upgrade

[waver]

I am new and interested in mtp. I found you here since 2004 and maybe before that. Have you done any upgrades or even modified your system since then? I am a forex trader and it's the most changing market, I just think that your system is great but could it be possible that it keep succeeding since 2004. I understand trading systems should be modified every now and then. let me know

[Matt Bowen]

Hi Waver,

Yes we have done several upgrades since 2004. In fact, we just upgraded to build # 60 last week on the End-of-Day software. The Real-Time and End-of-Day both had major upgrades in December of 2004. You can check for upgrades on the user website:

http://www.mtpredictor.com/pricing/UserLogin.html

You wrote:
I just think that your system is great but could it be possible that it keep succeeding since 2004.

I'm sorry, you must be missing some words here...What is the question here? I'll wait for a second attempt before answering this as I have no idea what the question is???

You wrote:
I understand trading systems should be modified every now and then. let me know

A good system should not be modified to fit the data...that's called optimization and is a complete waste of time, it's like dog chasing it's tail because you are trying to "Fit the Date to the Market". A robust system model like MTPredictor works in any market or any time frame. I'm not saying your going to make money on all trades and every week, it means you will make money over time.

If you have to keep changing your system algorithm to optimize your results, all you are going to do is end up with an over optimized "curve-fitted" system that works for a few months and then proceeds to go into a drawdown with no possible recovery and that my friend is a complete waste of time. It's also the reason you saw so many mechanical systems being sold on the market back in the 1990's and now they are nowhere to be found because most of them blew-up. Sure, there are plenty of mechanical trading systems that work, but the good ones are like computers and computers are only as good as what you program them to do. MTPredictor is not a mechanical trading system... That's why it continues to work over time.

Best regards,

[waver]

Thanks Matt

obviously you answered my questions, so no need to write again that other question that you didn't understand.

well I am new to elliott waves theory, so maybe my questions wouldn't make sense to you sometimes.

If you don't mind, how accurate is MTP waves count. And what are the draw backs?

[Matt Bowen]

Hi Waver,

If you don't mind, how accurate is MTP waves count. And what are the draw backs?

Elliott Wave is right less than 50% of the time, we tell everyone this in Chapter 4 of the Trading Manual: "Enter the Real World", you can read it here: http://www.mtpredictor.com/TC/TradingCourse1.html

Accuracy has nothing to do with making money in trading... You can have a system that has a winning ratio of 70% winning trades that still loses money over time: http://users.adelphia.net/~spoonaz/Systest.gif
You have to know what the win/loss ratio is or Ratio of average winning trade to average losing trade, where the trades are expressed in dollars.

If you are new to Elliott Wave...I would not spend a whole lot of time reading Elliott Wave books (unless you like racking your brain). If you have ever read a book on Gann you'll know what I'm talking about...Seriously, learning Elliott Wave is like learning Gann analysis... you can fall into a black hole and get lost for a great deal of time, others will simply get frustrated by deal with the subjective nature of Elliott wave. Read Steve's introduction to Elliott Wave in Chapter 2 of the trading course: http://www.mtpredictor.com/TC/TradingCourse1.html

When a trader comes to MTPredictor, we prefer they know nothing about Elliott or they be an expert Elliott reader. The reason for this is pretty simple... if the the trader knows nothing about Elliott they will be easy to teach and "all ears". Or, if a trader is a seasoned Elliottician then he will be able appreciate the "Isolation Approach" that MTPredictor utilizes for finding A B C patterns.
The best thing about the MTPredictor model is that the trade does not need to know anything about Elliott, absolutely zero because the software does the counting for you. Plus, with our Elliott model you can take it as far as you want, you don't have to use the standard setups, you can get a deep as you want into Elliott as you want. Please remember something though, you can be the best wave counter in the world, but if you don't use good money management you are not going to make a dime at trading.

Here something I run into all the time... if the trader has read one or two books on Elliott... they tend to be a self professed expert and then the proceed to tell me how much they know about Elliott and what's wrong with our Isolation approach, (not that I care, but trading is about managing risk not counting wave patterns). These are what I classify as difficult traders because they are stuck in a "constant discovery mode" and they seem to be looking for the holy answer (which will never come), but you can't tell them that because they don't want to hear anything. I know this because I used to be the same way...until I got my ass handed to me a few times, I continued to "Do it MY way" and boy did I pay the price too. This is why I tell people...If you think education is expensive, try ignorance".

Below are a couple of documents that might help explain the benefits and problems of classic Elliott models and how we handle the problems with the Isolation Approach.

http://www.mtptrader.com/IsolationApproach.pdf

http://www.mtptrader.com/MTPredictor-HelpsYou.pdf


Hope that helps,

[Vernon]

Hi, Matt!
1. Does the Scanner find also the Advanced ABC setups ? Or maybe the Advanced ABC module is a manual one?
2. It looks like Advanced ABC module is something different from the classics TS1,TS2,TS3 setups , in that the first "leg" of this pattern starts in the middle of "nowhere". So that : A quite new MTP "pattern"???
Regards,
Vernon

[Steve Griffiths]

Hi Vernon,

Details of the "manual or advanced" ABC set-up can be found in my monthly trainning videos that are in the secure section of the web site.

This goes into this advanced ABC set-up and how to use it.

I hope this helps ?

Steve

[Vernon]

Hi, Steve!
It's strange, but my two questions asked for only two short answers!
It looks like you didn't want to replay to them!
I'll no longer insist!
Vernon

[Steve Griffiths]

Hi Vernon,

I am not sure what you mean, as Yes, the Advanced ABC is available in the Scanner in EOD v5.0, and if you want more info on this then I refer you to my monthly videos in the Members section of the web site.

I hope this helps ?

Steve

[Matt Bowen]

Hi Vaver,

1. Does the Scanner find also the Advanced ABC setups ?

First, watch the video: http://www.mtpredictor.com/SlideShows/MWC-2/MWC-2.html

Like I said in my last e-mail: "You can get a deep as you want to with our Advanced Elliott tools".
This is for people who want to take Elliott to a more in depth view and for people who understand
"Corrective vs. Impulsive" moves. For those who don't understand this and they are customers,
we provide this education on our members area of the website:

http://www.mtpredictor.com/members/AugSem2005.html

What Steve is saying is that you must be a registered user of MTPredictor to view this education.
It doesn't make much sense to educate non-customers... and I don't think you will find other vendors
giving away their intellectual property for free.

In any case, this is not required, to make money. In fact, I write a daily stock and commodity report
that is free to customers and it only uses the "Standard Setups". Again, the key is risk management.


2. It looks like Advanced ABC module is something different from the classics TS1,TS2,TS3 setups , in that the first "leg" of this pattern starts in the middle of "nowhere". So that : A quite new MTP "pattern"???


No, the patter does not appear from the middle of nowhere... As an Elliott Trader, this is an advanced
technique, you have to know the difference between an Impulsive vs. Corrective wave counts.
The Advanced ABC module is a corrective pattern and we can easily find this with our trade scanner
that is built into the software (so the customer does not have to spend hours flipping through charts). Is this a new pattern, no... Elliott wrote about it back in the 1930's and in his book Nature's law by R. N. Elliott (the book is out of print), but if you can get a copy, you will find the topic covered.

Regards,