Discussion in 'Politics' started by wdscott, Mar 13, 2004.
Does Woodie have a last name?
As always many opinions containing more or less truths abou the CCI club.
Also noted before: this is not a mech trading system.
I learned about it a few month ago, and am taken with its simplicity. Just one incicator, but you will have to 'get to know' it very very intimately.....
To achieve CCI mastery takes: 1) reading up a LOT 2) listen and look at all the lectures on the site 3) a LOT of active screentime 4)study what others are doing 4) limiting youself to using just one signal and one symbol to start with (I use euro during the day and YM in the evening. 5) patience and hard work - but whoever said learning a new trade should be easy!!!
Remember There is no shurefire get rich in 6 month system out there. It does not exist and god know I have searched (together with a lot of other people I guess who want to do it the easy way)
Do not go to the room expecting 10 trade calls...Ã©verything said by the various moderators is strictly for educational purposes.
But then: it costs you nada to join and learn!!!
Woodie himself is imo the kindest most patient teacher out there, I have never met a guru who actively encourages to dnoate to a good cause myself - I found this very appealing in itseld and it says a lot about the man!!!
And where do you find an daytrading office where so many work together on one goal, sharing all their information.
Any drawbacks: possibly that there is little room to introduce new ideas....but then this is Woodies room and he puts it very simply: wanna do seomthing new - start your own room!
Also the rules are very strict ( I have no experience with other rooms) and people do get kicked off! As a relative newby you get a sense that there is a hardcore of longer time users who know each other intimitely, which can be a bit difficult at times. To balance this: one can pose any question one can think of - and get an answer!!
In short - if you like the atmosphere in the room - traders helping traders - and want/are able to invest the time - what I have seen so far WILL make you money!!!!
I have read with great interest the posts regarding woodies room. As a sometime user of this room I thought I would add the following observations.
1. The ethos of the room is admirable - ie to educate traders free of charge in a method that obviously works for some people. Most people in the room are genuine and helpful.
2. However the nature of the room has changed over a period of time. There is now a strong desire for quantity as opposed to quality which has led to an influx of newbies and an exit of alot of the better traders.
3. I can understand the previous posts about the cult nature of the room. It does exhibit all of the characteristics of a cult with its lack of tolerance of any dissenting opinions and the unwavering 'worship' of the moderators.
4. All the moderators give their time and efforts freely and their contribution is to be applauded. However I find most value in the ones that call their trade entries - thus validating their trades (good or bad). I respect fully the integrity of these moderators and value their input. Some other moderators (as has been mentioned in other posts) review the possibilities of various things occurring and then take credit for the trade later when its movement is obvious.
5. Of late an increasing concern has been the commercial abuse of the room. Despite the well advertised room rule of no soliciting, in recent months the room has been used for the blatant promotion of one particular charting package.
6. The cci indicator can undoubtedly give earlier signals than other indicators - but this is in itself a dangerous characteristic and requires a lot of screen time to be able to handle profitably. Despite what many say in the room, other indicators can give similar if not better signals.
On balance I find woodies room to be a very useful resource in the world of trading. I have referred several newbies to the room for their education. However, there is a danger that the room is promoting itself as an educating forum in a race for growth and risks losing the better traders.
'Never mind the quality feel the width??'
I have a strange feeling maybe I'm wrong so I will keep it for me
Harry if you are wrong, I won't think any the less of you, but some would.
correct I'm about B/E you could say, and I decided to write a tradejournal on e-minitraders.com, so I and maybe some others might learn something.
I have learned in Woodies room, which I found, when he was still on Paltalk already attracting 400 people daily and limited only by Paltalk policy not allowing more than 200 in a free, non commercial room, that in trading you have to be honest, brutally honest to yourself, otherwise you are doomed to failure.
I have written my own trading frontend plus simulator (www.futures-trader.net) to advance my trading, because I did a lot of trades out of boredom.
CCI itself can give you about 70%-73% winning trades. You can still blow it or just make it to breakeven, if you just do 5% absolute dumb trades. But you need to see it and you need to do something against it, to become profitable.
