Woodies CCI trading system

I know all that...

There are a lot of scams floating around regarding woodie's patterns and many claimed that they are not profitable. Some say woodie doesnt do charity and some of the ex-moderators says PFG runs the site to promote their autotrader. blah blah

This is just a fine example of a bad workman quarreling with his tools. Nach na jane angan tera... wala syndrome...

Trading is 15% indicator / system and 85% trade management. Till the point traders are aware of this truth, they'll never be profitable. Every trade they take needs to be clear in terms of profit/risk potential.

Its how u interpret the indicators that dictate the profit. A good amount of that is common sense. There are no indicator / system that can substitute risk management.

e.g. we have Nifty is flat and moving in a 10 point range. Just because system gave a buy signal and then exit ended with a loss just means the trader picked a low probability trade. A good CCI trader wouldnt take that trade.

Point i am making here is, for a person who can read the flow, this is an excellent tool to buy the dips in a uptrend and sell the rally in a down trend. For a person who trades blindly based on buy-sell signal, no indicator / system is profitable.

P.S. : I am not a member of his club. I never read any of his forum post and articles. I just read how woodie interprets the CCI entry / exit / strength of the trend etc. I use my common sense and trade them. So far its profitable for me. strike rate of over 80% risk reward ratio of 1:3 to 1:2. expectancy is always positive.

May be famir didnt used trade management. He didnt used stoploss i think. And if he did used money management, then he didnt stopped trading after taking that much stoploss. it was a joke

Great going Linkon da.

Dr Famir did use trade management. Its just seems he used to trade the shamu (FAMIR pattern now) most of the time and loved doing it. Problem is, when u trade counter-trend all the time, you'll never be profitable. Maybe, that caused his death.

Likewise, Daryl Guppy is accused of not following his guppy MMA or CBL method.

Hell, even i am guilty of not using many systems that i created. Doesnt make those systems bad. Some of my friends use them and do it very profitably.

every trader needs to trade systems that suit their personality. I like systems with higher strike rate. I have to sacrifice profit per trade to get a higher strike rate. Now if i start trading a system that has a RR of 3:1 or higher, i'll mess it up simply because the strike rate will be poor. I'll get out of good trades early and exit bad ones late. Doesnt make the system faulty. Just means the system is not for me...

any ways Indians are not that materialistic to jump on suicide even if we sustain losses.

Imagine if a very famous trader names a counter trend trading method after someone. That person is so proud that there is a method named after him and the whole world knows his name. That puts a lot of pressure on him. He keeps swimming against the tide and somewhere down the line he loose hope of ever making it to shore...and dies.

BTw, Tony is still alive. Thankfully woodie named a trend following pattern after him (Tony trade). :clap:

There are so many patterns that are discarded now a days. MR & HFE are an example.

My personal feeling is, famir is not a good pattern for beginners. Imagine u have a zlr and u go short, then CCI does a u turn and u reverse positions as u have a famir. Bulls and bears fight it out and bears win again. Now u have a cci doing a u turn and u r so pissed off that u exit ur positions and join the i-hate-woodies club...:lol:

you really dissected Famir's brain :lol: and you are right about it
indeed it does puts pressure when so many people recognize you,accha tairaak hee aksar doobta hai (good swimmer always have chances of drowning first)

as for ZLR,there is most probability of fake outs happening at ZLR as this pattern forms near major support and resistance.

I want to buy hard copy of "Trade the Patterns: The Revolutionary Way of Trading the CCI". Have any one idea, where I can get in India?

Dont buy it...! instead open a demo account with FX and trade that with 1 lot and practice the method... everything boils to screen time. And more u practice, more u'll know which trades to avoid...

Linkon,
Can you explain how the hard stop is fixed for this method. If woodie has explained somewhere or it is your own method of deciding hard stop.
Regards.