Euro Chat with Joe Ross
Chat log from: Thursday, December 13, 2007
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| JoeRoss joined. | |
| JoeRoss | Hey Hey |
| myrrdin | Hallo from Austria |
| JoeRoss | Hello from the U.S. :D |
| crosten | Been a longtime Joe |
| JoeRoss | I heard an arrow :-) |
| JoeRoss | Yes, it has. |
| crosten | Bullseye |
| myrrdin | May I start with a question: The RBG8 / HOG8 spread has done well since end of November. |
| JoeRoss | Yes of course. |
| myrrdin | And it should do well in the near future. |
| myrrdin | What do you think of it? |
| crosten | Joe, you were not here last week, there were disappointed people. |
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| JoeRoss | myrrdin: It looks very good. |
| zendre | Hi all |
| JoeRoss | Hi Zen |
| crosten | Joe, how was your euro trip, was it snowing there? |
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| Stefanm | Hello. |
| crosten | Joe, what is your 1 best trade for the year? |
| JoeRoss | crosten: I wish I could remember. |
| crosten | Is it a spread trade, or option or outright? |
| JoeRoss | No one trade stands out from the others. |
| JoeRoss | I really don't remember which one. |
| JoeRoss | I didn't have any losses in options this year, so that was good. |
| myrrdin | More interesting: What will be the best trade within the next month? |
| crosten | No losses for options? Is it always like this every year Joe for your option trades? |
| JoeRoss | myydin: The best trade for me is to trade work for a nice vacation ;-) |
| myrrdin | Excellent Idea. |
| JoeRoss | crosten: Option trading is not always like that. |
| zendre | That Option no-loss is fantastic! (Did you trade options at all? :))) When does the option writing newsletter start? |
| JoeRoss | We are hoping the option newsletter starts some time in January. |
| zendre | Great! |
| JoeRoss | Notice I said "hoping." :-) |
| JoeRoss | There may be a delay. |
| Stefanm | How are the stop loss and the targets determined? |
| Stefanm | Because we also have to do this in options. |
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| crosten | How many options trades do you usually make a month, Joe? |
| JoeRoss | Stefan: That's too complicated to go into in the chat. |
| Stefanm | In spread trading it is straight forward. |
| crosten | Joe, if you had to chose between trading outright, spreads and options which one would you chose? |
| JoeRoss | crosten: It varies. I made a lot of them in October, but only a couple in November, some months none. There is no "usually" for me. |
| JoeRoss | crosten: It would depend on how much premium is available in the options and what the markets were like at the time I had to make the choice. |
| YV | Hi Joe, I am new to this chat. What would you say is a liquid enough market for us traders during European hours? |
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| JoeRoss | I only trade options when I can get a lot of premium. |
| murra | Hi Joe and all |
| JoeRoss | Hi YV: Dax, Bund, Bobl, Schatz.... |
| YV | Thanks a lot, Joe. |
| JoeRoss | Hi murra: |
| JoeRoss | YV: Some Currencies also: pound, euro. |
| JoeRoss | YV: In your afternoon you can trade e-mini indexes and bonds in the U.S. |
| crosten | Joe, what I mean is, for a small trader would you advise them to focus on options, spreads or trading outright? |
| JoeRoss | crosten: The most efficient use of your money for small traders would be spreads. |
| JoeRoss | crosten: You should take our spread seminar which is online. |
| YV | I saw that the Easy Bond is stopped at the trading methods page. is it not working now? |
| crosten | eem, but your zero loss on options is so tempting, |
| JoeRoss | YV: I will take a look and tell you where it is as of today. |
| JoeRoss | YV: It just moved above the Moving Average. I would wait for a few days to see how it develops. |
| JoeRoss | It's only the second time in 3 years that we had to put it on hold. |
| JoeRoss | crosten: Just because I had zero loss on options is no guarantee that you would have had zero loss even if you took the same trades I did. |
| murra | Good volatility in this time in the ES and other markets too, what you think about it, Joe, will it continue for a lot of time yet? |
| JoeRoss | murra: I think there will be a lot of volatility in 2008. |
| Stefanm | Why? |
| murra | Very good nes I'm happy uaoh! |
| JoeRoss | Why what, Stefan? |
| crosten | Joe, can you summarize about the market in 2007, what would you say this is market is in? Is it in commodities equities or currency? |
| Stefanm | There will be a lot of volatility in 2008, why? |
| JoeRoss | crosten: I would have to think for a few hours to answer your question. |
| crosten | Joe, what trading lesson did you learn the most in 2007? |
