Euro Chat with Joe Ross
Chat log from: Thursday, July 26, 2007
| JoeRoss joined. | |
| JoeRoss | Hi quester, sorry I'm late. We had an emergency situation. |
| quester123 | Hi Joe no problem there were others but don't know where they've gone. |
| JoeRoss | I'm sure they gave up by now. |
| JoeRoss | Do you have any questions or comments? |
| JoeRoss | I will stay as long as you need me. |
| quester123 | Well Joe, if you want me to start asking? I will or know you like to go in your garden so I could save my questions for next time. |
| JoeRoss | No garden today, it is raining, so ask anything you want to. |
| quester123 | Ok Joe, I'm looking at the 30year bond, do you think it's being engineered higher coz the consensus was for another big fall? |
| JoeRoss | quester: The FED has been signaling a weaker economy, so people expect lower interest rates. |
| JoeRoss | I don't think lower rates are going to be much of a reality, because it will kill the sale of U.S. debt. But with the FED, you never know for sure what they will do. |
| quester123 | You've talked about markets being engineered is the FED the biggest manipulator of them all. |
| JoeRoss | Yes! Both directly through the Treasury department, and indirectly through the Plunge Protection Team. |
| quester123 | Ok Joe, I'm reading Trading is a Business. You say you can trade intuitively but how do you account for this in a trading plan. |
| JoeRoss | The intuitive part comes from keeping up with what's going on in the world along with studying long term charts to see where prices have been in the past. Of course, some of it is simply experience. |
| JoeRoss | We should write a book: "Trading from your Stomach" :) |
| JoeRoss | Or Trading from the Gut. |
| JoeRoss | I think sometimes our stomach and our hearts would be better to listen to than our brain. |
| quester123 | Yes Joe there probably isn't any shortage of titles for books you can write but not the time maybe. |
| JoeRoss | My friend Francesco Fabi suggested that I might write such a book. It would be intended to be humorous but true. |
| JoeRoss | We could record all of the dumb things people do when they trade, especially from our own experience as traders, and say we should have listened to our internal organs. |
| JoeRoss | Oh! If only they could speak. |
| quester123 | I'd have a lot to put in myself i enjoy the stuff about the pits so if you write one it i'll buy it. |
| JoeRoss | Maybe I will ask for contributions from everyone about the dumbest thing they ever did. Or the ten dumbest things they ever did. |
| JoeRoss | Everyone who contributes gets a free book. |
| quester123 | Only ten joe? Piece of cake. Does any trade stand out which was a defining trade for you some reason. |
| JoeRoss | Yes. |
| JoeRoss | The day I lost 45,000 in 20 minutes because I wasn't paying attention. |
| quester123 | Did you have a mental stop? Then what action did it lead to you taking? |
| JoeRoss | I had no stop because I was being a smart %%%. Only it turned out I was a stupid %%%. I got out at the market more or less in a panic. |
| quester123 | When you're putting on a trade these days how much emotion are you feeling? |
| JoeRoss | Very little. I have lost the emotional part of trading for the most part. |
| quester123 | Then is it solely business but you still like going to work everyday. |
| JoeRoss |
Yes, I still enjoy trading. But now other things have priority over my trading. I have been promoted to my highest level of incompetence--managing an international business :) |
| quester123 |
Ha ha well i'm gad you still do it Joe and so are many others though you say in the book that it's hard to leave once you begin trading unless you're forced out is Andy Jordan a person you taught from scratch-- if it's too personal? Please ignore. |
| JoeRoss | Andy was already trading when I met him. But there were ways he could improve and I spent some months with him to teach him a lot of what he knows. But Andy already knew quite a bit. |
| JoeRoss | I think more than anything else, I was able to get Andy to concentrate on one thing until he mastered it---spreads. |
| quester123 |
Thanks Joe, he's a good trader. I feel guilty keeping you here there must lots you have to do i'm working through a lot of the psychological questions you brought up in your book but i see very few of these questions asked by others. |
| JoeRoss |
Most people have no idea of the right questions to ask. They mostly want magic. Magic indicators and methods. Magic strategies and systems. But trading is mostly inside you, not in the markets. |
| JoeRoss |
This is a business of making rules and following them. But most people try to follow the money. That's where they make their biggest mistake. |
| JoeRoss | It's about discipline and self-control. If you have a good plan and follow it, you will win. |
| quester123 | Let me wish you a good evening from Sunderland UK and a good afternoon where you are and i'll be back next time. |
| JoeRoss | Okay. as they say in the UK "Cheers" ;) |
| JoeRoss | It was nice chatting to you. |
| quester123 | Me too joe see ya next time. |
Next Chat with
Joe Ross:
Thursday, August 2, 2007
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
