Hi guys. I'm back and still have the same attitude but hope you have adjusted yours and been more responsive to users who create your content. No slacking, lol. I thought you might like an update since my initial post. Woodies CCI is no longer a winning system. Over the past few years, its performance has deteriorated to the point where a live trader would vaporize his/her account. Back when Woodies was a free system, traders were told they were fools to buy a trading system; 'If the system worked so well why did its creator need income from software sales?’ Well, now Woodies charges big bucks to lease the room and the indicators. Of course all of this is free for moderators so keep that in mind if you're thinking of moving forward. Also, keep in mind that the former broker sponsoring their chat room, PFG Best, went bankrupt when its founder embezzled client funds including money from wcci traders. Peace and happy trading.
2011-04-26 4Star Most traders fail because they lack a trading plan and discipline (to follow their trading plan). There is no magic in WCCI. The patterns are similar to the ones you will read about in any trading book but they just have different names. The visual presentation of the wcci indicator is unique plus the system includes several clear options for exits. Learn the basics, do your stats but you must make the system your own. Do the stats and you will fgure out a profitable plan. Negatives: incessant, cultish fawning over Woodie by the room moderators, bullying by a certain person who works for a sponsoring broker and calling it a "club" when it is clearly evolving into a fee-based business.
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Luke decided to wait 3 days before sending this message to us...
Folks, on Monday I took the time to complete a review of the Woodie CCI trading system and you didn't post it. My review was balanced and better than most of the c***py reviews. F*** you!
Luke, your review might be well written, but your attitude needs to be adjusted.
I have been in this room for 6 months and took stats on his Double Dip trade, which came in at Break Even at best! Besides a couple of Mods there that are helpful, most of them (such as TimP or Johnny O) are just there to push their products such as their DVD or their trade along confrence... My questions were often purposly ignored in the room or the answer to my technical question would often be: buy the DVD, or take your question to the upcoming confrence or invest in the woodie bars(which is $200 more a month). I believe there is a lot of good information that Woodie has accumulated through out the years from a few good traders and is trying to market them... But his goal is to make you spend money. Don't get fooled by the moto "Traders helping traders" !
Woodies patterns = price patterns.
If u get to learn whats the price pattern behuind woodies setup, u u will very well be able to trade naked. but if u feel price confuses u or u find it hard to find patterns in price action.. start with cci. after u took the trade.. tally it with the price patterns.. u will improve.
My suggestion is for better trading. I have no inflated ego, either for or against Wodie.
but yeah, as there is a livchat room, the moderators can help with ur practise.
although i wont recommend buyin xpensive dvd's and stuff as most of it u will find fre on internet.. just do a bit of hard work.
CCI as a standalone system is extremely risky, but very insightful if used with other technology.
CCI club motto is "traders helping traders" but its really not, the real motto is "woodie telling traders what he wants you to do".
If you try to help traders with something you found successful or mention any other trading technology not CCI and accepted by the cult leader, you are banished from the cult.
It's worth noting that the unfounded accusations of Tim, along with several others of Dennis Bolze's cronies are the true crooks or fools as it may very well be. Dennis stole all their money:
If you goggle "Dennis Bolze Gatlinburg" you will find he's gone missing with $20 million plus in clients money.
I have been trading full time tor the past 14 years.... It wasn't til the last 6 that I began to make consistent $$$.
It's not because of some "magic method" or "special indicator"... it's because I finally became "in-tune" with some simple indicators, and recognized some set-ups that WORK FOR ME!!
That's it... NO MAGIC!
I just happen to use some of Woodies CCI indicators along with simple support & resistance, along with other simple set-ups that I recognize that are coming on! The reality is that my set-ups are mostly "trader psychology"... I just know what to look for, what the reaction will be, and I learned how to trade it!!
It's really that simple.... NOW!
Do I make a million $$$?... NO!
Do I live well?.... YOU BET!
SO... with all that said.... my advice is this.... ANYTHING will work for YOU, if you take the time to learn it, internalize it, and make it your own!
Whatever makes YOU comfortable... will work!
BUT, here's the biggie.... YOU NEED TO WORK AT IT!
TWEAK IT, and INTERNALIZE IT!!
Look..., Woodies CCI is FREE... IT works, but ONLY IF YOU DO!!
SO, please.... don't say that you got "screwed" and that "something doesn't work"... just because YOU DIDN'T!!
Any trading methodology will work for you... BUT, only if you work on learning it.....
Good Luck, God Bless, and above all.... Keep your loses SMALL!!
Ken Wood is not only a fraud and a crook but his blatant misleading of Dr. Famir was the major contributor to Dr. Famir
I am very suspicious of Ken Wood's claims. All backtesting I have seen of his setups has resulted in very poor (often losing) performance which bears no resemblance to his inflated claims. There seems to be an increasing trend towards other streams of income being generated for Ken Wood - ridiculously expensive DVDs, conferences where payment is in cash and profits are meant to be given to charity but this appears not to happen, hard selling of an overpriced broker to the minions in the trading room, and more. I believe Ken Wood to be a fraud who exaggerates his own success to get money from others. He may well make money on trading the Russell by front-running the room - if he takes profits very early, this can be enough in an illiquid market. It would be hillarious if Woodie is actually taking his profits directly from slow on the button traders entering the trade he has just called.
There is a lot of controversy surrounding Woodie's CCI. I would advise a newbie to be very suspicious. I never traded Woodies system live because mechanical system based trading was never for me but I have watched Woodies CCI for over a year and many things don't sit right with me. One instance that raised a red flag was the drop out of ClintTX saying he was not able to make the CCI profitable. Another was my tinkering with coding the CCI into tradestation and finding no matter which way I tweaked things it was not making money and I confirmed this with other individuals as well. Mplays complete removal from the site also raised a red flag. If you check out Mplay's site you will see his take on the things, Mplay Options. Honestly check the system, verify that it works, understand what you are getting yourself into, don't trade live until you "get it", and beware the smoke and mirrors of the Woodie's following.
Overall I think you can learn from the club but it might not be the lesson you expected.