| murra | Doesn't matter why. The best is that it will be! |
| crosten | Great, how about writing it in the weekly Chart Scan? |
| JoeRoss | Stefan: A lot of volatility because the mortgage failure situation will get a lot worse, and because the dollar has a long way to go down before it stops. |
| Stefanm | Ok. |
| JoeRoss | crosten: I learned to trade what I see. |
| JoeRoss | crosten: The Chart Scan is a teaching letter, not a commentary on my opinion of the markets in 2007. |
| YV | Joe, you think mini silver and gold have enough for us to try implement your methods? |
| JoeRoss | YV: They are not very liquid. |
| crosten | Joe, do you have any specific trading strategy for 2008? Is there a way to take advantage of the presidential election in 08? |
| JoeRoss | crosten: My strategy is as always. Look for easy trades and trade them. I don't know how to take advantage of the election. |
| zendre | Joe, any interesting commodity to watch? |
| crosten | Joe, when you first started trading with 5000 which market did you trade, did you day trade or position trade? |
| JoeRoss | zendre: All the commodities should move well in the coming months. |
| zendre | ? |
| crosten | If Hillary wins stock will go down, right? As she will raise taxes. |
| JoeRoss |
crosten: When I started trading there was no such thing as day trading. I took position trades and spread trades. There were only a few markets and they were all commodities. No stock indexes, no currencies, no financial instruments. There wasn't even gold. |
| JoeRoss | I traded corn, beans, wheat, oats, sugar, cocoa, copper, silver, soy meal and soy oil. |
| crosten | Can you remember what your first trade was? |
| Stefanm | Joe, do you think I will be able to trade during my first space odyssey? |
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| JoeRoss |
crosten: I would not count on stocks going down if Hillary wins. And I wouldn't count on them going up, either. Whoever will be the next President will probably have to raise taxes. |
| Stefanm | Do I have such mindful questions today? |
| JoeRoss | crosten: I made my first trade when I was 14. I bought Philippine Oil Development Co. I lost. |
| crosten | Joe, you say that commodities will be doing well in the next couple of months? What is your reason? |
| JoeRoss | Stefan: Yes I do believe you will be able to trade while you are in space. |
| crosten | A stock trade ? did you use traders trick ? |
| JoeRoss | crosten: No TTE. Commodities will do well because of the emerging economies like China, India, Brazil, Russia, and others. |
| crosten | How about futures. What was your 1st futures trade? |
| JoeRoss | crosten: It was soybean oil. |
| crosten | A win or loss? |
| JoeRoss | I lost $800. |
| YV | Joe, how would you trade a small account of 5k with E-mini S&P? Would you use a 5 minute chart? |
| crosten | Did you feel dejected as a rookie, Joe? |
| JoeRoss | YV: I don't think it matters which time frame you use with a 5K account. What you have to do is very wisely and selectively choose your trades. |
| JoeRoss | crosten: Not dejected. Not very often. |
| crosten | Joe would you say we are in an established trend in the ES? |
| Stefanm | What is a good account size to start spread trading? |
| Stefanm | 5000 or 10000? |
| crosten | The market really wants a Santa rally? |
| murra | Is there same connection between bonds and ES? Joe if is there which is it please? (I don't know if Ii have explained well) |
| Stefanm | Is it because when trading spreads you always have to trade at least 2 contracts? |
| JoeRoss | crosten: I would have to look. I can't do that at the moment. |
| JoeRoss | Stefan: $10,000 should be enough to get started. |
| Stefanm | But you can begin also with 5000 $? |
| JoeRoss | crosten: The market always wants a Santa rally, but that doesn't mean it will get one. The market wanted a 50 basis point cut in interest but they didn't get it. |
| Stefanm | Or is this impossible taking only intra market calendar spreads? |
| Stefanm | Low risk spreads ? |
| JoeRoss | Stefan: you can begin with any amount you choose as long as you can cover margin. |
| Stefanm | But you have to risk more with a tiny account. |
| JoeRoss | Stefan: Intra market calendar spreads require the least amount of margin. |
| Stefanm | I think when you start you should choose low risk spreads. No old crop new crop or inter market spreads |
| crosten | Joe, are you in any options play? |
| JoeRoss | crosten: Not at the moment. I doubt if I will trade any options this month. In 2 days I will be on vacation. My trading for the month is over. |
| Stefanm | Where do you spend your vacations? |
| YV | Joe, is there something you wrote about trading in congestion or sideway markets? |
