Comments on: The Chat Room with the Magic Indicator http://tuckerreport.com Technical Analysis and Daily Market Timing of Stock Indexes, Precious Metals, and more Fri, 25 Jul 2008 14:11:38 +0000 http://wordpress.org/?v=2.2.1 By: 321 http://tuckerreport.com/articles/magic-indicator/#comment-684 321 Tue, 29 Apr 2008 22:07:27 +0000 http://tuckerreport.com/articles/magic-indicator/#comment-684 I first used W-CCi in Jan of 2005. I started off with a 5k account and in a matter of 3 months shrunk it to 1.5k. I heard he same junk. If youre aggressive, you'd of entered there, 20 sec before close, yak, yak, yak. I really don't blame woodie. I can only look to myself. I knew nothing about taking stats and money management. Would knowing these things back in '05 have made the trades profitable? Absolutely not. It would probably have stopped me from getting to 1.5k that fast, but the "system" still sucked as many former moderators have attested to the fact that they, with all their vast CCi knowledge and trade-a-longs under their belts, were not able to make a living with it. Now, there were those few that did make money, but they were trading it differently and still these were only rumors. There was no real proof. Being very disheartened, I gave up on trading. In Decempber of '07 I decided to give trading another try. I came back to the only place I knew, woodie's CCi temple. Being that the chat room was now free, it was even more of an incentive. Exciting things were happening. People were making money left and right, range bars, no more 20 sec entry crap. I learned about stat taking and money management. It seems the "system" has really improved. I thought I'd start live again with what was left. I started again about mid April. Dec, Jan, Feb, were good months for the CCi. Mar and April, not so much. I paper traded those months. I did well. I guess I started during a really crappy period because most of the trades were stop outs. With my 1.5k I only last 6 CCi days. I still have enough for one more trade before not being able to meet margins. An equity switcher program would have helped. BTW...PFG sucks as a broker. All the time I'd here talk of slippage. 5 ticks in some cases. I'm with Global Futures and I'm using the Turbo Trader 2 platform. Even when the prices were giratting like crazy because of the CCi'ers entering at the specific prices, I still never got a tick of slippage. I can't really blame the CCI this time eaither. It's clear I didn't have enough for the draw down. But then again, how much would you let it go. I can only imagine how much the 2 contractors are losing. As for woodie, he's defiantly a shady individual. Rumor has it that woodie doesn't even trade futures which is what he's always yakkin' about. I asked a moderator if he traded for a living and woodie jumped down my throat about it not being any of my business. I just wanted to see if he practiced what he preached. He (woodie) also took down the stats because they were showing smaller and smaller profits month after month. They (official caht room stats) were only up 1.5k something by the end of March. They did have a good last day in march where they made around 1.5 k on 2 contracts which broguht the total to 3k something. He's says that people were relying to much on them and that they were becoming lazy and not taking their own stats. I'm sure $600 in the red late Mar had nothing to do with it. LESSONs (especially for newbies): Trading is not easy. No one will give you an edge. Learn, learn, learn, keep learning, and then learn some more. Screen time, screen time, screen time, and screen time. There is no magic indicator. Take what you can from where you can and don't pay a penny if you don't need to. Would someone weigh in on the "new" W-CCi range bars? It looks more like a modified CCi now. But it's still fixed like the 14 was on the time bars. These new settings seem to eliminate market noise though but they don't do to well in tight ranges as we've been having. I first used W-CCi in Jan of 2005. I started off with a 5k account and in a matter of 3 months shrunk it to 1.5k. I heard he same junk. If youre aggressive, you’d of entered there, 20 sec before close, yak, yak, yak. I really don’t blame woodie. I can only look to myself. I knew nothing about taking stats and money management. Would knowing these things back in ‘05 have made the trades profitable? Absolutely not. It would probably have stopped me from getting to 1.5k that fast, but the “system” still sucked as many former moderators have attested to the fact that they, with all their vast CCi knowledge and trade-a-longs under their belts, were not able to make a living with it. Now, there were those few that did make money, but they were trading it differently and still these were only rumors. There was no real proof. Being very disheartened, I gave up on trading. In Decempber of ‘07 I decided to give trading another try.
I came back to the only place I knew, woodie’s CCi temple. Being that the chat room was now free, it was even more of an incentive. Exciting things were happening. People were making money left and right, range bars, no more 20 sec entry crap. I learned about stat taking and money management. It seems the “system” has really improved. I thought I’d start live again with what was left. I started again about mid April. Dec, Jan, Feb, were good months for the CCi. Mar and April, not so much. I paper traded those months. I did well. I guess I started during a really crappy period because most of the trades were stop outs. With my 1.5k I only last 6 CCi days. I still have enough for one more trade before not being able to meet margins. An equity switcher program would have helped. BTW…PFG sucks as a broker. All the time I’d here talk of slippage. 5 ticks in some cases. I’m with Global Futures and I’m using the Turbo Trader 2 platform. Even when the prices were giratting like crazy because of the CCi’ers entering at the specific prices, I still never got a tick of slippage. I can’t really blame the CCI this time eaither. It’s clear I didn’t have enough for the draw down. But then again, how much would you let it go. I can only imagine how much the 2 contractors are losing. As for woodie, he’s defiantly a shady individual. Rumor has it that woodie doesn’t even trade futures which is what he’s always yakkin’ about. I asked a moderator if he traded for a living and woodie jumped down my throat about it not being any of my business. I just wanted to see if he practiced what he preached. He (woodie) also took down the stats because they were showing smaller and smaller profits month after month. They (official caht room stats) were only up 1.5k something by the end of March. They did have a good last day in march where they made around 1.5 k on 2 contracts which broguht the total to 3k something. He’s says that people were relying to much on them and that they were becoming lazy and not taking their own stats. I’m sure $600 in the red late Mar had nothing to do with it.

