management and guiding exit stop strategy for controlled trade management.

>> RT 4.0 achieves this by using MTPredictor's 'Isolation Approach' to Elliott Wave with rigorous trading guidelines, to trade out of a correction and into a trend.

>> RT 4.0 offers traders an edge:
scans multiple markets on multiple timeframes simultaneously, finding set-ups the absolute instant they unfold.
scans for complete set-ups, not just a moving average crossover/stochastic turn etc.
instantly displays the set-up analysis on the chart.
instantly displays comprehensive Risk/Reward analysis graphically on the chart, including the entry and initial stop triggers, the 100% initial risk price and 2-3x initial risk zone.
guarantees early trade entry, with no lagging indicators such as channel breakouts/moving averages.
enables postion-sizing for strict money management.
allows consistent trade management every trade.
shows only valid Elliott Wave patterns based on swings, not on indicators.
supports expert traders, using advanced MTPredictor trade identification and trade management techniques.
* A new illustrative trade record is available on http://www.mtpredictor.com , trading the ES and NQ futures on 3min. and 5min. timeframes.

* Online videos, with managing director/developer Steve Griffiths highlighting RT 4.0 features, are also available on http://www.mtpredictor.com .

* Articles in the next issues of "Stocks and Commodities" and "Traders World" magazines further explain the MTPredictor approach to Risk/Reward trading.

If you would like to pre-register for a copy and have not already done so, please email sales@mtpredictor.com .

Orders can be placed using the site's secure ordering section from Wednesday 2 June. The 30 day money-back guarantee is offered, full support is guaranteed and shipping is by Worldwide Priority Courier.

I have used the scanner this morning and it found this Type 1,2,C trade setup: (please note this is not investment/trading advice in anyway, DYOR etc).

BG. BG Group PLC (go short).

Entry trigger is just below 338, Stoploss trigger is 347 (so you would set your stop at just above that level) The 100% initial risk level is 328 (when this level is hit, you move your stop up to your entry level to protect profits).



The Risk to Reward on this trade is a min of 2.6/1 (very acceptable).

Targets are:

Min Wave C = 313/308
Typical Wave C = 300/304 with a R/R of 3.5/1
Typical Wave 3 = 281/284 with a R/R of 5.6/1
Max Wave 3 = 223/226 with a R/R of 11.7/1.

All this is plotted on the screen automatically for you after you press the 'T' button, after the scanner has found the trade for you.

Just had a look at this IT.
Very clear and informative presentations by the Guvnor.
Works on end of day as well as real time.
Well worth a look in my opinion.

this looks very interesting, any chance you could keep a record of the picks for us to chart the success rate?

I would appreciate it if you could!!

I will do my best.
I have been keeping a record of some of the scans, and so far they seem very accurate, because with this program it doesn't count the annoying unprofitable waves, only the tradable high success ones.
I don't know whether any of you have heard of Fibonacci, but it is a useful tool for support and resistances. The problem is though to have really high successful resistance or support levels you need to have several Fibonacci measurements so that they 'cluster' together around a certain point. This softwares support and resistance levels (WPT) are the clusters put altogether for you. So you would look for these three signs:

1: The stock/indice is at the coloured support/resistance (WPT level)

2: There is a reversal candle/bar displayed.

3: You then wait for the next bar/candle to exceed the high or low of the previous reversal candle/reversal bar in question.

All this is plotted on the charts for you by the software as you can see on the site, it cuts all the worry out of trading and whether you are right or wrong is not an issue anymore.

IT Had alook at this as well and it seems to be a good package, great bit of investigation work thanks for the tip. I too will keep reading thread to see how you evaluate and if EOD trades work out. I use omnitrader and have never looked at EW seriously, I know that only good examples are ever put into the adverts but this looks such a simple process even I could use it. LOL for the future weeks.

UPDATE: (please note this is not investment/trading advice in anyway, DYOR etc).

BG Group at yesterdays close is 335.3. The 1st level to target is the 100% initial R/R = 328. So far in profit!

============================================================================

I have a new scan result today:

Cairn Energy (CNE) Type 1 sell (short).

The R/R is 2.2/1 (acceptable).

Short trade trigger is just below 1054.50

Set stop at just above 1090.

1st target is the 100% initial risk = 1019 (then move stops up to entry level to protect trading capital).

2nd target = 977.40-963.16 (min wave c)
3rd target = 936.15-944.99 (typ wave c)
4th target = 872.00-884.89 (typ wave 3)
5th target = 683.15-693.25 (max wave 3).

Remember you should trail stops to protect profits! One way is when a profit target is hit (after the 100% initial risk has been hit) is to set stop at just below the last bar just before the target was hit.

Will keep you updated.

