Euro Chat with Joe Ross
Chat log from: Thursday, October 25, 2007
| JoeRoss joined. | |
| crosten joined. | |
| JoeRoss | Hi crosten. |
| mary joined. | |
| JoeRoss | Hi Mary |
| crosten | Hey Joe. |
| mary | Hi Joe. |
| crosten | Joe how do you cope with stress? |
| quester123 joined. | |
| JoeRoss | crosten: I cope with stress through prayer. You should try it some time. It works wonders. |
| JoeRoss | Hi quester. |
| crosten | Joe, do you see a trading shrink every now and then? |
| quester123 | Hello Joe and all. |
| JoeRoss | crosten: I never have visited one? |
| quester123 | Joe, do you still use Ninja for all outright trades. |
| JoeRoss | quester: Yes, I use them for all outright trades. |
| crosten | Joe, do you have any options play currently? |
| JoeRoss | crosten: No! I'm waiting to do something else. |
| crosten | What is that something else? |
| JoeRoss | I sold one of my houses and I am looking for an investment. |
| JoeRoss | I will probably buy Petrobas shares, and maybe some things related to China. |
| crosten | Did you make a profit on the housing trade? |
| JoeRoss | I want to be as much out of the dollar as possible. |
| JoeRoss | crosten: I got more for it than I paid for it, plus I lived in it for 5 years. |
| quester123 | Joe, you show a very interesting method in Trading is a Business have you used this on many different markets or just bean oil? |
| crosten | Buffet and Jim Rogers is out still negative the dollar; Buffet made 100 million on his currency trades? |
| JoeRoss | quester: I still use it in a lot of different markets. |
| crosten | Buffet said that he is buying the brazilian real, is it a good play Joe? |
| JoeRoss | crosten: "The US economy is undoubtedly in recession," Rogers told the Telegraph in Hong Kong in an article published on its Website. |
| JoeRoss | The real is good. That is why I want to buy Petrobas. You get the real and a play on crude oil all rolled into one. |
| murra joined. | |
| crosten | What stock exchange is petrobas on? |
| JoeRoss | Hi murra. |
| murra | Hi Joe, and everyone. |
| quester123 | Was it something your uncle passed onto you or did you discover it yourself? |
| crosten | Joe, are you shifting house? |
| JoeRoss | It trades in the U.S. on either NYSE or Amex. I don't remember which. It trades as an ADR. |
| quester123 | Hello murra. |
| JoeRoss | quester: I don't know what you are referring to. |
| m.spoto joined. | |
| JoeRoss | crosten: I shifted houses last December. |
| quester123 | The method in Trading is a Business, Joe. |
| m.spoto | Good evening. |
| JoeRoss | The True Trend Method is the only method my uncle taught me. |
| JoeRoss | Hi m.spoto. |
| m.spoto | Hi Joe. |
| crosten | Joe is it difficult to sell your house amid this housing fall out? |
| JoeRoss | crosten: Yes, it was difficult. I was competing with a lot of builders having new homes. |
| crosten | Joe why didn't you sell the house before the bubble burst? You saw the bubble about to burst right? |
| JoeRoss | crosten: I did sell it before the bubble burst. It has not burst in Texas. House prices here are still rising. |
| crosten | Joe, do you have any China stocks in mind? Most of those China stocks are so speculative? |
| zendre joined. | |
| JoeRoss | crosten: I will probably use a fund to buy them. |
| JoeRoss | Hi zendre. |
| zendre | Hi all. |
| murra |
In you trading method I read about Profit Popper trading method and in the forum Andy explained that this method is good for sideways market (if I understood well he means ES. Can you give me more information about this method, please, joe? |
| JoeRoss | murra: At the moment Profit Popper is not profitable.. |
| JoeRoss | Andy took it off trading just 2 days ago. |
| JoeRoss | We have to wait for it to begin to work again. It is a good method, but no method works at all times. |
| JoeRoss | murra: For more detail on Popper, you should talk to Andy. He has his live chat every Wednesday. |
| zendre | Joe, As far as I know you use a 20 days moving average to detect the bad periods. |
| JoeRoss | zendre: I will not discuss methods on the chat. The 20 day moving average refers to the equity in the method, not the method itself. |
| murra | Which is the concept on this method? tell me only if this question is admissible. |
| zendre | Did you not look at some indicator that would be quicker? |
| JoeRoss | If you want to discuss methods, please use the forum for the method you wish to discuss. |
| crosten | Joe, what do you think about the market volatility we are seeing in the stock market? |