LESSONs (especially for newbies): Trading is not easy. No one will give you an edge. Learn, learn, learn, keep learning, and then learn some more. Screen time, screen time, screen time, and screen time. There is no magic indicator. Take what you can from where you can and don’t pay a penny if you don’t need to.

Would someone weigh in on the “new” W-CCi range bars? It looks more like a modified CCi now. But it’s still fixed like the 14 was on the time bars. These new settings seem to eliminate market noise though but they don’t do to well in tight ranges as we’ve been having.

]]> By: Mrk http://tuckerreport.com/articles/magic-indicator/#comment-505 Mrk Thu, 03 Apr 2008 23:39:44 +0000 http://tuckerreport.com/articles/magic-indicator/#comment-505 I agree with JJ. In order to make AIAO trades work you have to know where the peak of the trade will occur or at least know where to place your profit targets to take the most the market has to offer. Even then you never really know when the ride is over. What can be worse then having a trade go your way only to see it stop out. I believe that can really screw you up mentally. Although stat's do show that AIAO strategy are more profitable i find that taking something off builds confidence in your trading system and puts many at ease. As a new trader to WCCI I find this post enlightening. To this day I have not been able to replicate the results produced in the chat room. I have wondered if I was the one to blame since I didnt take all the setups. But now I see that maybe "trading the damn patterns" will need some descression. I appreciate everyone who has commented on their experiences and results with the system. It has made me wonder about WCCI and to be cautious as I continue my adventure as a trader. Its better to hear both sides of the story and then decide for yourself. I agree with JJ. In order to make AIAO trades work you have to know where the peak of the trade will occur or at least know where to place your profit targets to take the most the market has to offer. Even then you never really know when the ride is over. What can be worse then having a trade go your way only to see it stop out. I believe that can really screw you up mentally. Although stat’s do show that AIAO strategy are more profitable i find that taking something off builds confidence in your trading system and puts many at ease. As a new trader to WCCI I find this post enlightening. To this day I have not been able to replicate the results produced in the chat room. I have wondered if I was the one to blame since I didnt take all the setups. But now I see that maybe “trading the damn patterns” will need some descression. I appreciate everyone who has commented on their experiences and results with the system. It has made me wonder about WCCI and to be cautious as I continue my adventure as a trader. Its better to hear both sides of the story and then decide for yourself.

