Trading Educators Inc. - Joe Ross - Day Trading and Online Trading

Euro Chat with Joe Ross

Chat log from: Thursday, May 31, 2007

	SusanL joined.
	nathan joined.
nathan	Hi susan
	joeross joined.
nathan	hi joe
joeross	Hi
nathan	Don´t they like gold rising longer than few weeks?
joeross	nathan: Gold is always a rough ride.
nathan	But is quite tradable.
joeross	One way to play it is short term cyclical style trading. Put an envelope around it or Bollinger Bands and buy at the lows and sell at the highs.
nathan	That's because of its steady ups and downs?
joeross	Yes! True. You can tell when to buy and when to sell with a reasonable degree of certainty.
nathan	Thanks. What's quite good and tradable in euro-zone?
nathan	I don´t want only have dollar trades?
joeross	Bund, Eurostoxx 50, DAX
joeross	Possibly BOBL, but if you keep your account in euros it won't matter about doing dollar trades.
nathan	I watched dax following dow, so only trading at the dax opening?
joeross	Good
nathan	It's best to let the market say which way to go?
joeross	That's what I try to do. If the market is not clear about direction, then I don't trade.
joeross	By the way, gold is currently in a 13 month congestion.
	savage joined.
joeross	Hi savage
nathan	I tried that too, but I ´m too inexperienced. So I started to develop my own methods. Now it works much better.
nathan	But I follow like a machine, as long as they work.
savage	Hi joe and everyone.
nathan	Hi savage
joeross	nathan: That's great. That's what a trader is supposed to do.
nathan	I miss some kind of spiritual trading.
nathan	But I ´m glad of having a quite good month for the beginning.
joeross	Your intuition and feel of the market comes from the spiritual component of your life.
joeross	Did you know you can see with your heart?
nathan	That was making me lose.
nathan	I know, but in trading I failed with feeling my heart
joeross	There are many things we understand and we say "Oh, I see!", but we are not seeing with our eyes.
joeross	For me, I had to do it with prayer.
savage	Joe, what do you think of daytrading stock index spreads?
nathan	That was my intention, but I could not excerpt what comes from my heart and what was greed and fear.
joeross	savage: I think stock index spreads are a good way to trade.
joeross	savage: I believe you can day trade stock index spreads and currency spreads quite well.
nathan	I needed to get more convinced about the right way, to fight greed.
savage	i have been looking at the es-nq spread looks good, I'm tired of daytrading the outright indexes and getting whipsawed.
nathan	joe: Did you enter a trade just because of a feeling? without really reading a chart?
joeross	nathan: Have you ever taken that problem of greed to a higher authority? I mean taking it to God! You might be surprised at what happens. Most traders never even have that thought. They do not think of God when they trade as being subject to a personal relationship by which you can overcome the problems of human nature like greed and fear.
	murra joined.
joeross	nathan: I learned to combine both feeling and reading. If the chart says it is right, and my feelings say it is right, then I take the trade.
joeross	Hi murra
nathan	Yes I talked to Him evenings to see if I´m on the right way. But not during trading.
joeross	nathan: If you want God as your trading and business partner, you can discuss your trades with Him even during a trade. Try it! If you are sincere, you will receive guidance. That's the next step.
murra	Hi joe how are you, and everyone else?
savage	Hi murra
joeross	nathan: God will help you in every part of your trading if you let Him.
joeross	We are all fine, murra. I'm still a bit jet lagged.
nathan	So the plane should fly less jetty :-)
joeross	nathan: What I need is a teletransporter, like in Star Trek. "Beam me to Europe, Scotty." ;-)
savage	Joe you're trading methods, their results are they based on 1 contract?
joeross	savage: Yes the trading method results are based on one contract.
nathan	There are enough people in India having quite interesting abilities, maybe we could learn that.
nathan	Perhaps just our thoughts make our borders.
murra	joe can you tell me how I can choose the best inversion bar, I have read enough in your book and I can see it on the chart , but give me a more fine particular for choosing the best. can you please ( it has a great value) I agree with you.
joeross	nathan: Very true. Your thoughts can imprison you.
nathan	Let me oouuutt! :-)
nathan	joe: Do you meditate?
savage	Joe what currency spreads do you recommend looking at to daytrade?
joeross	murra: The very best inversions bars are the ones that have a long tail and stick out above the highs or below the lows.
joeross	murra: They should also finish in the upper part of the bar is the inversion is towards the upside and in the lower part of the bar if the inversion is towards the downside.
joeross	nathan: Yes, I do meditate. One way I do it is to picture myself doing everything correctly before I enter a trade.
joeross	savage: euro-pound; euro-swiss; pound-swiss; C$-A$; C$-pound; A$-pound.
joeross	I avoid all Yen trades.
nathan	What online courses will you offer?
savage	Do you recommend a timeframe or is it a personal choice.
joeross	nathan: The plan is Law of Charts; Spreads; Day Trading; Position Trading; Option Trading, maybe more.
nathan	Great!
joeross	nathan: Before you get too excited, it will depend on where you live for you to be able to see them. Where are you living now, Nathan?
nathan	In merkel country ::punk
joeross	savage: I would prefer 60 and 30 minute charts for currency spreads.
joeross	nathan: Then you will have to wait until the online course is in German.
joeross	Germany will be blocked out for online courses in English.
nathan	Why?
joeross	Because we cannot compete with our own franchises. If we allowed the English language online course in Germany, then our German office would sell fewer seminars and fewer online courses.
nathan	But I ´m not fascinated with the German service.
murra	If the inversion is on the successive bar is it the same or does this represent a weakness of inversion?
