Woodies CCI

I lost 10k on woodie's method alone. You have added too many zeros.

I had a lot of ideas that worked well with back testing fall apart with real trading. I now know that backtesting is kinda bogus.

I lost the majority of that money on mutual funds after 9-11, some of them never recovered and went belly up. That is the major reason I tried to do my own trading.

Some of the ideas I had no longer work well, ie "the dead cat bounce". I did make money on some ideas, lost it on others.
I actually have hung in there a lot of years, so statistics just caught up with me in the end. I just simply lost more than I made.

The biggest losses were incurred over the years from things beyond my control. Such as data meltdowns, DSL problems, market spikes and such.

But I place the blame squarely on my own head. I should have stuck it all in CDs. :eek:
 
OK, sorry for misunderstanding you, I took 100K number from another post here.

So you do not blame WCCI method for being guilty in your losses, right?

It's not that I have any reasons to defend it except that many people tend to have problems with trade and risk management as well as enough experience and self-discipline and instead of correcting these problems they jump between methods what leads to nothing else but further losses.

You have to exercise A LOT to play tennis well... Same for any kind of art or sports, including trading (which is an art for me).

You can't backtest or mechanically play tennis and become good at it.

If you already know this, great, good luck then!

If not, I'm telling this to help you and hope you'll grasp the trading art and take back all your losses and make a lot more...

Good luck again!
 
Cathy,

If you day trade futures, the simulators are extremly close to real execution, you will even get slipage if warranted. If you were consistanly profitable on sim, then it is psycological issue and not the system.

Regards,
redduke
 
Another phrase I recall Woodie saying is "just take the damn signals!"

That was directing room members to NOT incorporate other things - that "other things" - including price - were what were distracting you from just seeing and taking the signals and being successful using the CCI system.
 
As a system, CCI is deeply flawed. Don't follow it. Please take my advice there. I am not the only one who sees that. I could give you a pile of blogs and if you do a search you will find them all. This is a very well thought out and written one www.mplayoptions.com

I can only blame the one that pushed the button and that is me, myself and I. To blame anyone else is immature at best, stupid at worst.

To be profitiable, you need to take every single signal that your system gives you and trade like a robot. And make more money than you lose. Sounds simple right? Not for me.....my problem is second guessing my signals and then not taking every single one. How can a system work if I don't follow it to the letter?

And drop all those silly oscillators and indicators. Price and pattern works far better because they are not lagging. This is advice from millionaire traders, not just me.
 
Quote from Bubble:

As a system, CCI is deeply flawed. Don't follow it. Please take my advice there. I am not the only one who sees that. I could give you a pile of blogs and if you do a search you will find them all. This is a very well thought out and written one www.mplayoptions.com

I can only blame the one that pushed the button and that is me, myself and I. To blame anyone else is immature at best, stupid at worst.

To be profitiable, you need to take every single signal that your system gives you and trade like a robot. And make more money than you lose. Sounds simple right? Not for me.....my problem is second guessing my signals and then not taking every single one. How can a system work if I don't follow it to the letter?

And drop all those silly oscillators and indicators. Price and pattern works far better because they are not lagging. This is advice from millionaire traders, not just me.
More...

As one of those millionaire traders you referred to let me tell you that there is nothing wrong with woodies CCI vs. 95% of the rest of the shit available.

I have always liked Woodie and even spent sometime back in the day moderating his room.

Woodie haters epitomize the reason most traders fail.

It's never the system OR the market but it's always just YOU.

Once you understand this, the money will come.
 
Quote from Joab:

there is nothing wrong with woodies CCI vs. 95% of the rest of the shit available.
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As a qualifier, this makes it sound like Woodie's CCI belongs in the 95% - or is that a misreading?
 
Yep, Woodie's CCI is just like 95% of the shit out there. That is how I read it too.

I still find this so odd no one noticed my blog or even bothered to ask my thoughts until I mentioned Ken Woods. I had reservations about even talking about him because it only encourages people to look at his website. And possibly think his $929 course is worth anything. Which of course it isn't.


:mad:
 
Quote from WaveStrider:

As a qualifier, this makes it sound like Woodie's CCI belongs in the 95% - or is that a misreading?
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That's correct !
 
Thanks for the clarification.

Ultimately, that makes 95% of those out there peddling their wares (free or otherwise) snake-oil salesmen.

However, it is particularly egregious when the hawking is done under the guise of benignity.

For newbies it is the equivalent of someone selling baby-oil rub as a cure for cancer.

I certainly subscribe to the notion that it requires introspection and hard work with a lot of trial and error (unless you are fortunate at the outset to find an honest mentor), but the first step of a newbie is "not knowing that you do not know" - that is - you can't distinguish good information from bad at the outset. It is not a character flaw, it is a natural state.

Caveat Emptor - even when it's free.
 
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