]]> By: JJ http://tuckerreport.com/articles/magic-indicator/#comment-418 JJ Fri, 14 Mar 2008 19:56:30 +0000 http://tuckerreport.com/articles/magic-indicator/#comment-418 ed: Home-skillet....hmmm....thats a name I have never been called. The reason I don't make both of my contracts runners.........is because my psyche needs to feel that it is a being taken care when I put on a trade. If you take a payday early and put it in the bank, then I am content in having a winner with a no stress runner. If it comes back on me and stops me out, then I still feel good that I have taken a profit and look for another trade. However , if I have both as runners and it goes in my favor 10 ticks....then reverses and stops me out....I feel terrible as having let a winner turn into a loser. Not to mention I have a deficit to make up on the next trade. That pressure alone can make your future trades skewed as your trading in the hole so to speak. This method satifies the inner struggle between "fear and greed." It is a balance that I feel comfortable with. JJ ed:

Home-skillet….hmmm….thats a name I have never been called. The reason I don’t make both of my contracts runners………is because my psyche needs to feel that it is a being taken care when I put on a trade. If you take a payday early and put it in the bank, then I am content in having a winner with a no stress runner. If it comes back on me and stops me out, then I still feel good that I have taken a profit and look for another trade. However , if I have both as runners and it goes in my favor 10 ticks….then reverses and stops me out….I feel terrible as having let a winner turn into a loser. Not to mention I have a deficit to make up on the next trade. That pressure alone can make your future trades skewed as your trading in the hole so to speak. This method satifies the inner struggle between “fear and greed.” It is a balance that I feel comfortable with.
JJ

]]> By: ed http://tuckerreport.com/articles/magic-indicator/#comment-409 ed Thu, 13 Mar 2008 05:09:11 +0000 http://tuckerreport.com/articles/magic-indicator/#comment-409 JJ, Why, in the name of all that's reasonable, would you not make all your positions runners? Do the math home-skillet. If you want to pay the expense of stop out on 2 contracts, then Collect the profits on 2 contracts. The "Runner" mentalilty can not be supported by factual numbers, it is simply a sugar teat for ill-disciplined traders. If you disagree, show me the figures. (I asked you first. lol) JJ,
Why, in the name of all that’s reasonable, would you not make all your positions runners? Do the math home-skillet. If you want to pay the expense of stop out on 2 contracts, then Collect the profits on 2 contracts. The “Runner” mentalilty can not be supported by factual numbers, it is simply a sugar teat for ill-disciplined traders. If you disagree, show me the figures. (I asked you first. lol)

]]> By: JJ-bis http://tuckerreport.com/articles/magic-indicator/#comment-405 JJ-bis Mon, 10 Mar 2008 17:36:17 +0000 http://tuckerreport.com/articles/magic-indicator/#comment-405 Hi JJ, why do you sound so familiar? Oh my mystake Mr Too TALL W, Too Arogant for everybody having another point of view, Hiding Under BS Name, Not Having Guts ....shall I continue ?? I just wonder how your wife tolerates such a piece of work ? Hi JJ,
why do you sound so familiar? Oh my mystake Mr Too TALL W, Too Arogant for everybody having another point of view, Hiding Under BS Name, Not Having Guts ….shall I continue ??
I just wonder how your wife tolerates such a piece of work ?