joeross	nathan: The online courses will be exactly the same as the one I give in English, only it will have German words and voice language.
joeross	murra: I'm not sure I understand what you are saying. Do you mean that the successive bar inverts again -- in the other direction?
nathan	When will they be available in german?
joeross	nathan: I have no idea about availability.
	Marco joined.
joeross	Hi Marco
Marco	Hi there.
Marco	I finally made it to the chat ;-)
joeross	Willkommen
nathan	Hi marco thanks for your comments in the forums.
nathan	I like reading them.
murra	No. Excuse me Joe. I mean in an up trend the bar is long and the Close is up on the open but the successive bar inverts. In other words the inversion is not on the same bar but in the next bar. If the second bar re-inverts I think is coming a congestion so we must wait, is that correct?
Marco	nathan: Nice to hear, thank you.
joeross	murra: Correct! YES!
nathan	marco: Do you continue the er2 forum or is it stopped or do you talk outside?
Marco	nathan: I just commented on some charts, another guy way posting called buddha I think. I'm currently not daytrading much...
nathan	You seem to be successful.
Marco	nathan: I had some good months already but still have some problems being consistent...
Marco	Last 2 months I just did a bit better than break even :-(
murra	So if the inversion is on the second bar is this signal weakness or is the = the inversion on the same bar? in the other words which is the best signal.
joeross	murra: It would depend on which setup you are trading. It would be a weak signal for the first bar if you were trading reversal bars, but if you were trading train tracks you would take the signal from the second bar.
nathan	joe: Will you talk about train tracks in the online courses?
nathan	I like trains in trading.
joeross	nathan: Yes, I will teach about train tracks in the day trading online course.
nathan	Good! I'm buying my ticket!
joeross	nathan: Probably also in the position trading online course.
joeross	We are sensing that an lot of people are becoming disenchanted with day trading and are now looking towards spreads and position trading. This to me is a good thing.
nathan	What's with your idea of telling signals on email, like you talked in an earlier chat.
joeross	nathan: Andy is already doing that in Traders Notebook. He is giving position trading signals as well as spread signals and the traders are winning.
joeross	We will not ever give entry signals for day trading. It would mean having to sit in front of a screen all day.
nathan	I´m not knowing anything in spread trading yet. should I learn it?
Marco	Those of you who trade stocks - really have a look at monthly stock-charts...
joeross	nathan: It is a much safer way to trade. It is quite different than trading in the outrights.
murra	Be patient with me joe. Please! We are in uptrend after 4- 5 bar in the same direction (up): 1) The last bar is in the direction up the next invert. 2) the last bar invert on itself which is the strong signal?
joeross	I agree with Marco. Monthly charts are much better than daily charts for stock trading.
nathan	Does it take lot time to learn to trade spreads?
joeross	murra: If I am understanding, then I would choose #2 as the better signal.
Marco	I did some backtesting on taking TTEs on daily, weekly and monthly charts with around 1000 stocks. The larger the timeframe, the more winners you get...
joeross	Also true, Marco.
nathan	Is it possible to learn spreads while trading traders notebook, or do I have to learn before?
joeross	nathan: Read the spread book first and then learn from Traders Notebook and our free weekly Spread Scan newsletter.
joeross	nathan: You can learn an awful lot from watching Andy trade in Traders Notebook. Also on Wednesdays he has a free online spread chat.
nathan	Thanks!
Marco	nathan: Best thing is to go to a spread-seminar. I learned a lot there, and they really start with the basics first.
joeross	There will be spread seminars in both Italy and Germany in November.
nathan	Good to know, marco.
nathan	I always heard of the effect of seasonals, but to know them one has to be experienced? Or just compare charts?
joeross	nathan: The seasonal spreads still have some value, but you must filter them with The Law of Charts.
nathan	marco: gibt es viele daytrader in deutschland? (are there many day traders in Germany?)
Marco	nathan: ja, sehr viele...und fast alle verlieren. (yes and they almost all lose.)
murra	But on the monthly chart you must have a larger stop than on the weekly/day chart. then I think is important the way the objective and the size of account but more important the chart that give you a comfortable time to trading . is it wrong, joe?
joeross	murra: You said it right.
nathan	joe: Do you invest according to the climate change?
joeross	nathan: No! I invest according to economics. I believe only half of what I read about climate change, and I have serious doubts about the other half. :-)
Marco	joe: About which half do you have doubts?
nathan	joe, What was your most amazing thing you learned on your trip to europe?
joeross	Marco: The second half
Marco	:-) ;)
joeross	nathan: The most amazing thing I learned in Europe was that my allergy pill kept me from suffering from hay fever. It's the first time that ever happened. Usually, I suffer a lot.
joeross	Trading is in the study of the prices, not in climate changes. If there really are climate changes, we will see any effects in the prices of things that are traded.
nathan	But humans are going to be affected in hearing such news?
joeross	It's time to go, but I will answer the next two questions.
joeross	nathan: Yes and the markets show human action and reaction. That's all I need to know.
savage	bye joe thanks for the chat
joeross	bye savage
nathan	Thanks for you time Joe
joeross	nathan: bitte
nathan	and good night to everyone
Marco	thanks joe! have a nice day :)
joeross	You too,
joeross	Bye all.
joeross	Ciao murra
murra	ciao joe i was writing but in the next i ask you
joeross	ok murra. Until next time, ciao

END OF CHAT

Next Chat with Joe Ross:
Thursday, June 7, 2007
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)

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