Woodies CCI room is the only resource on the net, which gives away for free, where other serious rooms demand 300 to 500$ / month for the same information.
But be it paid or be it free: No room can make you a profitable trader.
The only one who can, is you yourself.
Do you think, I need Woodies P/L sheet. I really give a damn. What would it help me to see Woodie makes money with the CCI. What does it help me seeing GB making money with the CCI or his 30/34 system. Does it help my account to know DrBob is an exceptionel trader?
I trade the CCI for 2 years and I know it is a profitable system. That is really the only information I need to know. This is the foundation on which to build to become profitable. Still it is just one tiny little step to profitability.
I have been in rooms where they called the trades. Here I lost most of my trading account, before I understood, why the system won't work. Now I am on an extremly long and windy road, it's hard, it's difficult, but I am learning to do it myself. I am learning to trade myself, not following someone some here on the thread already call a guru.
Woodie is no guru, he is just a trader with a mission: To tell as many aspiring traders as possible, that there is a free system, with a positive expectancy, which can , if you invest the time and effort to learn, make you a profitable trader.
You don't need to pay thousands of Dollars on seminars, you can be part of a group of likeminded traders in a businesslike atmosphere and get your questions answered.
Noone said, that you can't be profitable using stochastics, using EMA's using fundamentals. Look at a 1 year daily Euro chart and you will see, that you could have made millions, just trading the Euro day in and out, or holding it for the big fundamental swings.
What Woodie offers is "just" one working system, which might or might not be suited to you. But to test it, you don't need to invest 3000$ to then be told, I give you calls, but won't give you the system. I give you the system, but sorry for the real deal, you will have to come to my advanced class, which will cost you another 4500$, what you just heard is just the beginning and to tell the truth, a bit outdated.
Woodie has been more than once urged by his moderators, and I will not exclude myself, to convert the room to a paid room, to keep it smaller, to reward him for the time invested or to give all to Make-a-wish.
He stayed firm and said NO
We all acceded to Woodie in the end, as he want's to offer the trading world the difference, the free high-quality trading room, where traders can talk with other traders about their difficulties, about their failings and their successes and receive a well earned Way-to-Go, a slap on the shoulder to keep you firm on your way.
For me Woodies room is the only community on the web, where I can meet highly professional, experienced and profitable traders. And being there for 2 years I know who is real and who is just boasting, who never lost a trade and who admits his losses as well as his successes.
True, there are less people posting their trades. But this comes with popularity. If you lost real money after posting your trade and getting bombarded with pm's, flaming or just really asking, and being no longer able to concentrate on your trade, because you became distracted by the chat, you stop it. You still give advise if asked. You even might discuss some trades in private, but you stop posting in the room. It's unfortunate, it does not suit some of the participants, who are looking for the fast lane to success by mirroring trades others do.
But as I wrote earlier, if you really want to learn trading, you don't need someone to mimick. You need to take your own signals and learn it all for yourself. You need someone more experienced to discuss your own reasoning, you need some friends, who understand what you do and with whom you can share your experiences, and that's what's offered in Woodies CCI club.
He mostly trades EURO now. They are not into ES and NQ since there is so little movement. And the nice thing about this is that it is AUDIO....you can watch your own charts while you listen to it.
The CCI is interesting, I use it in my trading.
Do yourself a big favor and look into this. Very worthwhile.
Really? Sounds to good to be true
Thanks for the reply, your honesty on woodies and here is obvious. Who is the Australian I was first thinking of, drives a Holden, speaks with a noticeable Aus. accent? Another fine man..
I agree with you about the community, 90% are genuinely helpful, and all doing it for nothing..
I bought wealthlab a while back and backtested CCI and it was certainly a feasible system so I accept that it can be made to perfom but ..
why after all this time, when you have had Woodie to guide you and you have confidence in CCI, if it is a 70% plus outcome you are not making money?
Because, believe it or not, sometimes I can not take a Stop, when required. And this is often a disaster.
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