There is a discussion on another thread. Initially no one from the room seemed to want to participate for some reason. But I see the names of some real participants there now. Also the material is widely posted elsewhere on the net. A list of resources are provided at the beginning of that thread but I recall others being mentioned in this thread. http://www.elitetrader.com/vb/showthread.php?s=&threadid=29876 Because views are offered by a range of people with different skill levels, perceptions and distortions it seems likely that the same sort of collapse that this thread showed could happen there. Also, some of the participants in this thread have picked up a real grudge somewhere so their contributions are likely to throw things off. Someone jumps on an inaccurate representation and then it gets used as "the reason why this is all rubbish" or some such. I hope that is avoided, but if it isn't all the material can be found elsewhere. One thing to remember is that Woodie doesn't claim that CCI is the only way to trade, or the best way of extracting every dollar from the market. It is promoted as an good way of day trading though and also, used the way its taught in the room, as faster to get you in and out than stochs or macds in particular. Often there is a lot of the move left in on an exit ... but the goal is profitable consistency, not perfection. What is claimed by many (and the reasons misrepresented in this thread) is that when someone is learning they need to keep it simple (no extra indicators) and people are strongly discouraged from looking at anything else while they are learning. Adding extra indicators, learning too many trades, changing indicator lengths or timeframes, getting emotionally involved if price ticks against you (why watch it if you are waiting for a cci signal at the end of a 3minute bar). I have seen the same issue in diaries here - people learning to trade and changing their plan or adding ideas and indicators to try and extract every cent from the market and/or never have any losses. Woodies room is a large room and keeping it focused so that people can learn there is a challenge. I am not a moderator or an expert on CCI but I see the moderators working to achieve that focus and stop people confusing newcomers. I think that sometimes it can be like herding cats - and this is a free room so some of those cats arrive with bad intent. And people volunteer to help newcomers - sometimes not exactly as Woodie would teach - because this is a free room and, as far as I know, no one is paid to be there. Nothing is perfect but the intent is good. IMO, to succeed with CCI one has to focus, react quickly to the signal, be disciplined, ignore price jiggles and early signals (before the bar prints) that shake newcomers out of profitable positions and not change what you are doing every day, week or month. These are hard things for people to do. Kiwi
If Woodie gets a few dollars for seminars or free charting (not saying he does) it is hardly a stain on his character.
I remember a small chat room, where a handful of traders chatted about the markets. woodie used to sometimes post his trades, and then one day, when asked a question found paltalk an easy way to talk about what he was doing. The room grew and grew. I have since stopped visiting woodies hotcomm room, due to its size, and my trading taking different directions. In the year or so I spent there, I learnt a lot. There were some very experienced traders there. To me a chatroom, is like a book. If you get one good idea, or it opens your mind to something, it is worth the time. Personally, I got many ideas from the room that I use today. And trade a very closely related derivative of one of gb's systems over a few markets. Plus others from ideas I found while at woodies room . Thanks GB! Thanks woodie! There also used to be some freakishly talented intuitative traders there. I learnt a lot from these people too. There could still be some today, I don't know. Worst case scenario is you waste your time. No cost, take what you like, discard what you don't.
I totally agree. I'm still just trying to get somebody to prove to me that's taking place. So far, nada.
The light finally went on. I couldn't figure out why there has been such a rabid response to woodies room. It's not like this is brand new, he's been around for a few years. Then it clicks, the magazine articles, and free on top of that. The other vendors are going nuts, lol. So all of a sudden you have several folks from here who have been around for a while leading the charge to discredit woodie in the name of the poor, dumb newbie. What a deal...lol.
what a joke ! try to get damages from a message board. by the way--its called libel not slander. LOL !!
i agree with you. i don't care if woodie charges 5k a month for his chat room, more power to him. it is the arrogance hidden as humbleness, the unsubstaniated bogus claims, the inssistence of his super trader status by the followers, wearing a floor traders jacket in a p.r. photo when as as far as i know he never traded on the floor, the hiding behind a legit charity, this is SERIOUSLY MISLEADING. looking forward to the investigation started by one of the members here. this type of nonsense, paid or unpaid needs to be questioned. surfer