| zendre | Sorry! |
| JoeRoss | crosten: I have no opinion about it. |
| crosten | Are people fearful, Joe? |
| JoeRoss | crosten: I sense that people are very much afraid. |
| JoeRoss | But that applies only to investors. Most of the public do not invest. They are like sheep. They do not know or care about what is happening until it is too late. |
| quester123 | Joe, have you ever traded the 30 year bond on a five minute chart? |
| crosten | Joe, i read on FT that ASX will list CFD next month, will you start trading immediately or will you wait and see volume pick up? |
| JoeRoss | They have no idea of what is going on. Probably 90% of the public know nothing about the economic situation. |
| JoeRoss | quester: I tried it, but it never worked for me to trade bonds on a 5 minute chart. |
| JoeRoss | crosten: I will wait for more liquidity. |
| quester123 | I only ask cause there was a good 1 2 3 low today, Joe. |
| crosten | Joe, what is the minimum amount of money to start trading spreads? |
| JoeRoss | quester: Yes there was a good 1-2-3 low, but those are rare in the bond market. |
| crosten | I see that any spread trades uses big stop loss of up to 1000 per contract. |
| JoeRoss | crosten: I don't know. Each spread has different margin requirements, and those keep changing. |
| zendre | How is your Silver-Gold going? |
| JoeRoss | crosten: That is not true at all. Most spreads risk less than $300. |
| m.spoto | Dear Joe, can you give me one Council about Futures CZ07 (corn december 07)? |
| JoeRoss | zendre: Silver-Gold is still going up. |
| JoeRoss | m.spoto: I will take a look. |
| crosten | Joe, were you trading during the 1981 stock crash? |
| zendre | What is your opinion about trading SSF (Single stock futures?). I was thinking about them to apply your book: Trading optures and Futions. |
| m.spoto | I don't understand if at this moment corn is in a trend long or short. Do you help me? |
| JoeRoss | m.spoto. Right now corn would be ideal to trade on a daily chart using 5-3-3 Stochastics. |
| JoeRoss | Short term 1-2 day trades, m.spoto |
| zendre | Corn: With the help of the 10-20-10- weekly MACD? |
| JoeRoss | crosten: I don't know of any stock crash in 1981. |
| m.spoto | Only for 1 or 2 days? |
| murra | Would be a good behavior to look at es (1h) more like a trading range? |
| crosten | Joe, you were fortunate to have your uncle as a coach, what advice would you give to someone who does not have a coach? should he go and find one? |
| JoeRoss | zendre: The problem with SSFs is that there is no liquidity. |
| crosten | Black Monday Joe. |
| JoeRoss | m.spoto, I don't know what you are seeing, but I see the corn market moving sideway, which is why it is right now tradable with Stochastics.. |
| JoeRoss | zendre: MACD is not needed for 1-2 day trades. |
| murra | I it always good to trade the daily chart and 5-3-3 Stochastic joe or only currently (corn). |
| JoeRoss | crosten: It is best to have a coach, if you can find one. |
| JoeRoss | crosten: Black Monday was 1987, not 1981. I was lying in a hospital bed in a coma when the market crashed in 1987. |
| crosten | Did you see the crash coming? |
| Bondtrader joined. | |
| zendre | Joe: Now we got the idea why it has crashed |
| crosten | Hey bondtrader, quite day in bonds today. |
| Bondtrader | Hello everybody. |
| quester123 | How is your health lately, joe, good I hope? |
| JoeRoss |
murra: The way to trade 5-3-3 Stochastics is to look for a market and time frame where prices are moving sideways and the highs and lows of the prices are working perfectly with the Stochastics. So it is not always good in corn or any other market. It is good when the conditions are right. |
| JoeRoss | crosten: I was unconscious. |
| JoeRoss | Hi Bondtrader. |
| crosten | Joe you give coaching? |
| JoeRoss | quester: I have a cold. |
| Bondtrader | Hi Joe what happened? |
| crosten | New highs in oil. |
| JoeRoss | crosten: Yes, I give coaching. |
| JoeRoss | Bond: You mean how did I get a cold or what happened in the Bond market? |
| Bondtrader | Joe was this the PPT Yesterday at all the Stock Indices around 13.15 ??? |
| JoeRoss | Bond: Yes the PPT has been very active all week. |
| murra | So for corn the counsel is only for the current time period, Joe. |
| crosten | How did you know that PPT is working, Joe? |
| Bondtrader | That's what I was thinking right when I saw it, PPT at work. |
| JoeRoss | Bond: If the FED wasn't pumping money into the market, it would be much lower already. |
