I have been reading numerous posts on the web indicating that trading with Woodies CCI system is a fraud and that the moderators in the rooms on his site acknowledge that they don't really make money with his methods. Many have said that Woodie himself does not make any money with it. Does anyone know if the method works or whether it is a fraud? Do you know anyone who actually makes money with it?
Here's what I have heard: - He doesn't make money trading - His trading room moderators admit that neither they nor anyone else makes money - None of his setups or methods have backtested profitably (here come the people who say backtesting is useless) And let's be honest, CCI just shows you how far price is away from a moving average. You don't even need an indicator to tell you that. Well maybe Woodie's crew does, because aren't they the ones who claim you don't even need to look at price to trade? lol. But just because price gets a certain distance from a MA, or comes back and touches it, doesn't mean it's gonna do anything you can bet on in the future. That's why Woodies traders don't make any money. IBigetflamedbypeoplewhodon'tmakeanymoneythemselves
I seem to recall reading an article where Woody claimed the inventor of the CCI gave him the code to improve upon, but when the inventor was later asked about it, he said he never heard of Woody. Regardless of who was lying, although the inventor had no motive to do so, a CCI measures the distance from a moving average. No magic there. The fact no one has ever made money using the system tells all. It's obvious Woody makes money hiding behide the guise of Make-A-Wish skimming money from the flock. He claims all proceeds goes to charity, yet never discloses an audited statement to back that claim up, or what he establishes as his fee for holding seminars. Basically, he says all profit from seminars goes to MAW, but he doesn't say that he skims 99% of the proceeds as his fee, therefore, leaving 1% for MAW. Technically, he is telling the truth, but in reality, he is deceiving the herd. I call fraud.
Woodie can't make money trading CCI. Woodie stated a few months back that he trades no more than 3 contracts per trade. I think he let it slip by mistake and didn't realize it until he had already said it. Now surely someone who has been trading the CCI for "over 30 years" and the self-proclaimed Emperor of the CCI should be trading far more than 3 contracts. Woodie most likely makes most of his money from website advertisements, DVD sales, and Trade-A--Longs. Heck..everytime Woodie has to travel by Air, he now tries to get unsuspecting newbs to pay for his airfare in the city of destination by performing a "mentoring" session. Does this sound like someone who makes a living from trading?
the whole thing is a GIANT HOAX.........HOWEVER my post will not change the mind of even one losing believer of this CULT......
First, you have to define real or fraud. This is what I'm talking about when I'm talking about vendoring transparency. Just knowing if he makes money is not enough enough to know if the methods are worthwhile enough to bother learning, what if he makes 4% per year from his trading on CCI? Would you still want to learn it? If he charges then you need to ask for a track record. As for CCI, I used to be into a lot of indicators. I do not use many/any indicators now except for my trading systems. Out of all the indicators, I used I did at one point like CCI better then most other indicators. Of note, I never received any formal trading in indicators, and that is very important point. So, what about CCI? CCI if traded mechanically would probably be break even which is true for most other indicators. However, a part of the path to success is the development of market filters or lenses for viewing the market action and learning to view market through CCI for a beginner could be useful. Of note, I don't think CCI is the best market filter: so I wouldn't bother with it where I'm at now. But, if you are just developing your market filter then it might be one way for you to start to view the market. To be clear, CCI is just a market filter. It is one way to view the market. Most professionals tend to gravitate to viewing the market without indicators and use primarily price action filters. But as far as public domain indicators go, stochastics and CCI were the ones I could make the most sense of. But again these are just market filters. They likely aren't enough to get you to trading at a professional level. That requires much more.