I tried the room for a month or so. Found it very friendly but also a bit 'cultie'. The calls they made were hedged and maybeed, I could not tell if anyone, including the hosts, were making money.
I have been around chats that woodie has been in off and on for the last 4-5 years. He the most forthright, honest and helpful trader I have ever come across. The current room on hot comm has 500+ in it, so it may get a little confusing for some understandably. Help with just about any question or problem can usually be answered after the market closes. The CCI isn't the answer for all traders, but if it clicks for you, it's almost magic. Finally there are some very experienced good traders that hang out there, a wealth of information on a lot of different trading instuments. The one thing the room will not abide is bashing by or at anyone, so flamers get booted.
lmt, very well said, excellent summation. Nana, I'm also in cb's room on Hotcomm, she's also lectured for the CBOT. http://www.syncmt.com for more info MarkB
Not everyone can mimic woodie's results. He knows how the CCI reacts and knows its patterns in and out. I believe woodie does make money. As for the written cci rules, I don't think anyone truly follows them. I've seen traders in that room take trades for absolutely no reason. Becareful if you're just starting out though, the cci is no holy grail.
CAN YOU EXPLAIN ME HOW MY ANSWER TO YOUR POST HAS DISAPPEARED ????????????????????????????????? If it is you that cancelled it ....
I had to throw in my two bits here....I'll start out with my only negative comment first. There seems to be a perception in Woodies room that the CCI is somehow able to predict the direction of the market in the near future...that it is a superior indicator that had not been discovered by the masses. This is a load of crap as we all know....if it were true the masses would have caught on to it long ago. Lay a CCI on top of the 3/10 and you'll find that they are almost identical. On the positive side, I think the CCI has the potential to work as well as any other indicator out there if it suits you. Even more important than that is the fact that Woodie gives his time freely to those who desire extract profits from the market. He asks for very little in return other than you not criticize his methodology and that you also give back to those who are less fortunate (specifically, the Make-A Wish Foundation). What he teaches may or may not work for you.....it didn't work for me...but regardless his message and methodology is a good one. Daryn
I find it amusing that nanatrader has already formed a bias re: woodies room, when I have only seen him in the room at night on a weekend with only an extremely cursory glance at the room and the system. His statement about woodies cci not being different than a regular cci illuminates his lack of research into the whole package. There is not a "Woodies CCI". The cci used by woodie and others IS the regular cci. What you saw on a chart was just a creative coloring of the CCI by someone in the room. The 14/6 combo CCI is all that Woodie uses. The indicator itself is the heart of Woodies system, but the SOUL of the system is the intrepretation of the patterns and nuances that it paints. It is no different in that regard to any other indi. I could tell you to put a 8 ema on your chart and trade it, but if you don't know how to use it , it is just a line on a chart. The CCI METHOD as taught by Woodie is a better description of what the room is all about. You cannot pop into the room and take a quick glance at a chart and make any reasonable assumptions with such limited observations. Woodie has distilled day trading down to its most distilled, unencumbered essential elements. The CCI patterns are there in every move the market makes. Learning the system and more importantly learning where YOU fit into the system can only happen if one is willing to devote screen time. I would say 3-6 months of intensive education is mandatory before one could possibly say he is proficient in understanding the nuances of what Woodie offers. The room is large and sometimes noisy recently. The moderators are all volunteers and receive no remuneration. Their insights are a broad overview in some cases and a more focused approach in others. A lot of time is spent in discussing the most critical aspect of trading , and that is the traders psychology as it relates to entry, exits, money management, etc. We all have different views and beliefs and the CCI method does not remove that fact. You need to decide how you fit into the method. There are intraday swing traders in there and there are some microscalpers, so there is no one uniform standard. The CCI Method is an onion. You need to peel back the layers one by one in order to appreciate it. The approach, in my opinion, is best demonstrated and executed by nicktrader. If you truly want to see how the system is executed to its full potential, watch him closely. He is incredibly forthcoming with his posts for entries and exits, uses the most elemental form of the CCI Method on his charts and in my opinion personifies what Woodies CCI is all about. To give the room and the method such a cursory glance without doing the homework does you a disservice. As in all things in life, nothing comes easy, and Woodies CCI is no different. The successful traders using it will tell you that it will take 6 months to a year to really start seeing and feeling the patterns and the signals. I personally have been involved with it for almost 2 years, and it tells me everything I need to know. The only limitation is my own belief system, re: fear and greed at this point. But that has nothing to do with CCI and is a discussion for another thread. Best wishes and I am in the room as drbob, feel free to PM if desired.