| crosten | There was a big reversal late in the trading day yesterday. |
| quester123 | Joe what is the nearest international airport to where you live. |
| crosten | Joe can you explain buy the rumor sell the news, I don't understand? |
| JoeRoss | crosten: All you needed to tell that PPT was as work was your eyes. |
| JoeRoss | murra: For corn like with anything else, you look at the market to see which trades are working. |
| BenHH79 joined. | |
| zendre | Joe, I would be your first subscriber if you would start an Optures and Futions newsletter. (Like the TN) Do you know somebody offering such service? |
| JoeRoss | quester: Austin, Texas airport. (AUS ). |
| BenHH79 | Hi Joe!! Hi all!! |
| JoeRoss | Hi Ben. |
| JoeRoss | crosten: It is exactly what it says, when you hear rumors about something that should cause it to move up, buy it. When the rumors turn into facts, and everyone else is buying, you sell to them. Just the opposite for rumors that indicate that you should sell. |
| JoeRoss | Zendre: We are planning an option letter for the beginning of next year. |
| murra | Do you give tutoring in Texas, Joe? If yes, in every period or only in some? |
| zendre | Hurray!!!! |
| JoeRoss | We have a very good option trader and we are hoping he will begin writing the newsletter. He says he wants to do it. |
| crosten | In other words we are scalping the market right? |
| JoeRoss | murra: Yes, I give tutoring in Texas. I take 2-3 people per month, individually, one at a time. |
| BenHH79 | I've got a question, Joe: I'd like to analyze options with Optionvue. In your book you wrote that I have to ask the exchange for actual option quotes. Is that also so complicated to trade options today? |
| JoeRoss | crosten: You might call it a scalp. |
| crosten | joe, the option newsletter will all be about selling options right ? |
| zendre | 3-4 Subs. already. |
| JoeRoss | Ben: With the electronic markets you can immediately see the option prices, so you no longer have to check with the floor as to actual option prices. |
| BenHH79 | Hey zendre, do you also start to trade futions? |
| JoeRoss | crosten: Yes it will be about selling options. |
| murra | Do you give it for all month or only for a fixed number of days ( 1-2...) like during seminar? Is itt different for the time or it is the same? |
| zendre | Actually I did options with stocks 2-3 months ago. |
| crosten | How much will the newsletter be ? |
| BenHH79 | Do you think IB's TWS offers a good functionality for trading options? |
| zendre | I come up with similar ideas on my own, and after that I got Joe's book. I could not stop reading. |
| JoeRoss | murra: The option trades are given out as they become available. Some days there are more than one and some days there are none. We want to sell only overpriced options with not too much time left until expiration. |
| JoeRoss | crosten: I think it will be priced like Traders Notebook. You have to check our website for prices on that. |
| JoeRoss | Ben: IB's TWS is an excellent option platform. It's the one I use. |
| JoeRoss | We are winning 75%-80% of our option trades, and personally (thankfully) I have not had a losing option trade all year. |
| murra | With reference to tutoring in Texas, how many days does it last? |
| BenHH79 | Thank you! That's what I wanted to know ;-) |
| JoeRoss | I had a few exciting moments when I almost had to take a lesson some options, but it never happened. |
| JoeRoss | murrra: The tutoring is 3 days. |
| zendre | Unfortunately agri futures e.g. ZW does not have liquid electronic options. |
| BenHH79 | What about Optionvue, do you think it's the best platform for analyzing? |
| murra | What is the price? |
| JoeRoss | zendre: On IB you have no problem being filled. |
| murra | And which is the time? |
| crosten | Joe, do you trade spreads on Interactive Brokers electronically? |
| JoeRoss | murra: In term of euros it is now very cheap to come to the U.S. The price is U.S. $1,500/day. |
| JoeRoss | murra: Each day is from 9AM to 4PM. You can come for 2 or 3 days. |
| JoeRoss | Ben: Optionvue is an excellent platform for doing analysis. But all we use around here is our own Option Matrix. |
| BenHH79 | Your own? |
| JoeRoss | crosten: Yes, you can trade spreads on IB electronically. That's how I trade them. |
| JoeRoss | We developed Option Matrix and we sell it for a lot less than OptionVue, and there are no monthly fees like with OptionVue. |
| crosten | Joe, in terms of execution speed, which is faster Interactive Brokers or Infinity? |