]]> By: JJ http://tuckerreport.com/articles/magic-indicator/#comment-401 JJ Sat, 08 Mar 2008 22:11:45 +0000 http://tuckerreport.com/articles/magic-indicator/#comment-401 I agree that backtesting is worthless....you can not program nuances into the computer and the value of screen time experience. The CCI as Woodie trades it today with the 6 basic patterns is profitable when every rule is followed. The chop zone and sidewinder indicators play a significant role in taking or not taking a trade. Now with range bar charts, the CCI is ever more valuable. Also....you can not program a runner into the backtesting equation. Its the runner that many take off too early that is the essence of this system. I was an all in and all out trader, however, Woodie has convinced me on the importance of staying with the trade until the CCI crosses back over the 100 line before getting out. This nuance has made me more $$ to handle my stop outs. On the ER...I use a 15 range bar...not time charts...but ranges as Woodie shows in his new system. The patterns are the same...but the stop is 17 ticks which is just outside the previous range bar. The initial target is 10 ticks and then a move to BE+1 for a no loss, no stress trade. The runner or the 2nd contract stays on until a stop of +1 is hit or the CCI crosses back over the 100 line...be it the -100 on a short of the +100 on a long. I have gotten 50 -100+ extra ticks with the runner that is the nuance that makes up for the stop outs. Even if the trades are 50/50....the money management of the runner gives you the profitability edge. Try to program that into Tradestation...oh wait...TS doesn't even have Range bars for their charts. Hmmm...guess you will have to just watch and learn then. Go to Woodiescciclub.com and register for the forum. A trader named Ian does the stats for the ER. We have winners and we have losers. Its not magic, however, using the runner technique is the road to profitability...along with having a set stop. The trades in the FREE chat room are also pointed out plenty of time before the trade to allow you to set a buy stop or sell stop to get in . Sponsors are promoted in the room to help defray costs. You cant run these programs for free. I myself have learned all of this for FREE. I havent been to a TAL or bot the DVD's. No one twists your arm to do that. Just get the FREE pdf of the system...and go to the FREE chat room and make up your own mind. Its not a scam in my book....however...ask yourself this if you are losing with Woodies CCI.....Did you really follow all the rules? or did u try to get in early or late. Bar close trading is the way to go. I have seen trades come within 1 tick of executing and/or stopping out. So don't be a hero and lose your cash....Follow the rules...and just "trade the damn patterns"...as Woodie would say. By the way...this article is skeptical....cause woodie never used a tick chart....he has been on 5 min charts only for last few years ....now he is on range charts. Good Trading! JJ I agree that backtesting is worthless….you can not program nuances into the computer and the value of screen time experience. The CCI as Woodie trades it today with the 6 basic patterns is profitable when every rule is followed. The chop zone and sidewinder indicators play a significant role in taking or not taking a trade. Now with range bar charts, the CCI is ever more valuable. Also….you can not program a runner into the backtesting equation. Its the runner that many take off too early that is the essence of this system. I was an all in and all out trader, however, Woodie has convinced me on the importance of staying with the trade until the CCI crosses back over the 100 line before getting out. This nuance has made me more $$ to handle my stop outs. On the ER…I use a 15 range bar…not time charts…but ranges as Woodie shows in his new system. The patterns are the same…but the stop is 17 ticks which is just outside the previous range bar. The initial target is 10 ticks and then a move to BE+1 for a no loss, no stress trade. The runner or the 2nd contract stays on until a stop of +1 is hit or the CCI crosses back over the 100 line…be it the -100 on a short of the +100 on a long. I have gotten 50 -100+ extra ticks with the runner that is the nuance that makes up for the stop outs. Even if the trades are 50/50….the money management of the runner gives you the profitability edge. Try to program that into Tradestation…oh wait…TS doesn’t even have Range bars for their charts. Hmmm…guess you will have to just watch and learn then. Go to Woodiescciclub.com and register for the forum. A trader named Ian does the stats for the ER. We have winners and we have losers. Its not magic, however, using the runner technique is the road to profitability…along with having a set stop. The trades in the FREE chat room are also pointed out plenty of time before the trade to allow you to set a buy stop or sell stop to get in . Sponsors are promoted in the room to help defray costs. You cant run these programs for free. I myself have learned all of this for FREE. I havent been to a TAL or bot the DVD’s. No one twists your arm to do that. Just get the FREE pdf of the system…and go to the FREE chat room and make up your own mind. Its not a scam in my book….however…ask yourself this if you are losing with Woodies CCI…..Did you really follow all the rules? or did u try to get in early or late. Bar close trading is the way to go. I have seen trades come within 1 tick of executing and/or stopping out. So don’t be a hero and lose your cash….Follow the rules…and just “trade the damn patterns”…as Woodie would say.
By the way…this article is skeptical….cause woodie never used a tick chart….he has been on 5 min charts only for last few years ….now he is on range charts.
Good Trading!
JJ

