MT Predictor is yet another software/indicator suite built upon the assumption that Elliot Waves and Fibonacci patterns can be used to predict financial markets. The MT Predictor live trading room would be the perfect venue to prove that the software actually works. However, the live trading room is nothing more than a combination of sales infomercial and well selected chart analysis. No live, real time performance summary of the trading room. No track record of positive trading results for either the software developer or the software sales person. No statistical summary of the indicator suite, only rudimentary "It worked here, and it worked there" analysis. A positive review is awaiting-if the developer or sales staff can show a verifiable profit. Until then, avoid.
Thanks for reading today’s review of MT Predictor
What is MT Predictor? MT Predictor is quite simply an indicator suite and trade set-up scanner. The foundation of the product is based upon the underlying assumption that Elliot Waves and Fibonacci patterns display a predictive quality. The predictive quality, or “trading edge” can then be displayed using either the stand alone version (MTPredictor) or the indicators can be imported into Ninja Trader.
The cost of the stand alone version of MTPredictor is $2,495. There are no refunds. However, there is a 15 day trial period in which to evaluate the product. In addition to the one time fee of $3,495 for the software, you must also find a market data solution, which costs and additional layer of costs. The company currently recommends either IQFeed, BarChart, eSignal, or Metastock. Data fee’s range as low at only a few dollars for end of day data, to upwards of several hundreds of dollars for real time data.
MTPredictor indicators can also be imported into Ninja Trader at a one time cost of $2,495 per station. Once again, separate data fee’s can apply. However, the main disadvantage of Ninja Trader is that a person is now restricted to only Ninja Trader Brokerage.
MT Predictor Live Trading Room
MT Predictor does offer an accompanying, live trading room that is moderated by John Matteson. The live trading room operates Mon, Weds, and Friday from 10:30 AM EST to 11:30 AM EST. However, you will not find any live trading. Nor a trading DOM present on the screen, or a visual of a live trading account. There is no track record of any trades called inside of the trading room. The trading room is more of an hour long infomercial on how well the indicators worked on several, well selected charts.
Do Elliot Waves and Fibonacci Patterns actually work?
In the past two years, TradingSchools.Org has written about a multitude of companies that offer trading software based upon the esoteric concepts of Elliot Waves and Fibonacci. Some of these companies include Back To The Future Trading, Profitunity, FX Groundwords, Indicator Warehouse, Nexgen Software, etc. None of these companies have been able to provide a statistically significant trading edge. None of these companies has gotten a positive review.
Is it really so difficult to get a positive review? Actually, it is quite easy. A software vendor can easily obtain a positive review by showing that either the software developers or an actual purchaser of the product has been able to consistently earn a positive income. Ultimately, this is all that matters. And with all of the mentioned vendors, none can provide even a morsel of evidence that profits are being made.
Consider this…MT Predictor has been selling trading software for the past 16 years, and with such a large time window, it is unreasonable to ask that the developer proffer some sort of proof of concept? Is is unreasonable to ask the trading room moderator to produce a redacted account statement?
Unfortunately, neither the developers of the software (Steve Griffiths), nor the salesperson (John Matteson) were able to produce a brokerage statement that verifies if they have been able to product a profit.
Wrapping Things Up
In my opinion, one of the most frustrating aspects of reviewing trading software and live trading rooms is that these companies expect consumers to pay thousand of dollars in up front fee’s, and hundreds of hours learning a trading concept. Yet, are unwilling to trade the product themselves. They expect consumers to simply trust, and hope that it works. Unfortunitely, the vast majority fail, because the concepts that are taught are built upon a ruinous and unproven foundation.
I would love to draft a new review of MT Predictor software. Would love to write nice things about Steve and Mark, but I need some sort of proof that this stuff actually works. And I cannot think of a good reason why they will not release trading records. Can you?
Thanks for reading. Don’t forget to leave a comment below.