| Stefanm | Abroad? |
| JoeRoss | Wandering around Texas. It's a big place. |
| Stefanm | Yes. |
| Stefanm | That's true. |
| JoeRoss | I had enough "abroad" already for this year. |
| murra | Which day do you start trading again Joe? |
| crosten | Is it snowing there? |
| JoeRoss | murra: January 14. |
| murra | Thank you. |
| Sauff | Hi Joe, I have participated in one course of yours in Rimini. Very good. |
| crosten | Is there a special reason behind Jan. 14? |
| JoeRoss | crosten: No snow. Nice blue sky. Cool. |
| JoeRoss | crosten: That's when I end my vacation, the 14th. |
| JoeRoss | Sauff: Rimini? |
| JoeRoss | Where is Rimini? |
| Sauff | NO !!!Ravenna! |
| JoeRoss | Aha! Ravenna. Nice place. |
| YV | Joe, do you do self tuition outside of US? |
| JoeRoss | YV: Beginning in 2008, I will tutor people who cannot come to the U.S. over the Internet. |
| crosten | Joe, about the Canadian dollar, would you say that it is in an established trend, it is currently breaking a Rh? |
| YV | Nice to hear that, will it be almost like self mentoring? |
| murra | Joe, nice course but not nice place in my opinion. |
| Stefanm | Joe that's a good idea... to start with this over the Internet. |
| JoeRoss | Should be just about the same thing. |
| Stefanm | Tutoring over the internet is feasible. |
| JoeRoss | crosten: CAD is in an established trend since November 21. |
| zendre | Is it because of the 4 down bars? |
| crosten | Joe how much would you charge for the tutoring online? |
| zendre | Sorry, I was watching weekly. |
| crosten | Bank of Canada stunned the market with a rate cut? |
| JoeRoss | crosten: Same charge as if you come here. 1500/day |
| crosten | How many hours is that? |
| JoeRoss | As many hours as it takes. 7 hours/day. |
| JoeRoss | Usually it can be done in 2-3 days. |
| JoeRoss | Tutoring depends on how much you want to know and how much you need. |
| JoeRoss | In the U.S. I take 3 days for most people. |
| JoeRoss | You need high speed Internet and a couple of free downloads for the tutoring. |
| JoeRoss | I already did it once in China. |
| crosten | upon looking at the different currency pairs the CAD seems to be trending beautifully compared to other currencies, is this typical behavior for the CAD? |
| JoeRoss | crosten: There is no such thing as typical behavior. |
| crosten | Did you speak Chinese, Joe? |
| JoeRoss | )(#)!(#-(#), & ^)(v^#)(-! |
| JoeRoss | Of course :-) |
| Stefanm | ::laugh |
| zendre | Do the Chinese understand? |
| JoeRoss | The ones at the Chinese restaurant understand :-) |
| zendre | If not, maybe they are the ones who do not speak chinese |
| zendre | :-) |
| YV | Joe, which market would you recommend for easy starters with 5k? |
| crosten | Joe, after tutoring people what do the majority of your student do? Do they specialize in spreads, options or trading outright? |
| JoeRoss | YV: That's a question for which I have no direct answer. Try to choose a market you are able to understand. |
| murra | Happy and Holy Christmas, and happy new year Joe. Thank you for the assistance along all this year. I wish all good things for you. |
| JoeRoss | crosten: Many become successful spread traders. |
| crosten | Joe, do you usually set a specific profit target for the year? |
| JoeRoss | crosten: No annual target. |
| YV | CAD trend, in which time frame do you see it? |
| crosten | Joe, do you have students who gave up trading? |
| JoeRoss | Daily chart, YV |
| YV | Thanks. |
| JoeRoss | crosten: Lots of people give up trading. |
| crosten | How about your students, Joe. |
| JoeRoss | crosten: We have the highest success rate of anyone in the industry. |
| zendre | Wow! |
| Stefanm | I think to manage and control risk is very important in trading. |
| JoeRoss | See you guys in January 15. |
| YV | Thanks a lot Joe, and have a good weekend. |
| crosten | Joe, do you have any Christmas gift in mind? |
| zendre | ::oh my |
| JoeRoss | I have two students with me and they are anxious to get started. |
| crosten | From China? |
| murra | Happy and Holy christmas Joe all the best for you, hi all. |
| Stefanm | A Merry Christmas and a happy new year to all from here. |
| zendre | Bye, nice Xmas for everybody! |
| crosten | Joe, if I was I kid I would really believe you if you told me you are Santa. |
| JoeRoss | crosten: I don't ask for gifts |
| JoeRoss | The kids in Africa all thought I was Santa. |
| Sauff | Dear Joe, happy and holy Christmas and happy new year from Italy |
| JoeRoss | Happy holidays to all of you. |
| JoeRoss | God bless you. |
| JoeRoss | See you next year. |
| crosten | thks |
Next EURO Chat with
Joe Ross:
Wednesday, January 16, 2008
Time: 8:00 - 9:00 P.M., European Central Time (Berlin, Paris, Rome)
COME BACK WITH YOUR TRADING QUESTIONS & COMMENTS!
