Woodies CCI
- Thread starter osho67
- Start date
Quote from Bubble:
This is the first thread about Woodie and his room that is not full of garbage. Wow, how refreshing.
I have been lurking in the room for 3 years and have found it tough going. Until I added a couple of tweaks and now it works well, but it would be awfully tough to automate.
I wait for some qualified ZLRs....the qualification being there has to be some volume to thrust it. Any surge of volume with a zlr works.
How do you see volume? You can use a volume chart. You can look at level 2 in order to see if there are some big orders waiting. You can use tick or volume charts instead of time. Or you can go in at times when the volume will peak like economic announcements. Anything with a star on it in Econday is great.
Trading at volatile times is contrary to the Woodie philosophy. But I find it gives me the best opportunity to make money. I would rather make few trades with a little size. Than a lot of small trades. Makes for an exciting 15 minutes though. LOL.
I enjoy some company when I trade. The nicest people hang out there and we have some fun conversations on Skype.
It's hard to believe that anyone would spend three years "lurking" in a room that wasn't producing results with their stated methodology. You must have an awful lot of patience or a tremendous amount of free time.
I have listened in on Woodie's CCI room and noticed that "nuances" always creep into the discussion when people claim it is profitable.
But the thread is about Woodie's CCI System, not Woodie's CCI System plus personal nuances provided by others or otherwise acquired.
Is Woodie's CCI System profitable as stated - no prices, 1 indicator, his setups.
If not, then a disclaimer is in order that NO ONE should trade the system AS-IS.
If you can trade it profitably with nuances, then it should be taught as Woodie's CCI System With Profitable Nuances.
Anything else is false advertising IMHO.
But the thread is about Woodie's CCI System, not Woodie's CCI System plus personal nuances provided by others or otherwise acquired.
Is Woodie's CCI System profitable as stated - no prices, 1 indicator, his setups.
If not, then a disclaimer is in order that NO ONE should trade the system AS-IS.
If you can trade it profitably with nuances, then it should be taught as Woodie's CCI System With Profitable Nuances.
Anything else is false advertising IMHO.
A while back I coded the ZLR pattern from a Woodie approved document that was very specific... can't find the document but here's how it backtests on 1500 stocks from 2000 to 2005.
P.S. I recall the tone of the document being VERY cult-like... basically, don't do any thinking on your own because Woodie has already done it all for you. It never ceases to amaze me how many people need a guru.
P.S. I recall the tone of the document being VERY cult-like... basically, don't do any thinking on your own because Woodie has already done it all for you. It never ceases to amaze me how many people need a guru.
I have been listening in Woodie's room for about 3 months now, and I really do believe he is trying to help newer traders. The real negative in trying to follow or use his methods, is when they don't consistently work, he won't admit it! Saying instead, well nothing is 100 percent! Even when a 'official' pattern has not worked reliably for a month straight! For instance, his ZLR's for October(at 5 minute bar close, for position entry) in the Russell 2000 are definitely in the red big time! Now, in my opinion a lot of that was the result of the market being in a slow grind up, without a lot of retracement. Still, I think Woodie would be off saying a pattern or patterns aren't working well due to whatever reason he thinks is causing the failure at that point in time. Which, I do not think he will ever do!!
And at that point it can cost you, if you are not careful! I believe that as others stated in this thread, that the only consistently successful traders in his room are using other 'nuances' in their trading setups in addition to the Woodie's CCI methods!!
Bottom line, will following his system only, make you money? I don't think so! Not month in & month out anyway! Will he help a newer trader learn the ebb & flow of the market? Yes!! His trading room is definitely the best value on the net for getting started!! How can you beat free? Just keep in mind his methods do not work quite as well as Woodie would like them too!
And at that point it can cost you, if you are not careful! I believe that as others stated in this thread, that the only consistently successful traders in his room are using other 'nuances' in their trading setups in addition to the Woodie's CCI methods!!
Bottom line, will following his system only, make you money? I don't think so! Not month in & month out anyway! Will he help a newer trader learn the ebb & flow of the market? Yes!! His trading room is definitely the best value on the net for getting started!! How can you beat free? Just keep in mind his methods do not work quite as well as Woodie would like them too!
Time and effort -- not to mention losing money -- have value. That is no "free" lunch. I won't go into all the erroneous assumptions about trading for a living that are being bandied about there. If you're sincere and not a shill I would suggest you take a look at the subjects of risk, opportunity costs, and do some basic math on what kind of consistent profitability it takes to make a decent living.
Snake oil pure and simple...
Just my $.02.
CCI is Woodies legacy, it has also been his ticket to a certain amount of fame... you cant expect him to be objective about a method that has 500+ wide eyed adoring groupies hanging off his every word... more power to him but I think he's the only one making any money from that method and even that has more to do with his experience rather than the CCI itself
I agree with most of the above and just want to clarify that the way I believe he makes money is through his seminars and referral fees from various software providers. He is a marketeer.
I sincerely doubt that he ever made a living as a trader much less a "CCI" trader. If someone can point to proof otherwise, I will be happy to retract what I have said here.