| JoeRoss | But if you already have OptionVue there is no need for buying the Matrix, as far as I know. |
| JoeRoss | crosten: It depends on what you are trading. |
| zendre | Joe, How do you trade Wheat options electronically? I found it only at the night session, and huge bid-ask spreads. |
| crosten | Joe, does interactive gives reduce margin for spreads? I think their margins is the highest of them all? |
| BenHH79 | That sounds good Joe! Where may I have a look at it? |
| JoeRoss | zendre: Yes the spreads are wide, but you do get filled with IB. |
| JoeRoss | IB is one of the largest options brokers in the world. |
| JoeRoss | IB is also a market maker, so they make sure you are filled. |
| zendre | They are pioneers on the penny priced options as well. |
| BenHH79 | As I don't use OptionVue already I'd like to give it a try! |
| JoeRoss | We just wait for the bid to be at the price we want. You have to be patient. |
| crosten | joe if i am trading the euro futures, which has faster execution speed IB or Infinity ? |
| JoeRoss | The Option Matrix has everything you will ever need to trade options. |
| crosten | Euro currency futures. |
| zendre | Do you put your orders between the bid and ask? |
| JoeRoss | I don't even use all of what is there in Option Matrix. |
| BenHH79 | Where do I find your Option Matrix, Joe? |
| JoeRoss | crosten: I really don't know. I am using IB with Ninja. I have no idea about Infinity. Infinity offers several platforms depending on the clearing firm you are brokering with. |
| JoeRoss | Ben It's on our website. Hold on and I'll get the link. |
| JoeRoss | zendre: Yes, I step inside the bid or the ask. |
| BenHH79 | Okay! |
| JoeRoss | On the Trading Educators home page it is listed under "Options Trading." |
| JoeRoss | Just click there. |
| BenHH79 | Thx, I'll have a look!! |
| crosten | Joe, which gives a better platform for scalping , IB or Infinity AT? |
| JoeRoss | crosten: I am not familiar with Infinity AT. |
| zendre | IB with Ninja? Not the IB's TWS? Is this Ninja a trading platform that is better than the TWS? |
| crosten | Joe, do you place most of your spread trades on Inifinity broker or IB? |
| JoeRoss | zendre: I use Ninja for day and position trading in the outrights. It is better than TWS in that you can program Ninja, which you cannot do with IB. |
| JoeRoss | IBs platform is called TWS-"Traders Work Station." |
| JoeRoss | crosten: I place spread trades on IB. |
| BenHH79 | Joe, I'm considering going short in Dec. gold soon... Do you think it might go down next week? |
| JoeRoss | Ninja cannot handle spread trades yet, but we are working with them on it. |
| crosten | Joe, you really need a lot of money to write options right? |
| JoeRoss | Ben: I can only wish it would go down. I would like to get more of it. But I have no opinion about when it will happen. |
| zendre | TWS (IB's native platform) can handle spreads. |
| JoeRoss | crosten: Option margins are lower than futures margins. However, IB has the highest option margins of anyone else. |
| crosten | What level would be attractive to buy Gold from your perspective? |
| JoeRoss | zendre: TWS can handle spreads. They even have a thing called Spread Trader. |
| JoeRoss | crosten: Anything lower than where it is now. :-) |
| JoeRoss | It's time to leave. |
| murra | Good night Joe and all. |
| quester123 | Thanks Joe. |
| JoeRoss | I will see you November 1. And then after that the next chat will be in December. |
| zendre | Thanks for all. |
| JoeRoss | December 6 for chat after November 1.. |
| zendre | Especially for Joe. |
| BenHH79 | Joe, does Option Matrix come with Real time quote feed?? |
| JoeRoss | Ben: No. Real time is not needed or desirable for options. |
| JoeRoss | But the data for the Matrix is free end of day. |
| BenHH79 | But how can I trade using that delayed quotes? |
| JoeRoss | Futures only. |
| crosten | hurry up with the newsletter |
| JoeRoss | Ben: If you use IB, you will have live quotes for the options. The matrix is for analyzing and selecting the options. |
| BenHH79 | Okay, I'll have to check IB's quotes and use limit orders? |
| BenHH79 | Okay, alright!! |
| JoeRoss | Our option guy is going to be Keith Ellis. :-) |
| BenHH79 | Does your matrix also show the Theoretical Values? |
| JoeRoss | Ben: Yes it does. It has everything needed to trade options. |
| JoeRoss | Alright. |
| JoeRoss | See you next week. |
| JoeRoss | I have work to do. |
| JoeRoss | Bye all. |
Next EURO Chat with
Joe Ross:
Thursday, November 1, 2007
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
