Saturday, May 24, 2008

Woodie CCI Club and it's not always pretty.....


You can click on the picture to read one of...well, it seems hundreds of emails I have gotten over the past 4 years.

Just good folks sucked into a black hole somewhere in the Internet, promising hope, delivering only misery. Better trades down the road, but they ever seem to come, just more misery. It has been said that 90% of everyone that tries this business will fail, at some point, and that might be a valid statement. I have known hundreds of people, that have come and gone. Some left because they just died, take Biggs or "The Cheese" as an example. Some left because they commited suicide, take Famir for example. Some left because, well in the first place they shouldn't have even been trading, take the couple in Orlando at the Fibonacci Trader Workshop back in May of 2004, where after three days of talking about setups, she raised her hand and said, "What is a red bar for again?" Her and her husband should have even been trading their own money in the futures market...PERIOD.

Take the person who doesn't use stops because "HE KNOWS" which way the market is going, take the person who uses a 10 tick stop, but backs it away because he doesn't want to take another hit and believes it will go his way. Mark Douglas talks about this in his books....GREAT BOOKS BY THE WAY, and a must read.

Take the person who changes this charts based on what someone says in a chat room that is making all kinds of bacon insted of finding his own hog.......YES, there are a great number of reasons why people fail. But, it's the same in any business, look at the dot com's in 2000. Look at all the businesses that have come and gone around where you live....YES there is a reason.

BUT, as they say in the computer software business, Bullshit in....Garage out. Steve Matrix was a prime example of this, and so is the CCI Club. Before every workshop, just like clock work, something new. From the 3 minute charts to the 5 minutes, from no prices bars to range bars, from 4 setups to ...HELL who know by now.
The Sidewinder, The Chop Zone and on and on. For those who believe in the idea of the club.....well it was a great idea. But, when it started there were only these couple of things that were used to setup at trade...The BATMAN....remember that...The Shamu....remember that? That only depends on how long you were in there at during what time frame.

There is a saying that goes something like this....IF it ain't broken, don't fix it.
If that is true, then why, over the past 6 years has the CCI gone from something simple to what is the angle of the moving average......on the indicator?

And to pretend that floor traders are using the CCI because nothing else works after they spent thousand of dollars is just ....I don't know......but it ain't good. Who are these floor traders, why don't they speak at the workshop instead of some cow puncher or banana farmer.....let's hear from the horse's mouth for a change.....

2 comments:

MarkB said...

Dennis, you I totally agree and you know that I get my share of these emails too.

I'm concerned about what's up with BobCathy? Her blog has been wiped except for this strange sort of semi suicide note.

http://www.barenakedtrading.blogspot.com/

Mark

Bob and Cathy said...

Hi Mark,
Everything here is floating along as usual. Did not mean to alarm you with my dark sense of humor.
Cathy