]]> By: Doug Tucker http://tuckerreport.com/articles/magic-indicator/#comment-400 Doug Tucker Sat, 08 Mar 2008 02:15:32 +0000 http://tuckerreport.com/articles/magic-indicator/#comment-400 Alex, I do appreciate the comment, but 133 is not a fib number. Dividing by 2 has nothing to do with the fib sequence. You simply add the current number to the previous number. Just do a google search and you'll see that I'm correct. Here is the sequence: 1+1=2 1+2=3 2+3=5 3+5=8 5+8=13 8+13=21 13+21=34 21+34=55 34+55=89 55+89=144 89+144=233 etc. Alex, I do appreciate the comment, but 133 is not a fib number. Dividing by 2 has nothing to do with the fib sequence. You simply add the current number to the previous number. Just do a google search and you’ll see that I’m correct. Here is the sequence:
1+1=2
1+2=3
2+3=5
3+5=8
5+8=13
8+13=21
13+21=34
21+34=55
34+55=89
55+89=144
89+144=233
etc.

]]> By: alex http://tuckerreport.com/articles/magic-indicator/#comment-399 alex Sat, 08 Mar 2008 02:12:40 +0000 http://tuckerreport.com/articles/magic-indicator/#comment-399 MY BAD, MY BAD, MY BAD. im sleepy got it confused w/ Prime Numbers. I apologize... MY BAD, MY BAD, MY BAD. im sleepy got it confused w/ Prime Numbers.
I apologize…

]]> By: alex http://tuckerreport.com/articles/magic-indicator/#comment-398 alex Sat, 08 Mar 2008 02:09:04 +0000 http://tuckerreport.com/articles/magic-indicator/#comment-398 i agree w/ almost all you've written about that chatroom, except one major mistake: 133 IS a fib number, and 144 IS NOT. Fib numbers are those that cannot be devided by no other numbers but themselves only. 144 is divisible by 2. Thats some major mistake affecting your accountability, I'd correct that right away.... Regards Alex i agree w/ almost all you’ve written about that chatroom, except one major mistake: 133 IS a fib number, and 144 IS NOT. Fib numbers are those that cannot be devided by no other numbers but themselves only. 144 is divisible by 2. Thats some major mistake affecting your accountability, I’d correct that right away….
Regards
Alex

]]> By: fred http://tuckerreport.com/articles/magic-indicator/#comment-370 fred Sat, 23 Feb 2008 23:00:03 +0000 http://tuckerreport.com/articles/magic-indicator/#comment-370 <p>Woodie (Ken Wood) has an agenda - and it doesn't involve helping traders. He is a dispicable piece of *%)$#. I don't want to expend the energy typing out why - as I would install 16 paragraphs. So you'll excuse me for using this forum as a catharsis.</p> <p>Please stay away from that *&%##&....</p> <p>All the best..</p> Woodie (Ken Wood) has an agenda - and it doesn’t involve helping traders. He is a dispicable piece of *%)$#. I don’t want to expend the energy typing out why - as I would install 16 paragraphs. So you’ll excuse me for using this forum as a catharsis.

Please stay away from that *&%##&….

All the best..

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