After you lose your money with this, do a little research on the next method you plan to lose your money on.
Woodies system works well due to a plan and Money management, I due use the CCI in my trading however I also tape read and use many other indicators as well. Please don't drink the cool aid of woodies treading style it has value I will not disagree but you will at some point realise that you can improve your results by doing hard work and research as to what fits you as a trader and what you can do to improve your trading. Trading is a funny business, it is so easy to click a button but knowing when is the true gift and if you want to make a living at it you will have to work hard ( DON'T BE A LAZY TRADER) All that being said Woodies is good at discipline, money management and sticking to a plan, anyone who does that my hats off to them, woodies CCI is a good place to start but please don't let it be your end all be all. I have done a few vids on you tube and will be doing another one this weekend on tape reading http://www.youtube.com/profile?user=TradePilotPro http://tradepilotpro.blogspot.com/ Take Care, Joe Baker
This system meshes well with my personality and what i believe is necessary for a good trading system.First; Documentable entry and exits as well as tools to facilitate proper statistical analysis of results. Second; Also i believe that a trend following system is the only way which is what CCI is. Third; a noise filter that works which is what the CCI combined with range bars is. Keep the comments coming i need alll the help I can get.
I like your reply, I belive you will do well, take one thing at a time. I have been trading for 10 years now and feel I always be a student of the markets possibly due to my passion for it. Don't give up, Trading is the best business you can be in look long term and never put to much capital on any single trade and you will be fine. If you trade futures you must get a feel for ZERO SUM markets ( know where the looser is ) if you get an understanding for that you will have the key's to the kingdom. Take Care, Joe Baker
ok you got me on that one, lol But seriously your trading will improve dramatically with an understanding of where the liquidation is going to take place. P.S I will use spell check for now on Take Care, Joe Baker
Do you mean where many traders placed theyr stops/where many are on the wrong side and have to cover positions? Croupier
YOU GOT IT!!!! key areas and volume price average VWAP will give you a good idea where the price of the most contracts took place. Remember ZERO SUM meaning we dont care how many shorts or longs Just WHERE they are short or long and will be forced to liquidate I just uploaded a very quick video on "range of bar" Tape reading it may give you a idea of what am saying. Take Care, Joe Baker http://www.youtube.com/profile?user=TradePilotPro