Woodies cci patterns ARE an EDGE ! BUT BUT BUT They ONLY work as an edge in the correct market environment. The problem is that woodie nor anyone else in his room really has a deep enough understanding of what "the correct" market environments are for each set up to work and they just say "take every set up" and that is the problem. You just can't take ZLR's and take EVERY ONE and make money in this game. This is ridicules and this is where I know that woodies cci fails. I know some people have developed filters and nuances but those filters and nuances are NOT enough because the market is constantly changing. Go into the room, learn the set ups, paper trade but continue educating yourself and you will do fine. I will WARN you now ... only PAPER trade. Hope this helps.
Hi osho67, Once a trader gets interested in a particular method... Wants to learn it and not debate about it. Your goal needs to be to talk to those traders that are using Woodies CCI method profitably regardless if its the base system or a modified version of it. Isn't that what this is all about ??? Think about it...there's no perfect trading method. There will always be traders that saids something works and others that saids it doesn't works. Thus, concentrate on the ones that saids it works and tried to pick their brains for every little piece of detail you can get your hands on. Further, if your really serious about this...go watch them trade in front of your own two eyes and have them show you exactly how they are doing it... Even if it requires you to travel. Trying to figure out on your own in how to do it will cost you much more money than gas money, plane ticket and hotel expenses. (Note: The above is just an extreme example). My point...when there's a split camp on the merits of something... More often than not, the deciding factor is the trader. Simply, there's no holy grail method out there...a method that can overcome discipline problems, lack of preparation, poor trade managment rules after entry, ego issues, improper trading equipment, undercapitalized et cetera. However, this is what most beginners are looking for. Regardless if Woodies CCI method worked for only a handful while everybody is losing in trying to get to the same level as those few that are using it successfully... Study the method carefully and try to pull from it whatever key concepts you can because there may come a day down the road where you can use a few things from Woodies CCI method as a key component of something else you've been working on... If it works via profitably integrating something from Woodies method into something that's completely different but was missing a piece of the puzzle... You can show up one day at ET and announce self-taught is the only way Eventhough the base method (its originality) may not be profitable for you. Thus, don't waste your valuable time in trying to find out whom are profitably using the method the way it was originally designed... Spend your energy on those that are using CCI profitably regardless if its Woodies CCI or Donald Duck CCI. I once had the opportunity of personally knowing two trading pals that used a particular indicator a particular way. One sweared it didn't work and had a losing account statement as proof. The other sweared it worked and had a profitable account statement as proof. When you see something like this with your own two eyes like I saw... It really brings to light one key aspect... The trader. How important is that psychological trading mumbo jumbo ??? That's the main reason why whenver I see someone at EliteTrader.com say something doesn't work... To me...that's a trader that's admitting he/she failed where others did not fail. Last of all, don't make the mistake of trying to learn Woodies CCI or any adapted version of it from someone that's not profitable via using it. The blind leading the blind NihabaAshi
I have a question....I will probably never here the end of it for asking this, but can someone explain to me how this group is finanically profitable. There are no charges for the room, which in itself draws in new unsuspecting traders....they claim to only cover expenses for the conferences etc. I'm sure the group is good-hearted and I respect that......but it is difficult to believe there is not finanical motive in this group. Afterall, they are traders and we like profit. Does residual money come from Hotcomm E-Signal and others What's the deal?
There is no need for any money ! Traders go into woodies room just like traders come in here ET during the day. No different. Does anyone get paid for starting a Journal thread in here ? It's just a bunch of traders trading the same set ups and chatting about the markets all day long. The only expense is the cost of hotcomm and that's $20 per month and it goes directly into the pockets of the owners of hotcomm (software developer).
So you think they are lying when they say a ZLR is an 80% trade? I think a ZLR is only a really good trade in hindsight- if the CCI spikes, it's too late, you've missed the boat. If you look at the trade in retrospect though, you see the CCI spike and price go up you say "wow great trade, how'd I miss it?" If you want to buy a pull back, do like Kiwi says, use price and some MAs. I know quite a few people that blew out between $20,000 and $60,000 using this system. I don't feel sorry for them- they're dumb enough to trade that way and follow a guru they should lose. Why aren't you there anymore Samson?! You were a moderator, saying how great it is, and now you're gone?! Heresy! Another strike against them is that all the leftover tradealong money that they said goes to Make-a-Wish seems like it might be going into people's pockets. How much might be going into people's pockets is unknown, but if you do the math you'll be left scratching your head when they say "there wasn't much left over." $85,000 and you rent a conference room for 2 days and there wasn't anything left over?! What? It's a dirty place. There's a reason the room turnover is so high.
I think most of the money comes from conferences. If you do the math, they make way more than enough to cover expenses and at the end you don't see a big check being made out to Make a Wish.
Just read the blog that Kiwi pointed to and you'll have your answer. Kiwi was once woodies most fervent supporter but he used the CCI with some MA's. He is one trader that knows what he is talking about in regards to woodie and the CCI. Sherlock
I agree with you here. Osho, if you can find someone that is profitable with WCCI and has been profitable with it for the last few years, talk to him and see what he has to say. I don't know if anyone in the room fits that description, GB is probably the only one and most of his trading I think is not CCI related. Maybe to verify if they are consistently profitable, see if they call trades real time. I observed a lot of after the fact calls. I never traded WCCI, but I did stop into the room a few times for kicks. I have strong opinions on it from a lot of the things I've read and people I've talked to. Good luck.
Teddy - I have no doubt in my mind that woodie is a very moral and ethical man and that he is honestly trying to help others and that his intentions are pure and honest. That being said the question is does he help people? Well let's look at the alternatives. Like it or not newbies are going to buy systems because it's just the way it is. When you start out in this business it is very intimidating and there is a lot to learn. I myself have bought many systems and I can tell you that 99.0% of them where total JUNK and garbage. The sellers of these systems made huge profits and where blatantly lying and conning people. Woodies room is an alternative to all that! Does it work? Well I made my points about that in my earlier post. The problem to me is NOT woodie or his room but the way in which people approach it. Personally I went to the room exactly the way Nahabshi explained it in his post. I went in to learn a method of trading with the cci ... Nothing more ... with it's strengths and it's weakness's and that's exactly what I found. Woodies cci has strengths and weakness's. Now it was up to me to figure out the rest. I left because it was a distraction to my trading and my bottom line but I learned a lot, made some excellent friends and had fun. I still use aspects of woodies cci but mostly I just use the cci for what it is good for. Measuring short term momentum
I study the theory of Woodies CCI , but I cannot get the software of Woodies CCI turbo. Please, tell me How to get this software Woodies CCI turbo and I can add to the charts of Ameritrade.com ? I am the first time to use CCI in chart for trading. Does someone knows where is the website to download this software"woodies CCI turbo" Thanks