Interesting - Looking to upgade to a new package myself, looks good will follow with interest. Keep up the good work

Today was a loss on BG group. The loss was very minimal of 2.5 points as a stop was set just above the stoploss at 347.25. This reflects the issue of when you have a loss (and you will) it must be kept to the absolute minimum. I am going to keep an eye on this trade as it is still in the coloured WPT zone. This makes me feel perhaps I should have set my stop just outside of the WPT zone in the first place, as I said I am testing this too!

CNE short trade hasn't triggered yet.

I ran a scan yesterday looking for Dojis (reversal candles) and W2/4's, I was overwhelmed with the choice of trades, there were to many to post, I think the problem I could have is to know which one to pick.

IT Do you think you can trade this just using the signals and not take any notice of the general market noise. This is the way I would like to trade but as indicated if there are lots of signals which do you select, just ones that offer a high risk reward ratio or fall into the trap of trying to verify with additional signals.

stockpick

I would think if you really want to reduce your risk to the market using this software you would then choose the ABC correction and type one and two set ups. I like to look around and get a 'feel' of the market though. You see by scanning for W2 and W4's, you are actually getting a possible early warning signal of a great trade ahead. Armed with this knowledge, you then have the time to pick the most suitable trades amoungst them.
Also it gives you insight to where certain stocks are in relation to Elliott Wave.
You must remember this software is no 'black box' system, but it is a powerful tool imo. I will not trade blind off any software, I look at the chart, draw trendlines, apply Fibs etc, but that's just me, you don't have to do this.

An example of what I mean about you will find it hard to pick amoungst all the trades the MT scanner finds. Tonight I have noticed that I could have been in on the Marks and Sparks rise as the software identified a wave 2 up on the 14th of May @ 277 by using the 'show elliott waves' module. If this was a stock I traded it would have paid for the software on this one trade alone with 90+ points profit, granted it is an incredible rise but so was safeways, and there will be more I'm sure. But all rises have to retrace, so there's always a place to get in before the last push (W5) up, I have the possible entry points already on my chart.

I am now up to chapter 19 - Advanced Trade Management.

What I like about this chapter is the way it is explained - very clearly.

Not only are you taught to take profits at certain key points along the way, you are also taught how to pyramid (add) to winning positions at key levels which returns huge profits!

You must only pyramid in strong trends, how do you know you are in a strong trend? It is covered as well in the course.

Remember the wise saying 'the trend is your friend'.

I also like the way you can add to positions using the ' minor pullback' module.

The last upcoming chapters I have yet to read are:

Chapter 20 : Time analyses
Chapter 21 : Day and short term trading
Chapter 22: Weekly charts
Chapter 23 : Trading stocks with MT Predictor
Chapter 24 : Studies
Chapter 25 : Daily routine
Chapter 26: Case study and lastly:
Chapter 27 : Questions and answers which finally the course ends on page 493.

As I have the EOD version I am now conditioned to do my data updates then my scans after 4:30pm for the LSE stock market and before 8:00 for my Forex and Index data update and scans for new trading oportunities.

I will keep the thread updated as I gain more experience.

UPDATE: Cairn energy trade was never triggered so no loss. It is however currently in the min Wave 5 zone (1125/1170) and the typical wave 3 zone is approx 1227/1275, wide I know but this is end of day daily chart data don't forget.

IT - Still here listening with interest, just thought with so many signals how many trades are paper are you selecting and are you trying different signals for oversolds, boughts early, etc.You must be a busy man with all the reading and getting to grips with the software, the real tougth part this but sounds like the course which accompanies the package is quite detailed, how you finding time to trade as well. LOL

SP

Where do I get the time? Good question, I need 30 hrs in a day.

Get up before 6am and to bed by 12pm if I'm lucky.

Who said trading was easy?!

There's not many signals once you get a handle on it, as the software does most of the work. If you want to be lazy, just scan and only take the safest setups. Even then there is no guarantee of a profit, there never is, but if the trade does go against you at least the loss will be a small controlled loss.

Oversold/overbought, who decides that an 'indicator'? A stock is overbought when it fails at a higher high then turns to make new lower lows off a reversal bar or candle not when an indicator says so. Some of the strongest moves happen when so called indicators are displaying overbought or oversold extremes and can stay there for quite a time.

Stay lucky.


;O)

I have finally got to the end of the course and have to say it was a good read.
This course (imho) is suitable for the beginner as well as seasoned trader. All you will need to know to give you a head start in trading is in there, but of course if you have the software you will be two steps ahead of the crowd so to speak.

If the initial outlay for the software is a problem ($1995) I suggest (imho) that you buy the course first to see what you are getting in advance?

I'm Thinking of giving the RT version a whizz once it has been running for a while to get the intraday set ups. If I do test it I will give you the run down once again.

STAY LUCKY AND KEEP WINNING.

RT is on the way.....